BTC - Dont turn bullish until this zone is broken!

2023年4月5日

Here's a quick look at the Daily BTC chart.
As we can see, the zone between 29k to 30k is a critically important price range that requires close attention. It has played a pivotal role in differentiating between the bull and bear market. As soon as the price broke below this zone, the market was deemed to have entered a bear market, while staying above it signaled a continuation of the bullish trend .

Currently, the price is once again testing this critical zone, and its behavior here will be a determining factor for the market's future trajectory. A hard rejection from this level could result in a sharp decline in price, while a breakthrough could propel the price upwards to the range of 40k to 47k . Thus, investors and traders alike should closely monitor the price action around this zone to make informed decisions regarding their investments.

Trend weakening, low volume during retests of major resistance (29k), plus CME and Fair value gap below current price - all pointing towards the downside. Brace yourself for a possible return to 20k soon!

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With regards to ALTs:
The Altcoin market cap is struggling to break the 620B mark. If breached, expect a surge in Altcoin activity. But remember, Altcoin performance is closely tied to BTC , so a dip in BTC price will hurt Altcoins too.
Keep an eye on the 620B mark if you're looking to trade some ALTs

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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!