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.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.