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Ethereum started a recovery wave above the $1,200 level against the US Dollar. ETH must clear $1,320 and the 100 hourly SMA to start a sustained upward move.
Ethereum started a recovery wave above the $1,200 and $1,220 levels.
The price is now trading below $1,300 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now struggling to clear the $1,320 resistance and the 100 hourly simple moving average.

Ethereum Price Faces Key Resistance
Ethereum declined heavily below the $1,320 support zone, similar to bitcoin. ETH even traded below the $1,200 support level and settled below the 100 hourly simple moving average.
It even spiked below $1,100 and traded as low as $1,070. Recently, there was an upside correction above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low.
Besides, there was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD. The pair even spiked above the $1,300 resistance.
However, the bears defended the $1,320 resistance and the 100 hourly simple moving average. The price also failed near the 50% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low. An immediate resistance on the upside is near the $1,280 level.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,320 level and the 100 hourly simple moving average. A clear break above the $1,320 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,400 level. Any more gains might send the price toward the $1,500 resistance zone.
More Losses in ETH?
If ethereum fails to climb above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,200 level.
The next major support is near the $1,190 level, below which ether price may perhaps accelerate lower. In the stated scenario, the price could decline towards the $1,070 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,320

Ethereum started a recovery wave above the $1,200 level against the US Dollar. ETH must clear $1,320 and the 100 hourly SMA to start a sustained upward move.
Ethereum started a recovery wave above the $1,200 and $1,220 levels.
The price is now trading below $1,300 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now struggling to clear the $1,320 resistance and the 100 hourly simple moving average.

Ethereum Price Faces Key Resistance
Ethereum declined heavily below the $1,320 support zone, similar to bitcoin. ETH even traded below the $1,200 support level and settled below the 100 hourly simple moving average.
It even spiked below $1,100 and traded as low as $1,070. Recently, there was an upside correction above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low.
Besides, there was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD. The pair even spiked above the $1,300 resistance.
However, the bears defended the $1,320 resistance and the 100 hourly simple moving average. The price also failed near the 50% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low. An immediate resistance on the upside is near the $1,280 level.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,320 level and the 100 hourly simple moving average. A clear break above the $1,320 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,400 level. Any more gains might send the price toward the $1,500 resistance zone.
More Losses in ETH?
If ethereum fails to climb above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,200 level.
The next major support is near the $1,190 level, below which ether price may perhaps accelerate lower. In the stated scenario, the price could decline towards the $1,070 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,190
Major Resistance Level – $1,320

Bitcoin price recovered over $1,500 and climbed above $17,500. BTC failed to clear the $18,000 resistance and started a fresh decline.
Bitcoin started a recovery wave above the $17,000 and $17,200 resistance levels.
The price is trading below $18,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if there is a close below the $16,750 support zone.

Bitcoin Price Faces Key Hurdle
Bitcoin price declined heavily below the $18,000 support zone. FTX’s fall is still hurting the market and there was a strong decline towards the $16,000 support zone.
The price traded as low as $15,555 and recently started an upside correction, similar to ethereum, bnb, and ripple. There was a steady recovery wave above the $16,500 and $17,000 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low. There is also a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC/USD pair.
Bitcoin price also moved above the $17,500 level, but it struggled near the $18,000 resistance zone. The 50% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low also acted as a strong resistance.
It is now trading below $18,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,400 level. The first major resistance is near the $18,000 level.

Source: BTCUSD on TradingView.com
A clear move above the $18,000 resistance might push the price further higher. The next major resistance is near $18,500 or the 100 hourly simple moving average, above which the price could test the $20,000 zone.
More Losses in BTC?
If bitcoin fails to start a recovery wave above the $18,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,900 level and the trend line.
The next major support is near the $16,750 zone. A clear move below the $16,750 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $16,900, followed by $16,750.
Major Resistance Levels – $17,400, $18,000 and $18,500.

Leave it to Jesse Powell to say what everyone in crypto is thinking. “I’m really trying to control my rage,” the mind behind Kraken tweeted to begin his rant. In the following article, we’ll comment on several of his very interesting points. Make no mistake, though, Jesse Powell thinks this isn’t over and the crypto industry will have to work for years to make up for… some other cryptocurrency exchange’s mistake. “More business failures are sure to come as the contagion spreads,” he warned.

