Weekly Crypto Analysis [2024.07.27]: Key Trends and Market Insights for Bitcoin, Ethereum, and Binance Coin

Hi, welcome to xlearn’s weekly crypto analysis article series.

By following these articles, you can learn how to read prices and perform price action trading. These articles cover major coins and tokens such as BTC, ETH, and BNB, and also incorporate other best cryptos to watch now.

Before we start trading, we need to understand what’s happening in the market and around the world. So, let’s start with an overview of this week’s economic events.

Economic Events this Week

Between [2024.07.27] and [2024.08.03].

These events encompass important global news that could affect cryptocurrency market, macroeconomic reports, and economic indicators.

For more details, you can check coinmarketcal & crypto craft.

2024.07.27

• US Bitcoin Conference: Industry leaders are due to discuss a range of Bitcoin-related topics at the Music City Center, in Nashville.

2024.07.31

• 14:00 ET: The US Federal Open Market Committee (FOMC) will release a statement. This statement is the main way the FOMC tells investors about monetary policy. It includes their decision on interest rates and other policy actions, plus comments on the economic conditions that influenced their decisions. Most importantly, it talks about the economic outlook and gives hints about future decisions.
• 14:30 ET: There will be a US FOMC press conference. It lasts about an hour and has two parts. First, a prepared statement is read. Then, the press asks questions. These questions often lead to unscripted answers that cause significant market changes. You can watch the press conference live on the Fed’s YouTube channel.

2024.08.02

• 8:30 ET: The US Unemployment Rate will be released. This is the percentage of the workforce that is unemployed and actively looking for work from the previous month. Although it’s seen as a lagging indicator, the number of unemployed people is an important sign of overall economic health because consumer spending is closely linked to labor market conditions. Unemployment is also a key factor for those guiding the country’s monetary policy.

Cryptos to Watch

Bitcoin(BTC):

Bitcoin has been recovering after a downtrend and is now trading above the $67,000 range. There is resistance just above the $68,000 level. If the price breaks above this resistance, it could continue to rise. However, the price might also reverse, so keep an eye on it. Factors like the Bitcoin conference, US election, and dollar inflation make Bitcoin important to watch. Overall, BTC is bullish.

Ethereum(ETH):

Ethereum is pulling back from a resistance level. There is support around $3150. If the price breaks below this support, it could drop to $2900. On the other hand, if the price breaks above the $3350 resistance level, it could continue to rise.

Binance Coin(BNB):

BNB is pulling back from the $550 support level and is currently in an uptrend. Right now, it is at a resistance level of $580 and consolidating. If the price breaks above this resistance, it could continue to rise. However, it might also pull back from this resistance and keep dropping.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!