Events like FTX are baked into the deal. Insiders usually take advantage of such real-world events -- that inevitably happen -- to drop the price even further. This might not have been part of the plan but it was the excuse that the price manipulators needed. The fact that all coins were pumping hard for no apparent reason leads me to believe that the insiders knew this was coming. A lot of money was made shorting and stop-loss hunting over the last two days. This was a masterclass on market manipulation.
Now, what is alarming is that looking at the 1 month view BTC has been on the upward trendline that you see (Thin faded line going up) for 9 years, and for the first time there is a clear trend violation and a new downward momentum trendline has formed (the thick white line pointing down). Bitcoin needs to pull up very soon, we can not close the monthly candle below that old trendline, we can have a wick below it but closing under will put us on a downward path that may take some time to stop, this is very concerning. Where will all of this end? Maybe the 100MA on the monthly can provide support at 12K, or maybe 5k can stop the bleeding.
The good thing about meltdowns like this is that you now have a very good idea regarding which coins are strong. If ONE, MATIC or DOGE reach very low prices they are worth looking into. We know they have strength, we know they will bounce high and quickly.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Now, what is alarming is that looking at the 1 month view BTC has been on the upward trendline that you see (Thin faded line going up) for 9 years, and for the first time there is a clear trend violation and a new downward momentum trendline has formed (the thick white line pointing down). Bitcoin needs to pull up very soon, we can not close the monthly candle below that old trendline, we can have a wick below it but closing under will put us on a downward path that may take some time to stop, this is very concerning. Where will all of this end? Maybe the 100MA on the monthly can provide support at 12K, or maybe 5k can stop the bleeding.
The good thing about meltdowns like this is that you now have a very good idea regarding which coins are strong. If ONE, MATIC or DOGE reach very low prices they are worth looking into. We know they have strength, we know they will bounce high and quickly.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