2/ Our good, trusting nature makes us easy targets for con artists. Some even tell us straight up that they’re here for profits, not crypto, and we praise them for their honesty.
Yet we’re surprised when they turn out to be who they said they are. We need to raise our standards.
— Jesse Powell (@jespow) November 10, 2022

At one point, Powell even gave the best advice possible for future crypto investors. “Don’t trust. Verify.”

What he didn’t do, though, was naming Sam Bankman-Fried, FTX, or Alameda Research. We are assuming this is all about them, but it’s just an assumption.
Jesse Powell Allegedly Blast Sam Bankman-Fried
First of all, the head of Kraken doesn’t buy the “I made a mistake” line that Sam Bankman-Fried has been feeding the public via Twitter. And Powell doesn’t mince words while doing so.
“This isn’t about aiming high and missing. This is about recklessness, greed, self-interest, hubris, sociopathic behavior that causes a person to risk all the hard-won progress this industry has earned over a decade, for their own personal gain.”
The thing is, Sam Bankman-Fried didn’t only blow up his two billion-dollar businesses. He blew up the whole crypto industry. “We give them power to speak for us but they haven’t earned that privilege. When they blow themselves up, it’s our house, our reputation, our people which bear the brunt of the damage,” Powell tweeted. And he’s probably right about this. Everyone will have to pay for  Bankman-Fried’s mistakes.

5/ The damage here is huge. An exchange implosion of this magnitude is a gift to #bitcoin haters all over the world. It’s the excuse they were waiting for to justify whatever attack they’ve been keeping in their back pocket.
We’re going to be working to undo this for years.
— Jesse Powell (@jespow) November 10, 2022

Then, in a bizarre turn of events, Jesse Powell brought bitcoin into the mix:
“An exchange implosion of this magnitude is a gift to bitcoin haters all over the world. It’s the excuse they were waiting for to justify whatever attack they’ve been keeping in their back pocket.”
What does the FTX implosion have to do with bitcoin? In fact, out of all the crypto world, bitcoiners are the less affected by all of this. In bitcoin culture, the self-custody of your assets is paramount. And people who make the effort and self-custody aren’t directly affected by exchanges blowing up and losing their customer’s hard-earned money. They are affected by the price movements these black swan events generate, though.

FTT price chart for 11/10/2022 on Binance | Source: FTT/USD on TradingView.com
Are The Media, VCs, And The US Government To Blame?
This is the most interesting part of Jesse Powell’s rant. As bitcoiners denounced Sam Bankman-Fried’s shady business model left and right, the man became a media darling like few others. His frequent political donations, the way he said what the establishment wants to hear about crypto regulation, and the whole myth about him being an effective-altruism vegan were the perfect combination. 
“VCs, the media, the “experts” failed. People torched their own reputations vouching for individuals, projects, businesses they had not diligenced.”
We’re pretty sure “diligenced” is not a word, but Jesse Powell’s message stands. The media failed miserably and led retail astray. They will never admit it, but Sam Bankman-Fried was on the cover of “Fortune” a couple of weeks ago. “The New Warren Buffet?” was the article’s title.

9/ Red flags:* acting like you know everything after showing up to the battle 8 years late* 9 figs buying political favor* being overeager to please DC* huge ego purchases, like 9-fig sports deals* being a “media darling”, seeking out puff pieces* EA virtue signaling* FTT
— Jesse Powell (@jespow) November 10, 2022

What about VCs, though? Aren’t they at least partially responsible for financing FTX? Before you answer, read what Jesse Powell has to say about it. He’s got inside information:
“I know for a fact that VCs wrote checks blindly. Why? Because revenues were strong. Were they sustainable? Were they bleeding out money the other side? Was it all predicated on an untenable self-dealing setup, frontrunning clients, misappropriation of user funds? Never asked.”

11/ US lawmakers & regulators have some accountability too. You drove this business offshore because you refused to provide a workable regime under which these services could be offered in a supervised manner. Enforcement wrongfully focuses on convenient, on-shore good actors.
— Jesse Powell (@jespow) November 10, 2022

Last but not least, what about the US Government and its lack of crypto regulation clarity?
“US lawmakers & regulators have some accountability too. You drove this business offshore because you refused to provide a workable regime under which these services could be offered in a supervised manner.”

