Aug 16
Overview: The TradFi week is over, and the 
SP500 is now just 1.86% away from its all-time high, nearly recovering from the impact of Japan's rate increase. However, 
BTC hasn't experienced the same positive price action. It seems big money is feeling more confident in U.S. blue chips than in speculative assets like Bitcoin. So, who will push BTC to 100k? Maybe not this time. Last week, we saw a crash followed by a recovery, but this week the market remained stagnant. It seems to have found a range between 55.9k and 63.1k and might bounce within this range a few more times.
Alts Relative to BTC: On August 16th,BTC grew by 1.70%, but 
ETH only by 0.83%, while 
SOL dropped by 2.45%, 
NEAR by 1.32%, 
APT by 5.10%, and FFTM by 4.59%. As of now, BTC has continued to grow, but alts haven't recovered at all. It appears that both whales and retail investors (but mostly whales) don't have much faith in an altcoin summer, which also puts BTC on shaky ground.
Bull Case: We're still trading within a range and haven't touched the 63.1k resistance for a second time. TheSP500 continues to grow along with the economy, with expectations of four rate cuts ahead.
Bear Case: But with September approaching, some big players will re-enter the market. Historically, September has often seen more stock market declines than gains.
Fear and Greed Index: 43.62, slightly higher.
W: Range trading.
D: Neutral, no divergences.
4h: Even though we've recovered to the highs of August 15th, volume is weak, and we haven't broken through 59.7k.
1h: Divergence. We've hit this resistance for the third time.
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SP500 is now just 1.86% away from its all-time high, nearly recovering from the impact of Japan's rate increase. However, BTC hasn't experienced the same positive price action. It seems big money is feeling more confident in U.S. blue chips than in speculative assets like Bitcoin. So, who will push BTC to 100k? Maybe not this time. Last week, we saw a crash followed by a recovery, but this week the market remained stagnant. It seems to have found a range between 55.9k and 63.1k and might bounce within this range a few more times.Alts Relative to BTC: On August 16th,
BTC grew by 1.70%, but ETH only by 0.83%, while SOL dropped by 2.45%, NEAR by 1.32%, APT by 5.10%, and FFTM by 4.59%. As of now, BTC has continued to grow, but alts haven't recovered at all. It appears that both whales and retail investors (but mostly whales) don't have much faith in an altcoin summer, which also puts BTC on shaky ground.Bull Case: We're still trading within a range and haven't touched the 63.1k resistance for a second time. The
SP500 continues to grow along with the economy, with expectations of four rate cuts ahead.Bear Case: But with September approaching, some big players will re-enter the market. Historically, September has often seen more stock market declines than gains.
Fear and Greed Index: 43.62, slightly higher.
W: Range trading.
D: Neutral, no divergences.
4h: Even though we've recovered to the highs of August 15th, volume is weak, and we haven't broken through 59.7k.
1h: Divergence. We've hit this resistance for the third time.
Follow for daily updates.
First 100 followers receive free market analysis and signals subscription.
Follow for daily updates.
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Get market overview and signals daily, straight into your inbox: evgcapital.substack.com
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