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Bitcoin Fills CME Gap But Risks Loom Over

cryptodaily

1mon ago

The Dow Jones Industrial average just had the biggest single day decline in history. The stock market is in shock at the moment and investors are petrified. The price of Bitcoin declined today and the CME Futures gap was filled but many risks still loom over. The 12H chart for BTC/USD shows that there is not enough momentum for the price to rally. The most probable scenario is further downside from here after some sideways movement for a while. The market is waiting on what the S&P 500 (SPX) would do on its last trading day of the month. If it closes the week below the 50 EMA, it is going to be brutal for Bitcoin and the rest of the crypto market.

The altcoin market faces even more risks. Ethereum risks a major decline not only against the US Dollar but also against Bitcoin. At the moment, ETH/USD is holding above the 100 EMA on the 12H time frame but a crash below it would send it a lot lower down to the 200 MA and that is going to be devastating for the entire altcoin market. We have already seen some signs of weakness in the altcoin market as Altcoin dominance (Others.D) has now declined below the 200 moving average on the 12H time frame. Bitcoin dominance (BTC.D) on the other hand is holding strong above the 38.2% fib level and eyes further upside from current levels. Rising fears of the Coronavirus outbreak will likely instill more fear in the market and that is not going to bode well for Bitcoin and other cryptocurrencies.

+At the moment, WTI Crude Oil (USOIL) is struggling to hold its ground above a key support but it has already broken clearly below the symmetrical triangle. This is a sign that we might see a trend reversal here with oil prices plunging further into the red. The same goes for the EUR/USD forex pair. We are now at a point where EUR/USD has faced a clear rejection at the 200 MA on the 12H time frame. Continuation of further downside from current levels would mean that the pair could decline below the 78.6% fib level to begin a 2014-styled downtrend. All of these events put together paint a bearish outlook for Bitcoin and the rest of the cryptocurrency market for the weeks and months to come.

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