Markets Gearing Up for the Next Big Shift

Welcome to another crypto market outlook for the 22th of September!

BTC is nearing a major high, and ETH’s momentum has shifted bullish once again. But what key levels offer high-probability setups? 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 a green week, the crypto market seems to be taking a break.

This week has been uneventful, with BTC closing around the price it opened at. As a result, there is a mix of bullish and bearish sentiment across altcoins.

This is also evident in the Fear and Greed Index, which has signaled "Neutral" throughout the entire week, with the meter slightly hovering between 51 and 54.

This indicates that the market remains indecisive, awaiting a fundamental event to act as the catalyst for the next significant move, whether upward or downward.

US500, DXY and Gold analysis

From a macro perspective, as mentioned in our last overview, the US500 will remain extremely bullish as long as the previous low isn’t broken.

Recently, the US500 has been heading toward the upper bound of the channel, which aligns with the $6,000 round number. So, the bulls may still have a long way to go.

From a daily timeframe perspective, the US500 has also been bullish, trading within a channel inside a larger wedge pattern.

It is evident that the $6,000 level would be a significant point of rejection, attracting the price towards it, as it represents the intersection of three trendlines from the daily, weekly, and monthly charts.

Even though the FED cut interest rates, the USD index seems to remain stable, contrary to expectations of a weaker USD.

Instead, as it approaches the $100 support and round number, we expect a complete shift in momentum towards bullish.

From the 4H timeframe, the range is clear between the $100.5 and $102 levels. Thus, the shift in momentum will occur after a break above $102.

Meanwhile, if the $100.5 level is broken to the downside, further bearish pressure towards the $100 support zone would be expected.

Gold is doing what it usually does in times of uncertainty—it’s going up!

It even recorded a new all-time high this week and is currently approaching the $2,700 mark, which intersects perfectly with the upper bound of the macro rising channel.

From both short-term and medium-term perspectives, Gold will remain bullish as long as it is trading within the ascending channel marked in purple, leading to a move toward $2,700.

USDT.D, Bitcoin and Ethereum analysis

As we update USDT.D in every market overview, it is clear that USDT.D remains overall bullish from a macro perspective, as it has been trading within the rising weekly channel marked in orange.

Now, more than ever, we expect the bulls to kick in again soon as USDT.D approaches the lower bound of the channel and the 5% support zone.

So far this month, USDT.D has been losing ground as it continues trading within the descending channel marked in blue.

We expect more bearish pressure unless the recent high at 5.77% is broken to the upside

As expected, the bulls have maintained control from a short-term perspective throughout the week, with BTC holding above $60,000, which is now acting as support.

However, BTC is approaching a decision zone around the $65,000 level.

As long as BTC stays cozy within that ascending red channel, the bulls are calling the shots!

And hey, with BTC getting close to $61,000, which just so happens to line up perfectly with the lower red trendline, we’ll be keeping an eye out for some sweet trend-following buy setups on the lower timeframes. Time to buckle up and watch for those moves! 

ETH has also confirmed bullish control after breaking back above the $2,400 - $2,500 zone, which is now acting as support.

Very similar to BTC, as ETH retests the $2,400 support level and the lower bound of the wedge, we expect the bulls to initiate the next big impulse move.

For this scenario to remain valid, ETH must stay within the rising orange wedge pattern.

Quotes / Advices

‍I know where I’m getting out before I get in.
~ Bruce Kovner

Closing Remarks

‍In summary, the crypto market has been relatively quiet, with Bitcoin closing near its opening price and a mixed sentiment observed across altcoins.

US500 has been maintaining a bullish outlook as it nears the $6,000 level, while the DXY (USD Index) remained steady despite rate cuts.

Gold continued its upward trajectory, setting new all-time highs as it approaches $2,700.

USDT.D is still bullish in the macro view but faces short-term bearish pressure within its descending channel.

BTC holds above $60,000 but approaches a decision point around $65,000, while ETH is similarly bullish after retesting the $2,400 support level.