Sept 1

Sep 2

Overview:
A significant sell-off occurred at 10 AM on Sunday in New York, which was 9 PM in Shanghai. The Asian bears have made their presence felt. Will American bulls step in to buy this dip, or have they had enough? Between 4-5 AM NYC time, the BTCUSD price was pushed back up to the 58.4k weekly level, but it has now clearly become a resistance level rather than support. As the Labor Day hangover fades and Tuesday approaches, we hope the digital currency market remains intact.

W: After Sunday, last week's closing price was below the previous week's opening price and below the weekly level of 58.4k. This is bearish.
D: The new daily closing price of 57.3k is the lowest in this retracement since the August 5th crash. Bearish.
4h: Previously, we had visited this low price, but it didn’t close at the end of the day, making it appear as a wick on the daily and weekly candles. However, on the 4-hour chart, it is visible as a candle body, which gives the impression of trading within a price range. If we look at Bollinger Bands, the price has failed to break the moving average since crossing it from the top on August 26th.
1h: This drop in price can be considered a bear trap. This becomes increasingly clear as we move to lower time frames (4h, 1h, etc.).
Alts relative to BTC: Altcoins sold off more deeply but are now recovering faster than BTC, mainly due to their volatile nature.
Bull case: We held the weekly level, so this could be the bottom.
Bear case: Once Tuesday rolls in, the market might start selling frantically.
Fear and Greed Index: 42.5 - trending downward. Once it dips below 40, entering the "Fear" zone, everyone should start buying.
Prediction: Tuesday will bring a wave of bears.
Opportunities: Look for divergences on the weekly and 4-hour charts of major altcoins: Short TONUSDT