WATCH: Will Powell’s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022

In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at the the impact an upcoming speech from US Fed Chair Jerome Powell could have on Bitcoin price action. Take a look at the video below. VIDEO: Bitcoin Price Analysis (BTCUSD): August 25, 2022 The US Fed Reserve Chair Jerome Powell will speak at the global central banking conference in Jackson Hole, Wyoming, focusing on the future economic outlook. Depending on if that outlook is hawkish or dovish, Bitcoin could sink further or begin to soar. Related Reading: WATCH: Daily Technical Analysis August 24, 2022: Total Crypto Market Cap (TOTAL) Daily BTCUSD Looks Dangerous As Bears Remain Dominant On daily timeframes the picture overall isn’t looking very positive for BTCUSD and could imply that the market should expect negative news tomorrow. From top to bottom, starting with the Ichiomoku, we can see that Bitcoin lost the cloud as support and is now trading below both the Tenkan-sen and Kijun-sen. These two lines have also recently crossed bearish. The daily LMACD is also showing momentum in favor of bears. The bearish momentum is weakening, however, but could pick right back up tomorrow as markets price in whatever Powell has to say about the future of the US economy. Finally, the Average Directional Index shows that bears are in control, and the trend is back at around a reading of 20. Below 20 would suggest a trend weakening, while retest...