Here's a brief update on BTC. The current price has been fluctuating within an ascending triangle, and the low trading volume suggests a more substantial movement is likely to occur soon. The trend appears to be weakening, and during retests of the significant resistance at 29k, trading volume has remained low. In addition, the CME and Fair value gaps below the current price indicate a potential downward movement. Therefore, it may be wise to brace yourself for a possible return to 20k soon.
Considering the unfilled CME- and Fair value gaps below the current price is crucial. Typically, these gaps are eventually filled, making a price retracement to those levels a reasonable expectation. However, it is worth noting that filling such gaps could take some time, although they are usually filled relatively quickly.
------------------------------------------- BTC - Don't turn bullish until this zone is broken! ------------------------------------------- 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
XRP / USDT: 9% profit ------------------------------------------- What's a Fair Value Gap?: A fair value gap is the difference between a financial instrument's theoretical value and market value, such as a derivative or security. It can indicate a misprizing opportunity for traders to profit by buying or selling at the misprized level. In other words, there is a gap in the price in which some open orders still need to be filled. The price will return to fill the orders. ------------------------------------------- If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups.
BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!