#Crypto

▫️ Crypto cap fell 1.6% to $2.21 trillion following unimpressive stock market performance;

▫️ #Bitcoin pulled back below $63K, losing 1.4% in 24 hours and retreating below 200-day MA;

▫️ #Ethereum ran into resistance near $2800, previously a key support level.

▫️ #Toncoin approached $5 overnight, losing unevenly but on higher volume - a bad sign.

#Market Review #WTI

▫️ US oil production is back to a peak of 13.4mbpd, but drilling activity remains subdued

▫️ The price of WTI has encountered resistance above $77, where key moving averages (200 and 50-day, as well as 200 and 50-week) pass.

▫️ If pressure intensifies, the price may not find meaningful support until the $70-71 area, with the next support level at $64.

#EconomicReview

▫️ German GDP confirms more than two years of stagnation, losing 0.1% in 2Q24

▫️ Consumer climate index falls as economic expectations and propensity to spend worsen

▫️ #EURGBP back near 2-year lows, losing 2.2% in 3 weeks

#WaveAnalysis

▫️#USDCHF broke key support level 0.8450;

▫️ Likely to fall to support level 0.8330.

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#WaveAnalysis #KO

▫️Coca-Cola broke the resistance zone;

▫️ Likely to rise to resistance level 72.00.

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#Crypto

▫️ Cryptocurrency cap plunged 6% overnight;

▫️ #Bitcoin dipped below $58K at one point, consolidating below the 200 and 50-day MAs;

▫️ #Ethereum was below $2400 at the peak of its decline, threatening to head towards $2100;

▫️ The number of cryptocurrency millionaires exceeded 172K (+95% over the year).

#MarketReview

▫️ Nvidia's quarterly report, due after the close of trading on Wednesday, is important to the markets given the company's size and influence in recent quarters;

▫️ The options market is pricing in a 10% price change after the report, but we think the price will continue to move in the same direction;

▫️ In a bullish scenario, the price could rise to $220 from the current $127, while in a bearish scenario, the price could fall to $90.

#WaveAnalysis

▫️#EURCHF broke support level 0.9400;

▫️ Likely to fall to support level 0.9250.

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#WaveAnalysis

▫️#EURAUD falling inside impulse wave (1);

▫️ Likely to reach support level 1.6260.

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#Crypto

▫️ Crypto market cap has virtually unchanged overnight at $2.09 trillion;

▫️ #Bitcoin has found support on dips below $58K, but only a rise above $60K will indicate that this is not just a bounce, but growth;

▫️ #Ethereum has lost 4.2% market share over the year to 14.6% and is in danger of riding off into the sunset.

▫️ The political coin category (PolitiFi) has almost ninefold growth in capitalisation by 2024, against double the growth of all meme coins.

#Market review

▫️ Germany's #DAX40 returned to all-time highs faster than its peers, surpassing 18900.

The dip in early August fuelled buying appetite and triggered a classic technical correction.

▫️ The DAX40 is potentially heading for 19500 or higher to 21500.

#EconomicReview

▫️ German inflation slowed to 1.9%, weaker than expected, putting pressure on the euro.

In the US, revised data lifted the estimate for Q2 GDP growth to 3.0%.

▫️ Initial and continuing jobless claims were slightly better than expected but strong by historical standards.

#WaveAnalysis

▫️#EURUSD reversed from long-term resistance level 1.1150;

▫️ Likely to fall to support level 1.1000.

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#WaveAnalysis #DJI

▫️Dow Jones index broke resistance level 41280;

▫️ Likely to rise to resistance level 42000.

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#Crypto

▫️ Crypto market lost 0.5% to $2.07 trillion, failing to hold off local lows for long;

▫️ #Bitcoin remains mostly in the $59-60K range;

▫️ OpenSea, one of the largest NFT venues, has been warned by the SEC that it could be sued for securities trading.

#MarketReview

▫️ #Gold price has hit a glass ceiling near $2525, but pullbacks are getting shallower;

▫️ The price chart and RSI are forming a bearish divergence.

▫️ Gold's short-term fate is determined by the Fed Funds rate outlook, which will be influenced by the NFP and CPI reports.

#WaveAnalysis

▫️#EURGBP reversed from strong support level 0.8400;

▫️ Likely to rise to resistance level 0.8440.

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#WaveAnalysis

▫️#CADJPY reversed from key support level 105.00;

▫️ Likely to rise to resistance level 110.00.

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#Crypto

▫️ The crypto market has rolled back to a total cap of $2 trillion;

▫️ #Bitcoin is down to $57.5K, showing a downward trend;

▫️ Kaiko fears authorities in the US, China, UK and Ukraine could realise their bitcoin holdings.

#Market Review

▫️ Crude Oil -2% on the week despite a strong start, and the technical picture looks ominous.

Meanwhile, US production, drilling and economic activity are broadly normal.

Gas prices remained near the lower end of the range for the past 25 years.

#WaveAnalysis

▫️#USDJPY reversed from support level 144.00;

▫️ Likely to rise to resistance level 149.35.

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