Bitcoin BTC/USD was trading flat during Wednesday’s 24-hour trading session, in tandem with the S&P 500, which closed 0.29% higher on Wednesday.
Ethereum ETH/USD and Dogecoin (CRYPTO DOGE) followed suit, trading flat to the Tuesday session’s closing price. The three cryptos have had multiple days of decreasing volume, which indicates a lack of both buyers and sellers.
The lack of buyers and sellers is due to a current lack of interest. Crypto traders and investors may be waiting to see how the general markets react when Federal Reserve chair Jerome Powell takes the stage at the Jackson Hole Symposium at 10:00 a.m. on Friday.
Powell’s speech is expected to center around soaring inflation, and traders and investors will be listening closely for hints at how the Fed plans to continue attempting to tackle rising costs when it meets in September.
Powell’s tone is likely to ignite volatility in the markets, which will come with increasing volume. Crypto traders and investors will be watching closely to see which way the S&P 500 and the top cryptos begin to move once the speech begins.
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The Bitcoin Chart: Bitcoin has been trading in a slight uptrend since Aug. 20, with the most recent higher low formed during Tuesday’s trading session at $20,889 and the most recent confirmed higher high printed at the $21,795 mark on Aug. 21.
The recent uptrend combined with the 18% decline between Aug. 15 and Aug. 19 may have settled the crypto into a bear flag pattern on the daily chart. If the pattern is recognized, bearish traders will want to see the crypto drop down through the lower ascending trendline of the flag formation on higher-than-average volume to indicate the pattern was recognized.
If bulls come in and drive the stock up over the eight-day exponential moving average (EMA), the bear flag will be negated, and a larger uptrend may form. The lower wicks on Bitcoin’s daily candlesticks…
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