It is apparent that the price has exhibited signs of weakness and has ultimately breached the support zone. Should we witness a daily candle close below the support zone, it is highly probable that a downward movement towards the lower end of the descending channel will occur. Moreover, if the price breaks below the descending channel, a descent to the level of 20k is anticipated in the near future. Consequently, it is recommended to closely monitor the descending channel in the event of a breach. Additionally, it is crucial to bear in mind the existence of a significant CME gap beneath the current price level. It is worth noting the historical pattern of CME gaps, as they have consistently been filled. Given the prevailing overall sentiment, these gaps are expected to be filled in the near term.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
The US interest rate has reached the same level as it was during the onset of the 2008 Financial Crisis market decline. This should be taken into consideration. Despite this, on Twitter, someone claims almost every other day that BTC will reach 100k soon. However, in my opinion, this is complete nonsense. Given the current state of the financial market, it's not ready for a sustained uptrend.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
I firmly believe that the bottom will be around 10k to 14k! The macro trend isn't looking good!
With regards to DXY
The current market analysis indicates a significant double-bottom reversal in the DXY index, with expectations of reaching a minimum index level of 105 soon. Moreover, should resistance zone 1 be surpassed, a subsequent movement towards resistance zone 3 is expected!
It is crucial to note that if the DXY index maintains its upward momentum, it may exert considerable downward pressure on both the stock and cryptocurrency markets. Consequently, it is advisable to closely monitor the movements of the DXY index, particularly for those involved in stock or cryptocurrency investments.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
The US interest rate has reached the same level as it was during the onset of the 2008 Financial Crisis market decline. This should be taken into consideration. Despite this, on Twitter, someone claims almost every other day that BTC will reach 100k soon. However, in my opinion, this is complete nonsense. Given the current state of the financial market, it's not ready for a sustained uptrend.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
I firmly believe that the bottom will be around 10k to 14k! The macro trend isn't looking good!
With regards to DXY
The current market analysis indicates a significant double-bottom reversal in the DXY index, with expectations of reaching a minimum index level of 105 soon. Moreover, should resistance zone 1 be surpassed, a subsequent movement towards resistance zone 3 is expected!
It is crucial to note that if the DXY index maintains its upward momentum, it may exert considerable downward pressure on both the stock and cryptocurrency markets. Consequently, it is advisable to closely monitor the movements of the DXY index, particularly for those involved in stock or cryptocurrency investments.
Comment:
Altcoins are getting rekt!
Comment:
Price stays within the support. If the support isn't held, a hard move to the downside will likely occur!
Comment:
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