Crypto Markets Reel from Fed Fears as Bitcoin Loses Key Fibonacci Level

Bitcoin's price has fallen below a key Fibonacci level, with a drop of over 3% on Tuesday. The cryptocurrency lost the 0.786 Fibonacci level and printed a second Bearish Divergence, similar to one seen in May. This move suggests that a correction is underway, but the author remains 'in buy-the-dip mode'.

Ethereum also experienced a decline, falling inside its Cloud on the daily Binance chart. However, it has only just begun to develop a Bearish Divergence, and the author notes that the deterioration is uneven.

Despite this pullback, the dominance of OTHERS (a market-capitalization index) held up, with BTC.D rising during the decline. This means that while altcoins may be experiencing short-term pain, they are not yet in a bearish trend.

The VIX, an indicator of fear and volatility in the markets, is being watched closely by the author as it approaches key resistance levels. If the VIX pushes toward 20.35 or the rejection zone beginning at 22, it could signal a 'max-fear pivot' for buying the dip.

Oil prices continue to rise, with Light crude oil futures experiencing an exhaustion-style breakout cluster. However, this trend is strong but located in a position that keeps exhaustion risk high.

Uranium remains an oversold opportunity, according to the author, with daily RSI at 22.58. This makes it an attractive dip-buy candidate, although no confirmation of a bounce has been seen yet.