Aug 27
Overview:
The
SP500 gave us another red candle on Thursday, erasing Wednesday's gains. It has been accumulating in this zone for a week, unfortunately drawing a longer lower wick. The effects of the September sell-off are starting to become more evident. 
QQQ confirms our concerns, as its recent high failed to reach the previous high and is now curving downward, closing outside the accumulation zone.
Not much has changed since yesterday’s correction; we're back in the familiar 58.4k-60k range. Bulls are now trapped and licking their wounds, while U.S. tech stocks begin to slip lower. For the second day in a row, selling volume from ETFs suggests that the public might be unloading positions after the bull trap.
W: This week’s candle cancels out the previous week's run to 64k, aiming to close below the BB MA. However, there's nothing particularly noteworthy on the weekly time frame, as we still have four more trading days. Closing below 58.4k would be a bear's dream, while bulls would be content with staying in the current range, waiting for the rate cut and hoping for a pump. As we approach the 58.4k level, it transitions from a daily (D) level into a weekly (W) level, with bulls determined to keep it above that mark.
D: Back to trading in the old daily range.
4h: Significant volatility occurred after re-entering the daily range. The next move, whether up or down, is likely to be substantial. This is a key area to analyze and make decisions. Before heading down, it might need to rally to 60.2k to offset the previous crash. If you want to join the bears, set your stop-limit order at 57.8k (1% below the 58.4k daily level), with a take profit target at the 55.9k weekly level. This strategy could yield a 3.29% return on a non-leveraged, pure spot BTC trade. Alternatively, for the more adventurous, consider leveraging a major Solana meme coin and applying the same strategy.
1h: Nothing significant is happening on the 1-hour chart.
Alts relative to BTC: No divergence observed.
Bull case: Same as yesterday.
Bear case: Same as yesterday. Bulls are hurting after the trap, and QQQ is curving down.
Fear and Greed Index: 45.88. The downward acceleration has stopped, but the index remains in neutral territory.
Prediction: Small correction upward, followed by a continued decline.
Opportunities at W and 4h divergences of major alts:
SUIUSD shows a MACD divergence on the daily chart.
As for other assets, a clearer picture will emerge tomorrow.
The
SP500 gave us another red candle on Thursday, erasing Wednesday's gains. It has been accumulating in this zone for a week, unfortunately drawing a longer lower wick. The effects of the September sell-off are starting to become more evident. QQQ confirms our concerns, as its recent high failed to reach the previous high and is now curving downward, closing outside the accumulation zone.Not much has changed since yesterday’s correction; we're back in the familiar 58.4k-60k range. Bulls are now trapped and licking their wounds, while U.S. tech stocks begin to slip lower. For the second day in a row, selling volume from ETFs suggests that the public might be unloading positions after the bull trap.
W: This week’s candle cancels out the previous week's run to 64k, aiming to close below the BB MA. However, there's nothing particularly noteworthy on the weekly time frame, as we still have four more trading days. Closing below 58.4k would be a bear's dream, while bulls would be content with staying in the current range, waiting for the rate cut and hoping for a pump. As we approach the 58.4k level, it transitions from a daily (D) level into a weekly (W) level, with bulls determined to keep it above that mark.
D: Back to trading in the old daily range.
4h: Significant volatility occurred after re-entering the daily range. The next move, whether up or down, is likely to be substantial. This is a key area to analyze and make decisions. Before heading down, it might need to rally to 60.2k to offset the previous crash. If you want to join the bears, set your stop-limit order at 57.8k (1% below the 58.4k daily level), with a take profit target at the 55.9k weekly level. This strategy could yield a 3.29% return on a non-leveraged, pure spot BTC trade. Alternatively, for the more adventurous, consider leveraging a major Solana meme coin and applying the same strategy.
1h: Nothing significant is happening on the 1-hour chart.
Alts relative to BTC: No divergence observed.
Bull case: Same as yesterday.
Bear case: Same as yesterday. Bulls are hurting after the trap, and QQQ is curving down.
Fear and Greed Index: 45.88. The downward acceleration has stopped, but the index remains in neutral territory.
Prediction: Small correction upward, followed by a continued decline.
Opportunities at W and 4h divergences of major alts:
SUIUSD shows a MACD divergence on the daily chart.As for other assets, a clearer picture will emerge tomorrow.
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