Bitcoin [BTC]: Maximum PAIN Coming For Crypto.

Michael Pizzino

Market Analysis

The current market is experiencing a balance between FOMO (fear of missing out) and fear, with alpha analysis indicating that major corrections often end in technical areas of panic. However, the data suggests that a major bottom has not yet been confirmed.

Sentiment Analysis

  • The FOMO Finder and panic analysis indicate that the market is still in a state of uncertainty, with no clear signs of panic or capitulation.
  • The Fear and Greed Index shows that fear is starting to come into the market, but more pain and panic may be needed to reset sentiment.
  • The long-short ratio is balanced at 50-50, indicating that a breakout could be genuine if it occurs.

Volume Analysis

  • Volume continues to drop, with a 40% decrease in the last 24 hours, indicating a potential warning sign for the market.
  • The daily exchange line is ticking up, but higher lows above $85 billion per day are needed to indicate a sustainable rally.

Chart Analysis

  • The total market cap is experiencing a daily downtrend, with a close below $3.16 trillion being a danger sign.
  • Bitcoin is stuck in a sideways market, with resistance at $102,000 and support at $89,000-$90,000.
  • The true altcoin market cap is waiting for a break above $750 billion and a break beneath 65% on the Bitcoin dominance chart to indicate an altcoin season.

Outlook

  • The market is expected to remain choppy, with potential rejections and retests of range lows.
  • A break above $102,000 and a break beneath 65% on the Bitcoin dominance chart could indicate a change in sentiment and momentum.
  • The earliest lead for an altcoin season would be a break above $750 billion and a break beneath 65% on the Bitcoin dominance chart.