Hello everyone!
The mood in the market has finally changed from greed to a neutral position. The fear and greed index has "cooled down" to the value of 50. Market cap is 1.17 trillion, BTC dominance index is 49.98%.
BTC has removed the liquidity compression and we are out of the range where BTC was traded for a month, formalizing the deviation (29505 - 31440). It is logical to expect an update of the yearly high. However, there are several zones in front of us where BTC could turn down: the Order Block 4h (29660 - 29870), liquidity compression, and Breaker + IMB. One should keep an eye on price behavior when these zones are reached. If there is a reversal from one of them, our further target will be at 28500 - 27800 and below.
What's in the news? Today, the deadline for the SEC to appeal the court ruling on XRP expires. The lack of an appeal will be positive for the market.
The topic of the week is the Fed meeting, which will be Wednesday 07/26/2023. A 0.25% rate hike is considered likely, but the market is interested in what will be said at the press conference. The rate hike tomorrow is expected to be the last in this cycle and this is supporting the indices to rise. However, if the rhetoric at the press conference disproves this thesis and possible future rate hikes are announced, markets will be disappointed and fall. Increased volatility is possible, it is very important to monitor the price behavior and your positions.
On the chart we have marked the possible variants of price movement taking into account the stop/ reversal points.
Good luck and patience!
Always in touch,
Relictum Analytics
The mood in the market has finally changed from greed to a neutral position. The fear and greed index has "cooled down" to the value of 50. Market cap is 1.17 trillion, BTC dominance index is 49.98%.
BTC has removed the liquidity compression and we are out of the range where BTC was traded for a month, formalizing the deviation (29505 - 31440). It is logical to expect an update of the yearly high. However, there are several zones in front of us where BTC could turn down: the Order Block 4h (29660 - 29870), liquidity compression, and Breaker + IMB. One should keep an eye on price behavior when these zones are reached. If there is a reversal from one of them, our further target will be at 28500 - 27800 and below.
What's in the news? Today, the deadline for the SEC to appeal the court ruling on XRP expires. The lack of an appeal will be positive for the market.
The topic of the week is the Fed meeting, which will be Wednesday 07/26/2023. A 0.25% rate hike is considered likely, but the market is interested in what will be said at the press conference. The rate hike tomorrow is expected to be the last in this cycle and this is supporting the indices to rise. However, if the rhetoric at the press conference disproves this thesis and possible future rate hikes are announced, markets will be disappointed and fall. Increased volatility is possible, it is very important to monitor the price behavior and your positions.
On the chart we have marked the possible variants of price movement taking into account the stop/ reversal points.
Good luck and patience!
Always in touch,
Relictum Analytics