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On August 22, local time, US President Trump stated at Joint Base Andrews, Maryland, on August 21 that he believed Iran was not yet ready to reach a "suitable agreement," and that Washington was observing "developments" in the conflict. "We have complete control over the entire region around the Strait of Hormuz, including its interior and land areas. So they really want a deal, but in my opinion, theyre not ready to reach a suitable deal," Trump added. When asked if the US had limited military options against Iran, Trump stated, "That just means were watching how things develop." Trump claimed that a shift towards "economic warfare" against Iran did not mean that US military options were limited.August 22 – According to sources cited by the Canadian Broadcasting Corporation (CBC), despite the final stages of US-Canada trade negotiations, US Commerce Secretary Rutnick is dissatisfied with the current draft agreement and is pushing for revisions. Sources say Rutnick opposes reducing Canadian auto tariffs from 25% to 15%, arguing that this could undermine the USs goal of boosting domestic manufacturing. His stance differs from the optimistic signals previously released by Trump and Canadian Prime Minister Carney. Currently, both sides are striving to reach a final agreement before the new tariffs take effect. The draft agreement reportedly includes reducing tariffs on Canadian steel and aluminum, adjusting dairy quotas, and Canada removing some restrictions on US alcoholic beverages. Canadian Trade Minister LeBlanc stated that the two sides are "very close" to reaching an agreement.Market news: Anthropic listed the public backlash against the AI industry as a risk factor in its IPO filing.Sources say U.S. Commerce Secretary Lutnick believes the U.S. can still negotiate a more favorable deal and opposes lowering Section 232 tariffs.Sources say U.S. Commerce Secretary Lutnick is not satisfied with the content of the U.S.-Canada trade agreement currently under negotiation.

BTC Eyes Sub-$19,000 with ETH Facing a Fall to Sub-$1,450

Cory Russell

Sep 06, 2022 16:03

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Bitcoin (BTC) increased by 0.85% on Sunday. BTC gained 2.21% to reach $20,03 at the close of the week, reversing a Saturday decline of 0.68%. BTC rebounded from a low of $19,589 to a high of $20,039 in the last hour before easing down.


Ethereum (ETH), which had lost 1.14% on Saturday, gained 1.35% on Sunday to close the week up 10.73% at $1,579.


Following the general market, ETH dropped to a low of $1,541 before reaching a high of $1,584 in the last hour. Investor anticipation of the impending Merge offered assistance, while Fed apprehension maintained ETH below $1,600.


Despite the US markets being closed for Labor Day, investor caution dominated the cryptocurrency market going into the Monday session. Investors in cryptocurrencies are in the dark about the Fed's rate rise in September.


Although the US job market statistics from last week were worse than anticipated, inflation is still much higher than the Fed's target, which signals front-loading for the rest of the year. After Friday's statistics, former Fed Chair and US Treasury Secretary Janet Yellen emphasized the Fed's obligations. The remarks made by Yellen are still relevant.

Bitcoin Price Action (BTC)

BTC was worth $19,746 at the time of writing, a decline of 1.28%. BTC saw a negative morning, dropping from a high of $20,060 to a low of $19,637.


At $19,715, BTC momentarily breached the First Major Support Level (R1).

Technical Significance

In order to support a run at the First Major Resistance Level (R1) at $20,165, BTC must cross the pivot point at $19,877. To break beyond the morning high of $20,060, BTC requires support from a larger portion of the market.


BTC would challenge the Second Major Resistance Level (R2) at $20,327 and resistance at $20,500 during a prolonged crypto rise. At $20,777, the Third Major Resistance Level (R3) is located.


If the pivot is not moved through, the First Major Support Level (S1) at $19,715 remains in play. In the absence of a prolonged sell-off, BTC should stay above $19,000. The decline should be constrained by the Second Major Support Level at $19,427.

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