Matrixport: Jackson Hole Symposium Unlikely to Deliver Substantive Signals, True Catalyst Lies in the September 17 FOMC Meeting

According to Jinse Finance, Matrixport released today’s chart stating, “Bitcoin’s recent pullback failed to hold the downward trendline, which differs from our previous expectations. The current downside is expected to be limited, but with the Federal Reserve’s September rate meeting approaching, market sentiment is turning cautious, and the price may once again test the $112,000 support level. The Jackson Hole meeting is unlikely to provide any substantial signals, as it is more focused on academic exchange and is unlikely to sway the market. The real catalyst the market is watching is the FOMC meeting on September 17. Technically, Bitcoin is hovering in the $112,000 to $117,292 range, offering traders two strategies: follow the upward momentum if there is a breakout, or open new positions if the price pulls back to around $112,000, depending on which scenario occurs first.”