Hold your horses, it's a fake
The last BTCUSDT move has actually been triggered by the Blackrock news. No new money was coming into the market.
As the chart is showing, we had a bigger market cap with the last swing at 30k in April. The money is coming from the altcoins.
For the ETHBTC pair, we can see that the ETH value is dropping drastically. Obviously, people are selling ETH and buying BTC.
Now, the BTCUSDT pair.
Applying FRVP from September 2020 till today, we see that the Price Of Control is around 21,200 USDT, where the interest is at the highest point. From an even lower price than what we have today and up, there is really no volume and strength. For the current range, we have the POC at around 27,100 USDT, and it is realistic to expect that we will come back to this level.
Even if we break the resistance level of 31k, the maximum we can go is 37k, where the VAH is located. In my opinion, it is not something that can happen with the market cap we have today.
From the aspect of macroeconomy, the US30 has been rejected for the third time from the 34k-35k range. I expect a drop to the 27k range.
Additionally, from the perspective of the market cycle, we're heading to the depression phase, but we're not there yet and not ready for the real bull market.
Statistically speaking, the second half of the year has mostly been bearish and red.
Important: This is only a personal opinion and not any kind of financial advice. I'd like to know your opinion. Please write comments, and let's discuss. Thanks for reading.
As the chart is showing, we had a bigger market cap with the last swing at 30k in April. The money is coming from the altcoins.
For the ETHBTC pair, we can see that the ETH value is dropping drastically. Obviously, people are selling ETH and buying BTC.
Now, the BTCUSDT pair.
Applying FRVP from September 2020 till today, we see that the Price Of Control is around 21,200 USDT, where the interest is at the highest point. From an even lower price than what we have today and up, there is really no volume and strength. For the current range, we have the POC at around 27,100 USDT, and it is realistic to expect that we will come back to this level.
Even if we break the resistance level of 31k, the maximum we can go is 37k, where the VAH is located. In my opinion, it is not something that can happen with the market cap we have today.
From the aspect of macroeconomy, the US30 has been rejected for the third time from the 34k-35k range. I expect a drop to the 27k range.
Additionally, from the perspective of the market cycle, we're heading to the depression phase, but we're not there yet and not ready for the real bull market.
Statistically speaking, the second half of the year has mostly been bearish and red.
Important: This is only a personal opinion and not any kind of financial advice. I'd like to know your opinion. Please write comments, and let's discuss. Thanks for reading.