9/12 Market Momentum Continues, But Is Bitcoin About to Peak?

13 thg 9Overview:
Another positive day, courtesy of Lord Jerome Powell. Initial jobless claims aren’t exceptionally low, but not alarmingly high either. Year-over-year, the Producer Price Index came in lower than expected—1.7% versus 2.2%. Overall, this week’s data indicates a cooling economy, exactly what the Federal Reserve has been aiming for.

The equities market responded positively, posting its fourth consecutive green candle. ETFs are buying BTCUSDT Bitcoin again, but after closer inspection, it's mostly Fidelity doing the buying. Meanwhile, Blackrock and Grayscale remain on the sidelines—bearish. Oh, and no one’s buying Ethereum.

W: Bitcoin is still trading within its old range. This week will likely close green, not far from today’s price.
D: For the fifth day in a row, Bitcoin is testing the weekly level of 58.2K–58.4K. It's also nearing the Bollinger Bands' Moving Average. This could either mark the start of a new bull run or be the highest BTC will reach for a long time. Pick your side before next week’s expected volatility or wait to avoid the turbulence of potential interest rate cuts.
4h: Breakout attempts are becoming clearer, and the price is now above the Bollinger Bands' Moving Average, signaling a possible continuation of the bullish trend.
1h: MACD shows a bearish divergence. Bearish.

Alts relative to BTC: No significant divergences.

Bull case: The macroeconomic situation has improved, and there are no significant reasons for large sell-offs. Whales are sitting on their investments and aren’t selling, reducing downward pressure.
Bear case: The general public remains skeptical about crypto, and retail purchasing power is weak. Most retail investors have already been burned during the recent months of market chop, limiting new liquidity.

Fear and Greed Index: 33.3. Where’s the enthusiasm? This isn’t how a bullish wave begins. Bearish.

Prediction: Bitcoin could continue trading within its current range for another week.
Opportunities at W and 4h divergences of major alts:
APTUSDT is trading at levels last seen in October 2023 and is 44% lower than its BTC ETF price. In the short term, it’s unpredictable, but we believe it’s a good candidate to start Dollar Cost Averaging now.