Market Update (Nov. 18, 2022)
As the price action tightens around $16,500, Bitcoin seems prepared for turmoil.
As the market continues to react to fresh information surrounding the collapse of SBF's empire, Bitcoin is currently trading in a narrow range between $16,500 and $17,000.
In addition to Genesis' demise, New Huo Technology, a company that offers services for digital assets and is run by Leon Li, who formerly created the Huobi Group, reportedly had $13 million in client assets trapped on FTX.
However, it looks that a lot of the negative sentiment around the FTX collapse is priced into the cryptocurrency markets, so a significant crash is unlikely to occur in the absence of a very stunning discovery.
DXY is once again losing steam at 106.9 while the S&P 500 is attempting to make another run for 4,000.
Given the recent price movement of bitcoin, market participants can anticipate volatility in the days ahead.
Today's Winning and Losing Alts
- Chiliz - CHZ (+15.72%)
- Algorand - ALGO (+11.69%)
- GensoKishi Metaverse - MV (+11.44%)
- Helium - HNT (-2.37%)
- Hedera Hashgraph - HBAR (-1.41%)
- Fei USD - FEI (-0.80%)
This week, Bitcoin remained sideways, producing a narrow range that suggests volatility in the days ahead.
Although we are still retaining our lower-high structure, we can see that higher highs seem to be failing to form. This weekend and the next week might be bloody if we don't close today above $16,800, leading us to our downside objective of $14,470 by the end of the month.
Similar to Bitcoin, Ethereum's chart shows a narrow range between $1,290 and $1,190. In the upcoming days, we can experience compression in momentum. Ethereum is currently being rejected from the 20MA on H4 and exhibiting buyer tiredness on the Stoch RSI, which may lead to a visit to $1,170 later today.
Visiting the NFT Space
According to the trade volumes of the top 50 collections, it appears that the NFT market had a calm day.
Genuine Undead (+217%), Sappy Seals (+226%), and CrazyRichYellows (+1,298%) are the only three collections that experienced a 24-hour volume increase of over 200%.
A tweet mentioning the possibility of receiving Yellowpox-infected IP NFTs, along with additional prizes (and a potential airdrop), caused CrazyRichYellows to skyrocket.