BTC - The price will eventually come back down!
Here's a quick look at the 12 hr. BTC chart. As observed, the price has yet to break out of the broadening wedge pattern. The oscillation of lower lows and higher highs has resulted in losses for both the bulls and bears. If the price remains within the broadening wedge, a probable move to the downside may occur, though there is always uncertainty. Additionally, the historical trend indicates that CME gaps have always been filled, and given the bearish sentiment in the market, these gaps are likely to be filled in the near term.
The presence of CME and Fair Value gaps below the current price suggests an eventual correction in the downward direction. Furthermore, the overall market sentiment is not bullish, and the possibility of a black swan event remains!
It is worth noting that the price of BTC is closely linked to the DXY index, and a rebound in DXY from its current level could lead to a decrease in BTC price.
In conclusion, the price will eventually fill the CME and Fair Value gaps by correcting downwards.
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Key Dates to Watch in March:
30 Mar: GDP Report
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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 drop as well. Trade safe!
The presence of CME and Fair Value gaps below the current price suggests an eventual correction in the downward direction. Furthermore, the overall market sentiment is not bullish, and the possibility of a black swan event remains!
It is worth noting that the price of BTC is closely linked to the DXY index, and a rebound in DXY from its current level could lead to a decrease in BTC price.
In conclusion, the price will eventually fill the CME and Fair Value gaps by correcting downwards.
-------------------------------------------
Key Dates to Watch in March:
30 Mar: GDP Report
-------------------------------------------
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!
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