Guruprasad Venkatesha
Guruprasad Venkatesha 2 minutes reading from Bitcoin

Scam Alert – #FTX, the Biggest Scam of 2016

GM! BTC is still trading in a range between 16400-17100. BTC has resistance at 17100-17400 & strong resistance at 17900. Funding rates are extremely -ve while BTC reserves are increasing on Binance which might cause a short squeeze & then immediate dump Crypto

ETH is trading above 1200 which is a good sign but it’s better if the range of 1220-1280 for eth for sustained rally. ETH is deflationary & the supply has dropped significantly. This will make it more attractive in the future. In the short term, 1k maybe tested Crypto

altcoins are weak but selective coins are making big moves. All those coins in the Defi CryptoWallet DEX will do well in the coming days as people are realizing the importance of self custody over funds on CEX which is basically not our money! Crypto CryptoNews

Summary: BTC is unable to cross even 17900 just like how it was unable to cross 22500 few months ago. Before the party was spoiled by the market data from the US. Now we found the biggest scam of Crypto in FTX so market recovery is very unlikely. (1/3)

There should be a good reason for such turnaround to happen but there are only bad news everywhere now. Also if you see the last 6 months, BTC has always made lower lows & made a trading range only in the lower levels. This trend will continue. (2/3) Crypto

As I said before, according to me the bottom is at 11500 if we go by the charts of previous low and recovery. I personally feel we may go even below that as Saylor will have his margin call at 13500 which is very likely now. FTX scam will only get uglier by the day. Crypto

This post is based on this twitter thread.

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