{"id":7759,"date":"2024-09-18T13:01:38","date_gmt":"2024-09-18T13:01:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7759"},"modified":"2024-09-18T13:01:38","modified_gmt":"2024-09-18T13:01:38","slug":"my-opinion-about-the-crypto-market-right-now","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7759","title":{"rendered":"My Opinion About the Crypto Market Right Now"},"content":{"rendered":"

Bitcoin has been pretty boring<\/strong> for quite a long time, with the same pattern repeating itself over and over agai<\/strong>n. One week we go up, and the following week we go the other way. It\u2019s a typical ranging pattern<\/strong>, and it will have to break sooner or later. In this article, I\u2019m going to share my scenario for the coming\u00a0days.<\/strong><\/p>\n

Bitcoin Situation<\/strong><\/h4>\n

The king of crypto has been in a clear channel since its last All-Time High<\/strong> (ATH) last March<\/strong>, going from 73k to 49k<\/strong> at the lowest. It\u2019s important to note that it\u2019s only a -33%\u00a0fall<\/strong>.<\/p>\n

We\u2019ve already seen retracements like this during previous bull runs<\/strong>, so there\u2019s no need for people to spread FUD<\/strong> about a possible bear market happening soon.<\/p>\n

I like to see this as a second chance<\/strong> for people who want to reorganize<\/strong> their portfolios, especially with altcoins<\/strong> that saw strong corrections, though I won\u2019t mention<\/strong> them in this article because I believe Bitcoin<\/strong> is the one leading the direction<\/strong> of this\u00a0market.<\/p>\n

The interesting thing I\u2019ve noticed is a gap<\/strong> that has formed at 54k<\/strong> (Right Circle) on the Bitcoin CME<\/strong>, where institutions trade Bitcoin, similar to the New York Stock Exchange<\/strong>.<\/p>\n

What is a Gap\u00a0?<\/strong><\/h4>\n

A gap occurs when the price of a crypto or stock jumps significantly<\/strong> between two trading sessions, with no trading happening in between. This creates a gap between the previous day\u2019s closing price and the next day\u2019s opening\u00a0price.<\/p>\n

Gaps happen due to high volatility<\/strong>. The important thing to know is that, most of the time<\/strong>, gaps need to be \u201cfilled,\u201d meaning the price goes back<\/strong> to where it was formed (see the 2 left circles).<\/p>\n

This is a high probability but not always the case\u00a0, we can never be 100%\u00a0sure.<\/strong><\/p>\n

US Federal Reserve\u00a0(FED)<\/strong><\/h4>\n

This Wednesday (18th)<\/strong>, the US Federal Reserve will update its interest rates<\/strong>, which will be a very important day for risk-on assets like crypto. Right now, the interest rates are at 5.25%\u20135.50%<\/strong>\u00a0:<\/p>\n

Source\u00a0: TradingEconomics<\/p>\n

It\u2019s almost certain that a rate cut will happen<\/strong>, but the question is whether it will be 0.25% or\u00a00.50%<\/strong>.<\/p>\n

Source\u00a0: CME\u00a0Group<\/p>\n

As you can see, this is the probability that the market is currently expecting<\/strong>. Most investors believe we\u2019ll see a 0.50% rate cut<\/strong>, but there\u2019s still a lot of uncertainty, so we can expect high volatility\u00a0!<\/strong><\/p>\n

As always thank you for reading\u00a0!<\/p>\n

Follow me on\u00a0twitter<\/strong><\/a><\/p>\n

My favorite Crypto Faucet\u00a0: <\/strong>Cointiply<\/strong><\/a> (referral)<\/strong><\/p>\n

Read exclusive articles on publish0x<\/a> and if you want to support me for free you can sign in with this\u00a0<\/strong>link<\/strong><\/a><\/p>\n

Disclaimer\u00a0: This is not a financial advice, you need to do your own research\u00a0!<\/em><\/p>\n

My Opinion About the Crypto Market Right Now<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has been pretty boring for quite a long time, with the same pattern repeating itself over and over again. One week we go up, and the following week we go the other way. It\u2019s a typical ranging pattern, and it will have to break sooner or later. In this article, I\u2019m going to share […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7759","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7759"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7759"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7759\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}