In the following post we discuss BTC TA and macroeconomy news.
MacroMonday TA BTC Price Macro
• Last week's candle created a false low and closed massively bullish above the candle from two weeks ago.
• Price moved up to test 22,500, as well as the 100 day MA and 0.618 retracement level - these act as a pot. ceiling.
• The likely scenario is that BTC will keep rising, possibly up to mid 23,000s.
• What happens next depends on how this week closes.
🏛Macro August saw job growth decelerate but remain strong. Participation in the labor force increased significantly faster than employment, resulting in a small increase in the unemployment rate. The number of multiple job holders in the US rose in August to 7.747 million.
Employment was higher than pre-pandemic levels for the first time, however, due to the decline in participation and an increase in multiple job holders, employment is below the pre-pandemic path.
By this we mean that if employment continued to grow in 2020 and a pandemic never occurred the US job market would be significantly higher. Despite the continued growth in employment, the unemployment rate rose to 3.7% in August as opposed to 3.5% in July.
Meanwhile in Europe the European Central Bank (ECB) hiked interest rates by 75bp, a record amount. Rates are expected to be raised further in upcoming meetings. The inflation projections in 2022 are 8.1%, 5.5% in 2023 and 2.3% in 2024
One key takeaway is that Europe and America both remain extremely hawkish and we can only hope that further tightening does not stall economic growth.
With the overall macroeconomic landscape it comes as no surprise that corporate insiders have reached the highest rate since February and the highest net sales have occurred since November 2021. Throughout August 2,119 executive have sold portions or all of their portfolios.
This post is based on this twitter thread.