And it was a strange day with the blood moon, the US elections and the FTT-Binance story unfolding. Crypto crashed hard and the crash is still ongoing while the DJI was up and the DXY way down which is normally bullish for crypto. The obvious story on trader's minds, however, has to be that Binance is dumping all of their FTT tokens which seems to make sense, considering:
What I find strange is that why these events should trigger a large market sell off. Bitcoin, for example, has no connection with any of that, so why do people sell? It shows that the crypto space is still very immature and unfortunately filled with greed and fear (which shouldn't be a surprise). Oh well, perhaps people will learn; but it's a hard when money is involved.
And considering that I was pretty bullish in the last post this is a hard set back. All of the supporting trend lines are basically destroyed for pretty much all coins. BTC seems to now have been rejected by the most important support it had:
The month of November still has 3 weeks left, so there is a chance for a rebound... But it now seems more likely that we will test 16k which was always a possibility since there is some support coming from the weekly chart.
In fact, we now know which of the two orange trend lines was the real support. The thinner line is from the monthly chart while the thicker line is from the weekly chart. The latter one has support at the 16k range. If this should fail as well, then the next obvious one would be the blue line coming from the previous ATHs. However, this would be at around 12k... which a lot of people have always talked about. I am confident that this orange supporting trend line will hold for the short to mid term. Yet we can't rule out a fall back to 12k now ...
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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