Here's a quick look at the 2 hr. BTC chart. As we can see, the price entered a strong order block, couldn't break through, and got rejected. The price was also forming the bearish rising wedge pattern, which now has broken to the downside. If the price doesn't hold above support zone 1, we will likely see support zone 2 at 18k-18.4k. The fair Value Gap will get filled at some point. This adds to the price breaking below support zone 1, thereby getting down to support zone 2! The FOMC meeting is taking place on 1. February, and we should expect some volatility just before the meeting! Trade safe!
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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.
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!