9/20 SP500 Hits New ATH While QQQ Lags Behind by 4.2%
Overview:
The SP500 finally broke its all-time high (ATH), despite a red candle on Wednesday. Meanwhile, QQQ still has another 4.2% to go before reaching its record. Fidelity and Ark were busy accumulating their average amounts of BTC yesterday, while Grayscale and BlackRock remained on the sidelines. Only a modest $5.2 million went into ETH from BlackRock, suggesting they’re cautiously dollar-cost averaging into their preferred assets.
TA
Weekly:
Congratulations, Bulls! The 61.4k level was successfully breached, but the price faced resistance at the next level of 64k. It’s impressive to see how the price reacts to the weekly levels shown on our charts. Since the rate cut, Bitcoin has gained up to +6.60%, currently holding at +4.30%. Although these are modest numbers for crypto, they’re certainly better than a downturn. The weekly chart shows a wick above the Bollinger Band MA, but the current closing price sits exactly at the BB MA of 62.6k, keeping the trend bearish.
Daily:
After reaching 63.8k yesterday, BTC is now retracing, likely aiming to establish new support at 61.4k.
4-Hour:
RSI is overbought at 71.55 and has already begun to correct, as evidenced by the last three red candles.
1-Hour:
MACD shows a bearish divergence. We expect BTC to dip to 61.4k and form a new support level.
Altcoins vs. BTC:
TAO and SUI are leading the gains, with SUI reaching an all-time high in volume, signaling potential insider buying. ETH is up 3.79%, SOL up 6.3%, and TAO up 10%.
Bull Case:
The rate cut has boosted risky assets, but we need to ensure this isn't just a short-term rally and that BTC can hold the support level.
Bear Case:
This could be a temporary pump. If the U.S. economy remains strong, the Fed may be hesitant to implement additional rate cuts.
Fear and Greed Index:
The index is at 48.06, finally out of the Fear territory.
Overall, the market remains cautiously optimistic, but staying vigilant is key.
The SP500 finally broke its all-time high (ATH), despite a red candle on Wednesday. Meanwhile, QQQ still has another 4.2% to go before reaching its record. Fidelity and Ark were busy accumulating their average amounts of BTC yesterday, while Grayscale and BlackRock remained on the sidelines. Only a modest $5.2 million went into ETH from BlackRock, suggesting they’re cautiously dollar-cost averaging into their preferred assets.
TA
Weekly:
Congratulations, Bulls! The 61.4k level was successfully breached, but the price faced resistance at the next level of 64k. It’s impressive to see how the price reacts to the weekly levels shown on our charts. Since the rate cut, Bitcoin has gained up to +6.60%, currently holding at +4.30%. Although these are modest numbers for crypto, they’re certainly better than a downturn. The weekly chart shows a wick above the Bollinger Band MA, but the current closing price sits exactly at the BB MA of 62.6k, keeping the trend bearish.
Daily:
After reaching 63.8k yesterday, BTC is now retracing, likely aiming to establish new support at 61.4k.
4-Hour:
RSI is overbought at 71.55 and has already begun to correct, as evidenced by the last three red candles.
1-Hour:
MACD shows a bearish divergence. We expect BTC to dip to 61.4k and form a new support level.
Altcoins vs. BTC:
TAO and SUI are leading the gains, with SUI reaching an all-time high in volume, signaling potential insider buying. ETH is up 3.79%, SOL up 6.3%, and TAO up 10%.
Bull Case:
The rate cut has boosted risky assets, but we need to ensure this isn't just a short-term rally and that BTC can hold the support level.
Bear Case:
This could be a temporary pump. If the U.S. economy remains strong, the Fed may be hesitant to implement additional rate cuts.
Fear and Greed Index:
The index is at 48.06, finally out of the Fear territory.
Overall, the market remains cautiously optimistic, but staying vigilant is key.
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