Jesse Powell is not saying those institutions are as guilty as Sam Bankman-Fried allegedly is, but they really dropped the ball on this one. And, as it always happens, the people suffered.
Featured Image by Luke Jernejcic on Unsplash | Charts by TradingView

The recent crisis in the world’s third-largest crypto exchange, FTX, is creating more devastating conditions in the Bitcoin and crypto market. Over the past few days, the FTX token (FTT) has lost more than 70% of its value.
The events seem to have unlocked the bears into the market. As a result, the cumulative market cap has drastically decreased, indicating an overall negative performance.

Also, several other crypto assets have been in the south. For example, Bitcoin has experienced more downward pull this week. The price of BTC has dipped by almost 21% in just five days. The primary crypto asset, Bitcoin, now trades at $17,745, showing in increase
Bitcoin price surges above $17,000 l BTCUSDT on Tradingview.com
The impact of the bearish crypto market is gradually spreading. The largest global institutional Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), has been caught in the web of the crisis.
Grayscale Bitcoin Trust Caught In The Web Of FTX Crumble
A report revealed that GBTC ended the day at a record discount of 41%. Its price was $8.76 per share. The BTC trust has been plummeting for almost a year since November 12, 2021, after hitting its high of $51.47 per share.
GBTC has a structure issue since it is an investment trust fund. Hence, it lacks the free creation of its shares or a suitable redemption program. Such a lapse offers significant price discrepancies against the fund’s underlying BTC holdings.
Subsequently, Grayscale has been attempting to convert GBTC to an exchange-traded fund (ETF). This will enable the market maker to create and redeem shares and permanently reduce the premium and discount of its shares.
Having filed its application in October 2021, Grayscale now awaits the decision of the Security Exchange Commission (SEC). However, the SEC officially denied the firm’s allocation in converting GBTC to a spot Bitcoin ETF on June 29.
The denial didn’t go down well with Grayscale, as the company took the matter to court. It filed the opening legal brief on October 11, challenging the decision of the SEC.

Root Of FTX Crypto Exchange Crisis
The recent crisis and collapse of the FTX crypto exchange are traced back to November 2. Then, Alameda Research, owned by Sam Bankman-Fried (SBF), suffered a balance sheet leakage. This revealed that the firm holds a large amount of FTX Token (FTT), the native token of the FTX crypto exchange.
The fact that a prominent trading firm holds a massive amount of a token raised concern in the crypto community. Hence, there were multiple questions regarding the relationship between FTX and Alameda.
The entire saga created doubts in most users of FTX leading to panic withdrawals of funds from the platform and its crumble. On November 7, there was over $451 million worth of stablecoin outflows on FTX, as per data from Nansen.
Featured image from Pixabay, chart from TradingView.com

MKR, the native token of the Maker Protocol, has recorded substantial gains despite the most recent market downturn. After news of FTX’s liquidity crisis rocked the crypto market, several coins have struggled to bag daily gains to no avail. However, MakerDAO’s governance token has experienced an impressive surge today. Specifically, MKR trades at $873 press time, gaining over 26% on the day.
Despite the huge jump in the day, Maker still hasn’t recovered its weekly losses. However, if its bullish trend continues, it might fully recover in a short time.

MKR Surges As Bullish Momentum Kicks In
After a steep drop and sell-off over the last day, bulls have succeeded in turning around the Maker’s (MKR) negative trend. MKR’s price increased by $177.40, or 13.64 percent, to $840 during this recovery. The main catalyst for the price surge is an increase in 1-day trading activities and market cap. Specifically, MKR saw a 27.26% increase in its market capitalization and a 15.37% surge in trading volume.
MKR’s gains were most felt in the DeFi sector of the Maker Protocol. According to a Token Terminal Intern on Twitter, the DeFi sector lost around 20% of its total value locked in the last 24 hours. This is unsurprising and expected due to FTX’s controversy. However, despite the downturn, Maker recorded an increase in its TVL. Precisely, Maker saw a TVL increase of 28% over the same period. 
This increase results from the recent surge in borrowing activities on the platform. As per the thread, Token Terminal Intern noted that the top-three lending protocols, including Maker, facilitated $27B worth of trading volume. The account mentioned that the increase resulted from traders fleeing centralized exchanges due to the FTX collapse.
MKR’s price is currently hovering at $875. | Source: MKRUSD price chart from TradingView.com
What The Charts Say About MKR’s Movement
The intersection of the upper and lower Bollinger Bands is located at 780 and 615, respectively. The widening of the bands indicates a rise in trading activity, which may lead to a price breakthrough.
Since the market has broken out above the upper range, bulls appear to be in control, and this upward trend might continue for a while. The RSI is currently at 57.45, which has been quite constant over the past few hours. As a result, the MKR market shows signs of balance between buyers and sellers, suggesting the positive trend will continue.
The MACD line is still negative at -8. However, it has crossed over the signal line and is trending upward into positive territory. The histogram is trending upwards, supporting the current bullish pattern. As the MACD line rises above the EMA line, we may be certain that the MKR market will continue to rise. 

