The Bid is Back, Bitcoin Quiet. Powell Tonight. - Mine Digital

The Bid is Back, Bitcoin Quiet. Powell Tonight.

August 27, 2020 • 
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With volatility in digital assets and a quiet bitcoin price, we are still seeing double-digit daily growth in many assets. Powell speech today.

Morning Traders,

Assets are starting to react to the Powell announcement coming up shortly, and if the moves are anything to go by so far, we might see an end to the counter-trend that started a week ago.

The news of inflation targeting is not completely new so it will be especially important if specific measures are spoken about. It all amounts to a similar thing – more money in the system in whatever form that occurs.

Gold had a false-break of its trend-line although it may be a little late for a proper end-of-contract squeeze that looked likely 2-4 weeks ago given the dynamics of the physical gold market.

Bitcoin has been soft and unexciting, and the question for bitcoin is whether we continue to hold onto expectations for the weak USD, strong Gold/Bitcoin trade after the announcement.

Digital assets have bounced back a little after being slapped down earlier in the week. Things are getting trickier as the S&P500 heads past all-time highs, although it is far from conclusive that digital assets would selloff even if equities did (potentially with shocks but not necessarily in a longer-term trend).

Tesla has done more of the extraordinary overnight and looks to do a real Bitcoin 2017/2018 type blowoff at some point.


Bitcoin is still trading outside of its trend channel/flag setup. It also broke lower a second time with what will be a double fake-out if it does trade higher – and with this Powell announcement coming and the way the USD has reacted the last 9 hours looks like the counter-trend reversal might fail early.

Bitcoin last traded at 11,483

24 hr high: $ 11,548

24 hr low: $ 11,251

Bitcoin USD Chart


After looking stronger than Bitcoin a couple of days the last week, Eth is now a little more uneventful. Ethereum last traded at $387

24 hr high: $ 393

24 hr low: $ 376

Ethereum USD Chart

Digital Assets

Plenty of tokens have had significant gains in the last 24 hours with some new tokens getting attention. Chainlink is beginning to successfully rationalise its rise by staying in the mid-range of $10-20.

  • Aave: $ 0.84
  • Algorand: $ 0.55
  • Cardano: $ 0.1155
  • Chainlink: $ 15.31
  • Compound: $ 180
  • Maker: $ 643
  • Ren: $ 0.46
  • Reserve Rights: $
  • Stellar: $ 0.099
  • Synthetix: $ 6.19
  • Tezos: $ 3.39

Whether you want to simply buy and sell or access advanced features, we have the tools you need. Mine’s order-book exchange lets you trade BTC, ETH, XRP, LTC and BCH against AUD, USD and USDT*. Mine Digital, Australia’s best Cryptocurrency Exchange.

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