The Secret Service has foiled a second assassination attempt on Donald Trump during his round of Golf overnight.
Following the first assassination attempt, markets rallied, as the so-called ‘Trump Pump’ seemed to materialise. BTC rallied 15% over the next five days. However, the recent attempt has yet to produce a similar market reaction, with BTC down over 2.5% in less than 8 hours.
We can expect the next 72 hours to be highly volatile due to the upcoming FOMC meeting. An interest rate cut is widely anticipated, with the only remaining question being: "How significant will it be?" The current interest rate range is between 525-550 basis points, and the probability favors a larger cut of 50-75 basis points rather than a smaller one of 25-50 basis points.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
After a few bullish days for Bitcoin, it seems the bears are regaining control. The bears have successfully defended the key resistance level of $60.2k, and now BTC is approaching the next support level at $57.7k. Both the 200 SMA and EMA converge around this level. A growing concern for BTC is the potential bearish cross of the 21 and 55 EMAs (the yellow crossing below the green line), which would confirm a short-term bearish trend.
BTC Total ETF Flows for 16 Sep: $ N/A
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to show weakness against Bitcoin. ETH has already experienced a bearish cross of the key 21 and 55 EMA and has fallen below both the 200 EMA and SMA. The $2,171 support level remains crucial and will likely be re-tested due to ongoing bearish pressure.
ETH Total ETF Flows for 16 Sep: $ N/A
To receive the Morning Note in your inbox. Subscribe here: https://stormrake.substack.com/
Written by Alexandar Artis
Create a brokerage account today
Reach out to us at Stormrake for further market insight and allow us to help you navigate the sea of mania and laser-eye memes, so that you can realise your goals in the market!
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