Moving averages for 5 and 20 days are 749 and 698, respectively. This uptrend is further backed by the rise of market prices above both moving averages. The Coppock curve, which has just climbed from the negative zone to a value of 8, also implies sustained growth in the MKR market. Overall, the market is expected to stay positive, and major technical signs point to more gains coming up soon.
Featured image from Pixabay and chart from TradingView.com

Some days back, the crypto market was celebrating a significant rally in the price of major cryptocurrencies. Bitcoin hit a remarkable recovery surpassing the $20K level to $21,500.
However, the story quickly changed as the FTT crash dragged the other tokens down. Due to the ongoing FTX crisis in the crypto space, many assets have recorded new all-time lows.
Latest reports show that BTC has hit a two-year low, plummeting to $15,500 and leaving the market with a $200 billion loss. It all began with a clash of interest between Binance and FTX, which drove the former’s decision to liquidate its FTT holdings irregularities. Not long after the feud, FTX liquidated its ETH holdings amid rumors of insolvency issues.

Bitcoin Plummets To A Two-Year Low
The cascade effect landed on Bitcoin. Within hours after the celebration, the multi-week high above $21,500, Bitcoin crash-landed to $17,000. As the crisis continued, Bitcoin recorded another decline on Bitstamp yesterday. Finally, bitcoin slumped to $15,500, an all-time low since November 2020.
Bitcoin price recover l BTCUSDT on Tradingview.com
Although BTC has recovered over $1000 since the last slump, its valuation – 6.81% down – is still below the psychological level. Nevertheless, it maintains a market cap above $317 billion and 38.4% dominance.
Bitcoin is not the only receiver of the hard blow in the market recently; other cryptocurrencies got even more. For example, Ethereum dropped from $1,600 to nearly $1,100 but recovered slightly above $1,300.
Binance Coin (BNB) also went down the drain, dropping by 8.87% after a short rally to $400 with news of the FTX acquisition. BNB further pushed down with reports that Binance would no longer move forward with the FTX acquisition.
Solana, which went down to $9 yesterday, now trades at $14 with a 17% decline. Given the news of the upcoming event to Unlock SOL tokens, Solana may meet more volatility today. The total crypto market has lost about $200 billion since the FTX/Binance feud began.
FTX Token Tumbles Further As Binance Withdrew Plans of Acquisition
Meanwhile, FTT’s situation is terrible. The token has incurred an additional 42% loss in value and now trades at $2.76. Given the circumstances surrounding FTX’s situation, including the alleged investigations against the firm, Binance has pulled out of its plans to acquire the exchange.
In the announcement, Binance noted that it hoped to assist FTX in providing liquidity to settle its customers. However, it cannot overlook the fact that FTX misused customers’ funds. Binance condemned FTX’s bad business practices, saying that such actors must be removed from the market.

The crypto exchange also said a regulatory framework and decentralization transition would strengthen the crypto industry.
Binance’s comments are in line with Coinbase CEO Brian Armstrong’s opinions, which he aired on Tuesday. Armstrong believes that a clear regulatory framework and adoption of decentralized exchanges will prevent problems such as the FTX crisis.
Featured Image From Pixabay, Charts From Tradingview

Bitcoin has taken 10% back in a dramatic move following the announcement of October CPI data. CPI came in below expectations, causing a melt up in risk assets including cryptocurrencies.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 10, 2022
Before suggesting any type of bottom is in, more downside could still be ahead, with this recent movement being nothing more than a bearish retest.
[embedded content]

Did The Drop Fill Out A Bullish Wedge Pattern?
The downward move might have filled out a massive bullish wedge, making for the third touch and daily close at the bottom trend line. There is also a daily bullish divergence on the Relative Strength Index, so long as BTCUSD doesn’t make new lows again today. But given all the panic out there, more collapse could be ahead.

