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.
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First, let's take a bow. Not because we knew that the FTX/CZ fiasco was going to cause drama, but because we were wise enough to realize that the pump was artificial and we stood on the bench. A master class indeed it is. Second, yup the trendline is rekt and I'm glad it is. I don't see problems ahead. I see opportunities, so don't be alarmed brother. Third, it seems most traders are calling for 12k at the least which makes 12k a self fulfilling prophecy. Until the price reaches that range we may not see the volume needed to save the day. That may be 12k or may even be 5k. If it is 5k then bingo. I'll be like a pig in slop. I like One, don't care much for Matic and care less about the Doge. But I'd sure like to grab a bunch of Link and Band at the bottom of this mess. Other notable mentions are, Oasis which has sold for as high as 56 cents, currently at just under 5 cents, and Fetch AI which has sold for over 90 cents, is currently priced at 6 cents and is moving along nicely with giant partner T-Mobile. Can you imagine the upside potential?
cryptoGats
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@cryptospawn agreed, there’s huge potential. I don’t care for DOGE but I care about the bounce and potential it has.
dezelator
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BTC will bounce from this point
cryptoGats
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@dezelator absolutely, but it will take longer now to recover. The recovery will be that much stronger.