Table of Contents
Chart analysis – working week
In the previous week, the upward pricing continued, as a result of which the price updated the previous week’s maximum of $4476
Based on the chart, as well as upcoming events, I expect to see the continuation of upward pricing with the subsequent exit of the price above the resistance level of $ 4590
What happened last week?
On Thursday, August 31, data on the basic price index of personal consumption expenditures for July were released:
Core PCE Price Index = +4.2% YoY (expected +4.2% / prev. +4,1%)
On September 1, labor market data for August were released on Friday
The number of people employed in the non-agricultural sector (Nonfarm Payrolls) increased to 187 thousand. (expected. 170 thousand / prev. 157 thousand,)
Unemployment rose to 3.8% (expected 3.5 /pre-3.5%).
Last week, the data released on personal consumption expenditures did not justify the fears of investment banks – the increase in the inflationary component occurred in accordance with the forecast.
Further, the market positively assessed the release of data on the labor market, which showed its attenuation, which is the goal of the Fed in the fight against inflation. As a result, the market has increased the probability of a pause in the interest rate hike at the September Fed meeting to 92%.
What to expect this week ?
Wednesday, September 6
Indices of business activity in the service sector
16:45 UTC +3 Composite/Services PMI (August)
17:00 UTC +3 ISM Non-Manufacturing PMI (August)
Thursday, September 7
15:30 UTC +3 Initial Jobless Claims (number of applications for unemployment benefits).
The current week will be a “warm-up” after the summer period with reduced trading volumes. Volatility will contribute to the release of data on business activity in the service sector, which may set the beginning of the market movement vector in September.
Later this month, the market benchmark will be on the release of CPI (consumer price index) data on 13.09 and the decision on the Fed’s % rate in a week on 20.09
A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
