9/21 SP500 Retraces from ATH; Crypto Market Faces Weekend Risks

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Overview:
The SP500 closed slightly lower yesterday, printing a red candle after reaching an all-time high. The QQQ didn’t show much divergence and failed to close above its August 22nd high. ETF flows indicate another day of retail investors buying BTCUSDT, while BlackRock remained inactive. No buying of ETH ETFs either.

Weekly:
Bitcoin’s price didn’t move much and stayed in the same range on the chart. It continues to hover around the 64K weekly resistance level, but so far, has been unable to break above it. Interestingly, this price rejection at 64K mirrors a similar pattern observed on August 25th. Unlike the previous rejection where wicks extended above the resistance, this current attempt hasn't even breached the level. With a solid green week behind us, there’s a high probability of a Sunday sell-off as traders might take profits ahead of the weekend.

Daily:
The daily chart shows a clear rejection from the 64K resistance level. If this marks the local top, it will be a lower high compared to August 25th, indicating potential weakness in the bullish trend. The weekend could see some selling pressure as traders lock in gains.

4-Hour:
RSI has been in the overbought zone and is now cooling off, but no MACD divergences are indicating a trend reversal at this point. The trend remains upward, but caution is advised.

1-Hour:
No visible divergences in either RSI or MACD, suggesting no immediate signs of a trend reversal.

Altcoins Relative to BTC:
No significant divergences were observed in the altcoin market relative to BTC. However, some coins are showing strong performances, like SUI and APT.

Bear case: We've reached a peek, and from now its bear territory.

Fear and greed index: 49.76 and started to flatten out the curve.

Prediction: Sell off on weekend.

Opportunities: TAO broke out of its resistance level. Correction down to $361 level is expected.