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.
But the weakening trend and Fair Value Gap on multiple time frames point towards a downward move!
------------------------------------------- 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!
as far as the resistance testing at 30k, we can see something similar happening in the last bull run, where btc goes to test that near 50% ath retracement and then continue a trend downwards. still looking forward to seeing this play out personally. im not bullish yet, especially with the coming up months of data etc.
MBM_Crypto
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@needfulMagpie43636 indeed. Atm, I don't hold a positive outlook on the market and it's likely that i will remain bearish for the majority of 2023.
needfulMagpie43636
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@MJI786, agreed. i think just a lot of manipulation going on right now.
MonoCoinSignal
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Well-structured analysis, thanks for the organization