The shallow bounce in Bitcoin and select altcoins suggests a lack of aggressive buying on dips.
After the sharp fall on Aug. 17, Bitcoin remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move.
In comparison, the long-term holders have neither panicked nor gone on a shopping spree during the current fall.Traders are likely to keep a close watch on the United States Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25. If Powell does not spring a negative surprise, then the event may turn out to be bullish for risky assets. History suggests that U.S. stocks generally rise in the week after Jackson Hole.
A bounce off the current level is again likely to face selling at the moving averages. If the price turns down from the moving averages, the index will be at risk of forming a bearish head and shoulders pattern.
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