(5 votes)

Last Updated Date: 30 August 2021 @ 6:51 AM (UTC)
*Please note that all the dates are in GMT time zone

The heavy selling in the U.S. dollar market at the end of last week assisted (BTC) to climb above $49,000. However, BTC struggled to extend its climb above $50,000, a psychological resistance level, as investors remained cautious about the Federal Reserve's taper timing.

In detail, the Fed chairman Jerome Powell 
delivered a mildly dovish outlook during his speech on Friday at the annual Jackson Hole symposium. At one point, he refrained from providing hints regarding when the Fed would start unwinding its $120 billion a month asset purchasing program.

Trade is poised for selloffs and close under 46759 implies a bear wave to 42251. Any corrective congestion in the lower half of yesterday’s downturn should bear flag a setup for selloffs. A close over 50562 is needed to reject yesterday’s downturn.

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