Welcome to another crypto market outlook for the 15th of September!
From BTC struggling to break $60,000 to ETH rejecting the massive round number of $2,500, what are the expected upcoming movements? Let’s find out.
Today, we will cover the following topics:
- Market Heatmap and Fear and Greed Index
- US500, DXY and Gold Analysis
- USDT.D, Bitcoin and Ethereum Analysis
- Quotes / Advices
- Closing Remarks
Market Heatmap and Fear and Greed Index
After 2-3 weeks of pain, we’re finally seeing some green weeks, with BTC leading the way, rising by over 10%.
However, the market sentiment hasn’t fully shifted to bullish yet, as BTC is still struggling around the $60,000 mark.
It is evident in the Fear and Greed Index that bullish market sentiment is gaining momentum, as the meter has risen significantly this week from Extreme Fear to Neutral.
US500, DXY and Gold analysis
The US500 followed our analysis from the last market outlook perfectly.
It rejected the supply zone marked in red and dropped sharply, forming a new short-term supply zone.
From a short-term perspective, the US500 is currently moving within the previously mentioned supply zone from the daily timeframe.
For the supply zone to hold and bearish control to take over, a break below the recent low at $5,580 is required.
The DXY has been trading cleanly within a large channel from a weekly timeframe perspective.
This month, the DXY is approaching the lower bound of the channel, which aligns perfectly with the key round number of $100.
From a short-term perspective, the DXY has been bearish, forming lower highs, as indicated by the orange marks.
For momentum to shift back to bullish, a break above the last orange mark at $101.935 is necessary. Until then, the DXY remains bearish and could potentially trade lower toward the $100 level.
Gold isn't taking a break. After being bullish for the last few days, it is now entering overbought territory.
As a result, we expect a bearish continuation soon, as long as the $2,600 resistance level holds.
As anticipated last week, the bulls gained control after breaking above the $2,533 mark.
Now, we’ll be waiting for a bearish reversal setup to form and activate, signaling the start of a bearish correction towards the $2,500 support level.
USDT.D, Bitcoin and Ethereum analysis
As mentioned in our last USDT.D overview, the resistance at 6.4% was rejected, and the bears pushed hard, sparking a bullish wave in the crypto market.
Will this bearish movement on USDT.D last? It all depends on the reaction around the blue trendline.
If the trendline breaks downward, we could expect further bearish movement towards 5.15%. However, as long as the trendline holds, the bulls could step in for another bullish wave.
USDT.D will remain bearish as long as it continues trading within the falling channel marked in purple.
For the bullish scenario mentioned on the daily timeframe to become valid, a break above the upper purple trendline is required.
BTC is indeed hovering around a critical zone, marked by the horizontal resistance at $60,000 and the non-horizontal resistance indicated by the red trendline.
If this resistance zone is broken to the upside, we can expect a further surge in the crypto market.
In parallel, if the $58,500 level is broken to the downside, a bearish impulse is likely to begin.
I'm not surprised that BTC is forming a channel that's the exact opposite of the USDT.D channel.
For BTC, as long as the channel holds, the bulls will remain in control. However, if the channel breaks downward, the bears are likely to take over.
ETH, like BTC, is currently sitting around a massive resistance zone and the key round number of $2,500.
For the bulls to take control and push for a deeper correction towards the $3,000 round number, a break above $2,500 is necessary.
Here’s what to expect:
If the recent low at $2,337 is broken to the downside, we can anticipate further bearish movement towards $2,000.
Alternatively, a break above $2,500 would signal a bullish continuation.
Quotes / Advices
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.
~ Victor Sperandeo
Closing Remarks
In summary, the Fear and Greed Index shows a rise from Extreme Fear to Neutral, indicating a shift in market sentiment, though BTC still faces resistance around $60,000.
The US500, DXY, and Gold are analyzed, highlighting their respective supply zones, channels, and resistance levels. The US500 remains bearish unless it breaks key support, DXY's short-term trend stays bearish, and Gold is expected to see a correction soon.
For USDT.D, the bearish trend will persist unless a key trendline breaks. BTC and ETH are also sitting at critical resistance zones, with bullish breakouts needed for further upward movement.
