Bitcoin and Altcoins: The Sweet Scent of FOMO Already in the Air!

Another week of ranges. With ranges representing 70% of the market, it’s often boring! But the next phase will be decisive, and it looks like we need to take a breather if we want to get back on the upside for the summer!

Warning: This article does not constitute investment advice or an invitation to invest. It is for information purposes only. strictly informative. You are the only one responsible for your trading and investment decisions.

A decisive range!

Following the rise we’ve seen, we’re now entering the famous intermediate range.

Current range on Bitcoin Pair BTCUSDT Perp Binance
Current range on Bitcoin. Pair BTC/USDT Perp – Binance

This range is located between two bounds. The lower, green boundary above the 29,750 and the red below $31,250. A trader could go short at the top of the boundary and long at the bottom until either side breaks. The question is which side? Let’s take a closer look at what’s in store for the week:

Analysis of the week

It’s going to be a short one! In my opinion, it’s obvious that we’ll return to the bottom of the interval at the very least. Why? Here’s the answer:

Bitcoin Orderflow
Bitcoin Orderflow
Altcoins Orderflow
Altcoins Orderflow

Last week, altcoins didn’t seem to be suffering from a sense of FOMO. Now, however, they are! In fact, you can see in the image on the right an increase in OIs (Open Interests), i.e. an increase in the number of positions opening up! Combined with funding, which is no longer negative, we clearly have a predominant bullish sentiment. Bullish sentiment on altcoins? That’s never a good sign!

Bitcoin, on the other hand, is heavily shorted. Often representing the next move, because the Bitcoin whales who manage the market aren’t often wrong! How to see it? In the image on the left, the long ratio has collapsed during the downturn and shows no sign of returning weakness. As long as we don’t see a bullish return of this ratio, we run a high risk of retrying the low points of the range.

Wednesday’s FOMC minutes at 8pm should bring volatility. They will certainly announce a continuation of rate hikes, despite their economy. This should agitate the markets.


I expect a return from the bottom of the range this week, targeting long liquidations particularly on altcoins. This doesn’t mean we’ll fall to $25,000. Just that we need a breather. Don’t confuse analysis of the week with macro, long-term analysis.

As a reminder, my plan remains the same as the one presented in my article of last week:

BTCUSDTP 2023 07 03 10 09 13 - Coinpri
My favorite Bitcoin scenario. NFA.

Until we see this week’s result, I hope you enjoy the summer. The world is full of opportunities!