21.11.22 - 28.11.22
Last week results
Last week was a constant battle between skepticism and optimism. Many of the Crypto users were constantly asking themselves if this is the end of Crypto, and if the bear market will drag BTC to $ 12,000. We have a different approach when it comes to this idea.
Why last week was worse than the week before?
▶️ The FTX drama continues to dominate the Crypto World, it’s more or less similar to shock waves that still continue, despite the danger already happening.
▶️ Miners are not profitable in some areas of the world and have slowed down their operations.
▶️ Fake media articles are creating FUD, and it seems some of them have been paid by Investment Companies, in order to pile up their BTC investments.
These week’s key events
📈 Will BTC go to 12K?
Having in mind that BTC has been dropping for 2 weeks, and the last weekend was aiming for a bottom, this is textbook manipulation in order to put pressure on Long traders. However, the data can help us find out more.
💡 3 reasons to buy BTC now:
🔹 BTC will probably create strong support at $ 16,000. The chances to reach $ 12,000 are around 28% since the FTX drama has pulled BTC down to $15, 500.
🔹 Incoming triple bottom. This morning BTC is aiming for a triple bottom, similar to what happened last summer, with a chance to come back after support rejection.
🔹 The Futures Perpetual Funding Rate for some exchanges is positive. Positive funding rates indicate that long-term traders have the upper hand and are willing to pay funding to short-term traders. Many traders are optimistic because funding rates are positive.
Bitcoin: Futures Perpetual Funding Rate
🔹 Technical analysis: There is support at $15,900, which has been triggered a few times. We can open a long position at $ 15,800 or $16,250, then we can Take Profit at $16,500 then $17,450. The Stop Loss can be set at 15, 400, or 16, 000.
If the price continues to drop, make sure to re-initiate your long position from $15, 500 for the triple bottom support.
❗️ Use this opportunity to make the right decision.