Market Update (Nov. 16, 2022)
With ongoing market turmoil, Bitcoin fails to surpass $17,000.
Along with today's core retail sales, which came in fairly high at 1.3% compared to the expected 0.4%, Bitcoin has been bleeding for the past twelve hours. This crucial consumer expenditure indicator was released today, and it demonstrates that the economy is still doing rather well and that the likelihood of a downturn has decreased.
Notably, the markets have also been affected by geopolitical unrest and worries about FTX contagion after Genesis, a company that lends cryptocurrency, discussed its exposure to FTX and temporarily halted withdrawals.
The S&P 500 is still trading around 4,000, and DXY is maintaining support at 106. Market participants should prepare for some turbulence in the days ahead.
Today's Winning and Losing Alts
- Trust Wallet Token - TWT (+7.00%)
- Chiliz - CHZ (+6.49%)
- Toncoin - TON (+4.05%)
- Stacks - STX (-13.47%)
- GMX - GMX (-9.18%)
- Cronos - CRO (-7.26%)
With a daily loss of more than 2.5%, bitcoin is now trading at over $16,500. As the market leader failed to establish a higher high and the downward trend continued, we can notice a lot of weariness and distribution on lower time frames.
Bulls must defend the pivot area of today at $16,400 in order to stop a decline to $15,900.
According to the Volume Profile for Bitcoin over the past week or so, we can see that the resistance continues to be very strong at the Value Area High (VAH) as it has not been able to close a 1-hour candle above $17k since the lows.
It seems that the price has also printed a lower high overnight, as well as losing the Point of Control (POC), so a move to test the Value Area Low (VAL) at around $16.3k at the moment seems to have a better chance of happening.
Ethereum, on the other hand, has suffered additional losses and is now trading at $1,210. Currently, $1,193 is the closest LTF support that can be tested. Ethereum needs to demonstrate some resilience at $1,140 in order to maintain its mid-term perspective; otherwise, history will repeat itself, and we will see $1,050 or even lower, as was the case in June.
Visiting the NFT Space
The NFT market was calm for large collections by market cap, while the trade volume of the smaller collections is increasing, albeit little.
God Hates NFTees dominated the conversation with a 1,297% increase. The volume of DuDuLab NFT, on the other hand, decreased by 72% because their NFT mint terminated yesterday.
🔹 Binance's role in FTX collapse under congressional scrutiny.
🔹 OKX exchange plans a $100 million market recovery fund.
🔹 Class action was filed against Tom Brady, Larry David, and others who endorsed FTX.
🔹 Coinbase CEO Brian Armstrong sells more than $1.6 million in shares.
🔹 Bitfarms sold more Bitcoin than it mined in Q3.
Forex & Stocks:
🔹 Oil selloff resumes after pausing over geopolitical scares.
🔹 Nvidia says it is working with Microsoft to build a 'massive' cloud AI computer.
🔹 Musk says made some Tesla decisions without board approval and defends $56 billion pay.
🔹 Micron to supply fewer memory chips in 2023, plans fresh capex cuts.
🔹 Trump officially announces 2024 presidential bid.