Crypto Market Update 09/08/2023

S&P500 

It appears that SPY has reached its cyclical peak, and it is likely to undergo a cooling-off period, especially throughout the summer. Currently, the overall trend remains bullish, and there's a probability that we will witness a retest of the previous horizontal resistance zone (indicated by the yellow line) and also the SMA 20W (pink line).

BTC

The market is experiencing a slow pace due to widespread anticipation of the SEC's response regarding the BTC ETFs that were introduced several weeks ago. Despite this reduced interest, we are observing a continuation of the patterns outlined in the previous market update. This involves a retest of the previously broken bull flag and the 20-week moving average (MA20w), which is now giving rise to another bullish flag formation. 

The current chart is displaying a distinct clarity, with no observable signs of undermining the bullish momentum that was initiated at the start of the year.

BTC Dominance

Dominance broke the parabolic movement, but it hasn't yet reached the level of the orange box. Therefore, it's likely that we will witness the touch of that level before it starts to cool down. This movement is likely to coincide with the SEC news when it arrives.

ETH

There's nothing noteworthy to mention on the ETH chart other than it having retested its inner trend line, inner GP, and the 20-week moving average (MA20W). It's simply following the same momentum as BTC.

CONCLUSION

Overall, it's evident that the market continues a bullish trend. Moreover, on a fundamental level, there appear to be numerous developments taking place behind the scenes, which ultimately bodes well for attracting new investments to the market in the upcoming cycle. As we've emphasized for several months, exercising patience is key during such moments, and it's prudent not to rush since the market isn't currently in that phase of the cycle.