10/2 Friday will decide your crypto fate.
Overview:
The
SPY opened lower than yesterday's close, continuing its bearish trend, but managed to recover and end the day in the green. However, the MACD on both the daily and 4-hour charts shows a bearish divergence, indicating potential weakness ahead. Tesla took a significant hit, dropping by 3.5% and ranking among the day's biggest losers.
QQQ also saw a decline, though less severe, as it isn’t facing the same pressure from all-time highs as other sectors. Tomorrow, the FED will release the latest initial jobless claims data. If claims come in below the expected 220,000, this could indicate an improving labor market, which would make it harder for the FED to aggressively cut interest rates. So, if you want that rate cut, maybe submit that jobless claim!
BlackRock ended its 7-day Bitcoin ETF buying streak, selling $13.7 million worth of Bitcoin today. This is roughly half of the largest amount they have sold in one day, which was $38.9 million.
BTC TA:
W: The situation remains unchanged from yesterday.
BTCUSD is still sitting below critical levels that could have shifted the trend to bullish. Geopolitical tensions and a strengthening U.S. job market are likely to keep the weekly candle in the red.
D: Wednesday's candle formed a red doji, with both the open and close below the crucial 61.4k weekly level. Early Thursday price action briefly touched this level before pulling back, confirming it as a resistance. The MACD and RSI are still working through the aftermath of the divergence seen during the bull trap, showing no signs of trend reversal. A short-term pullback to the 62.5k-63k level is possible but more evident on lower timeframes. Neutral.
4h: RSI is in the oversold zone, and the MACD histogram shows the downtrend is losing momentum. It took significantly less volume to push the price lower to 60k, suggesting a potential short-term bullish move toward the BB MA at 62.5k.
1h: London traders triggered a mass sell-off in the last two hours, pushing BTC down 1.46% and rebounding from the 61.4k resistance level. Have you copied these key levels to your chart? The next question: Will 60k hold, or will it break in the next few minutes?
Alts Relative to BTC:
Major altcoins like SOL, NEAR, and ETH have all broken their lows and are heading toward their early September levels. TAO and FTM, which performed well last week, are not immune, declining by 7%. Only SUI is holding steady for now, but for how long?
Bull Case:
If Jerome Powell reports on Friday that inflation has cooled, it would confirm a slowing economy and pave the way for further interest rate cuts. This could spark the 6th bull wave, sending crypto prices soaring once again.
Bear Case:
This week could continue to see prices fall further, potentially marking the end of the 2024 crypto bull run.
Fear and Greed Index:
The index stands at 36.22, well into the Fear territory. Historically, when the index dips below 40, it's a signal to start buying some blue-chip altcoins, even if you're a day or swing trader. We recommend having a separate account for long-term investments. Remember: Be greedy when others are fearful.
Prediction:
If we can dodge the bullet of World War III and the market remains unaffected by major macro events, we could see a correction to the 62.5k-$64 k level.
Opportunities:
Short the last standing king of altcoins - SUI.
The
SPY opened lower than yesterday's close, continuing its bearish trend, but managed to recover and end the day in the green. However, the MACD on both the daily and 4-hour charts shows a bearish divergence, indicating potential weakness ahead. Tesla took a significant hit, dropping by 3.5% and ranking among the day's biggest losers.QQQ also saw a decline, though less severe, as it isn’t facing the same pressure from all-time highs as other sectors. Tomorrow, the FED will release the latest initial jobless claims data. If claims come in below the expected 220,000, this could indicate an improving labor market, which would make it harder for the FED to aggressively cut interest rates. So, if you want that rate cut, maybe submit that jobless claim!BlackRock ended its 7-day Bitcoin ETF buying streak, selling $13.7 million worth of Bitcoin today. This is roughly half of the largest amount they have sold in one day, which was $38.9 million.
BTC TA:
W: The situation remains unchanged from yesterday.
BTCUSD is still sitting below critical levels that could have shifted the trend to bullish. Geopolitical tensions and a strengthening U.S. job market are likely to keep the weekly candle in the red.D: Wednesday's candle formed a red doji, with both the open and close below the crucial 61.4k weekly level. Early Thursday price action briefly touched this level before pulling back, confirming it as a resistance. The MACD and RSI are still working through the aftermath of the divergence seen during the bull trap, showing no signs of trend reversal. A short-term pullback to the 62.5k-63k level is possible but more evident on lower timeframes. Neutral.
4h: RSI is in the oversold zone, and the MACD histogram shows the downtrend is losing momentum. It took significantly less volume to push the price lower to 60k, suggesting a potential short-term bullish move toward the BB MA at 62.5k.
1h: London traders triggered a mass sell-off in the last two hours, pushing BTC down 1.46% and rebounding from the 61.4k resistance level. Have you copied these key levels to your chart? The next question: Will 60k hold, or will it break in the next few minutes?
Alts Relative to BTC:
Major altcoins like SOL, NEAR, and ETH have all broken their lows and are heading toward their early September levels. TAO and FTM, which performed well last week, are not immune, declining by 7%. Only SUI is holding steady for now, but for how long?
Bull Case:
If Jerome Powell reports on Friday that inflation has cooled, it would confirm a slowing economy and pave the way for further interest rate cuts. This could spark the 6th bull wave, sending crypto prices soaring once again.
Bear Case:
This week could continue to see prices fall further, potentially marking the end of the 2024 crypto bull run.
Fear and Greed Index:
The index stands at 36.22, well into the Fear territory. Historically, when the index dips below 40, it's a signal to start buying some blue-chip altcoins, even if you're a day or swing trader. We recommend having a separate account for long-term investments. Remember: Be greedy when others are fearful.
Prediction:
If we can dodge the bullet of World War III and the market remains unaffected by major macro events, we could see a correction to the 62.5k-$64 k level.
Opportunities:
Short the last standing king of altcoins - SUI.
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