Market Update - Bitcoin Losing Momentum | Cardano | Ondo | Near Protocol | #Dyor

Summary

In this update, the speaker provides an analysis of Bitcoin and altcoins, focusing on key coins like Near Protocol, Cardano, and Ondo. Bitcoin is experiencing consolidation after recent movements and may face further declines, with key support levels around $20,000. Altcoins are also under pressure, with Near Protocol struggling to maintain support levels, Cardano unable to break resistance, and Ondo testing lower levels. The analysis highlights global economic factors, including interest rate decisions and geopolitical tensions, as catalysts that could influence the market. Patience is advised, with a focus on technical levels for potential reversals.

Takeaways

• 😀 Bitcoin and altcoins are being discussed in this update, with an emphasis on the potential performance of specific coins such as Cardano, Ondo, and Near Protocol.
• 😀 The market has been in a consolidation phase for 12 days, and after a break, it's showing some impulse, but the price action is still uncertain.
• 😀 Bitcoin's current trend is technically bearish, with lower lows expected, possibly testing new support levels.
• 😀 Analysts are speculating about a gap on the CME chart, with a possibility of it closing around the $85,000 level before further price movement.
• 😀 A potential rebound for Bitcoin could occur if certain conditions align, particularly with the US dollar index and global liquidity factors.
• 😀 This week, a major catalyst for the market could be President Donald Trump's speech, alongside decisions from the New Zealand central bank.
• 😀 Geopolitical tensions, such as the Russia-Ukraine conflict, are noted as factors that could influence market sentiment and risk-on assets like Bitcoin and altcoins.
• 😀 Bitcoin's current support level at $1,000 is considered crucial for the price to hold, with the potential for a short-term reversal or rebound.
• 😀 For altcoins, especially Cardano and Ondo, the market pressure continues to weigh on them, with Cardano struggling to break resistance levels and Ondo facing potential further declines.
• 😀 Cardano is in a corrective wave pattern, and if it fails to break resistance, a lower low is expected in the short term.
• 😀 Ondo is currently experiencing a downward trend after failing to break higher levels, and further declines are possible if the market does not shift its structure.

Q & A

What are the main altcoins discussed in the video?

The main altcoins discussed in the video are Ondo, Cardano, Near Protocol, and Injective, with a focus on Near Protocol and Cardano.

Why is Bitcoin experiencing increased market activity?

Bitcoin's market activity increased due to the accumulation over the weekend, followed by the opening of the New York market, leading to a more active market after a period of low activity.

What technical indicators suggest Bitcoin is in a bearish trend?

The technical indicators suggest Bitcoin is in a bearish trend because it has formed a lower low and is still under pressure from a corrective wave pattern, showing signs of further decline.

What is the significance of the CME gap mentioned in the video?

The CME gap is significant because it is a common belief in the market that gaps formed on CME charts are often closed. The gap near $85,000 is highlighted, with some speculating it will be filled before Bitcoin moves further down.

What are the expectations for Bitcoin if the DXY (US Dollar Index) rebounds?

If the DXY rebounds, it is expected that Bitcoin's value against the US dollar will weaken, as the US dollar index strengthens, which typically affects the price of Bitcoin negatively.

What is the major event that could impact the market this week?

The major event that could impact the market this week is a speech by US President Donald Trump, scheduled for Wednesday at 9:00 AM, alongside an interest rate decision by the Reserve Bank of New Zealand.

How does geopolitical tension, such as the Russia-Ukraine conflict, affect Bitcoin and altcoins?

Geopolitical tensions, like the Russia-Ukraine conflict, create uncertainty in the market, leading to Bitcoin and altcoins being seen as 'risk-on' assets. If the situation improves, these assets could see positive sentiment due to reduced uncertainty.

What is the expected price movement for Bitcoin according to the analysis?

The expected price movement for Bitcoin includes the possibility of further decline to the $80,000 range or even lower, with a potential rebound if it reaches key support levels like $1,000.

What level is critical for Near Protocol in the analysis?

The critical level for Near Protocol in the analysis is around $2.665. It is expected that if the price drops below this level, the coin could face further decline and create a lower low.

How is Cardano's current market structure described?

Cardano's current market structure is described as struggling to break through resistance, with the possibility of forming a lower high and continuing the bearish trend, especially if it fails to hold key support levels.