GM! BTC failed to go beyond 16900 in the last week which clearly shows the weakness in the market. We are heading lower in case if 15600 level is tested again. Then next stop would be 13500-11500. There is no way BTC is recovering in the short term & bottom is not in yet!
ETH finally broke the important support at 1220 after months of consolidation in 1220-1280 range. More than 20k ETH were sold in the open market by FTX hackers leading to a dump. There are 280M worth of ETH waiting to be dumped. So 1k is coming soon! Crypto
Altcoins are nothing more than a pump & dump play now. Many projects are pumping their own token initially to bring attention of traders. Once they are in, the founders of project are out. This is called as “Exit pump”. So careful while trading in these coins. Better to avoid!
Summary: BTC is looking very weak & for the first time has gone beyond the lowest point on “BTC logarithmic regression scale” that has never happened so far. I don’t believe in these scales but still something to consider. Everyone is in a panic state currently!
This panic started due to fall of Celsius luna 3AC FTX & now the whole world will make it difficult for Crypto industry with harsh regulation. So there is too much pain in the market currently. There are too many shorts & also bad news. So only a miracle can make btc stableThis post is based on this twitter thread.