Does the bull div support a bullish wedge pattern? | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows | BTCUSD November 8, 2022
Bitcoin RSI Reaches Most Oversold Monthly Level Ever
On two different timeframes, Bitcoin is working on some record-breaking signals. Weekly timeframes shows a possible bullish divergence. This would be the first in the history of Bitcoin after reaching oversold conditions on the RSI. 
The monthly Relative Strength Index is also the most oversold in the entire history of the cryptocurrency market.

Bitcoin also could be working on holding onto the drawn trendline on a closing basis only. If the top cryptocurrency holds at this level, we could potentially get a fifth impulse according to Elliott Wave Theory.

On-chain data shows the amount of Bitcoin supply in loss has now reached levels similar to during the COVID crash and the 2018 bear market bottom.
Bitcoin Supply In Loss Spikes Up Following The Latest Crash
As pointed out by an analyst in a CryptoQuant post, the BTC supply in loss has set a new record for this year following the FTX disaster.
The “supply in loss” is an indicator that measures the total amount of Bitcoin that’s currently being held at some loss.
This metric works by looking at the on-chain history of each coin in the circulating supply to see what price it was last moved at.

If this previous price for any coin was more than the current BTC value, then that particular coin is in some unrealized loss right now, and the indicator accounts for it.
Now, here is a chart that shows the trend in the 7-day moving average Bitcoin supply in loss over the history of the crypto:

The 7-day MA value of the metric seems to have been pretty high in recent days | Source: CryptoQuant
As you can see in the above graph, the Bitcoin supply in loss has sharply risen up over the last couple of days as the price of the crypto has observed a deep crash.
The current loss value is a new record for the 2022 bear market, and is also in fact the highest the indicator has been since the COVID black swan event back in 2020.
Notably, the amount of underwater supply in the market was also at similar levels back in late 2018, when the bear market of that cycle set its bottom.

If the same trend as in those previous bottoms follows now as well, then the latest high loss values may imply the market has now declined deep enough for a bottom.
However, even if the pattern does follow, it doesn’t mean pain might be over for the investors. As is apparent from the chart, in the 2018-19 bear the market moved mostly sideways after the bottom, and also formed another peak of similar loss values, before some bullish wind returned to Bitcoin.
BTC Price
At the time of writing, Bitcoin’s price floats around $16.4k, down 18% in the last week. Over the past month, the crypto has lost 15% in value.
The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has recovered a bit since the crash below $16k | Source: BTCUSD on TradingView
Featured image from Jonathan Borba on Unsplash.com, charts from TradingView.com, CryptoQuant.com

The crypto market and Bitcoin trend over the past few days have been entirely unexpected. The market is feeling the heat from the bears as most of the crypto assets took to the south. Moreover, the FTX crisis has increasingly brought a different contagious negative performance in the space.

Bitcoin had a complicated swing as the token dropped from its critical level of $20K. The price of BTC has dipped to around $16K region. The entire situation and unfolding of events are creating more fear and doubts for most participants in the crypto industry.
However, the primary crypto asset has shown signs of revival during some minutes in today’s trading hours. The US Bureau of Labor Statistics has just released the latest report on the inflation rate in the country. Unfortunately, the data for the Consumer Price Index for October is out.
CPI Data Beats Expectations, Bitcoin Stays In Recovery Mode
According to the data, CPI for October reads 7.7%, indicating an increase of 0.4% through its seasonal adjustment. This latest report proves to be better than expected. Hence, Bitcoin reacted positively within some minutes after the news was out.
Due to the current flow in the general economy, most expectations for the CPI report were around 8%. But the reality of the value has brought a positive change in the crypto market.
According to data, the price of BTC suddenly surged to $17,800 before going down again. The token is currently trading between $17,278 and $17,400.
Bitcoin price surges by 8% l BTCUSDT on Tradingview.com
Compared with the September CPI data of 8.2%, this latest CPI report proves excellent news. The core CPI data rose by 0.3% without food and energy in October. This trend is slower than the expected 0.5%, a drop from 0.6% in September.
The yearly comparison shows that the core CPI surged by 6.3% in October, below the expected 6.5% rise and dropping from 6.6% in September.
Implications of CPI Reports
The CPI reports are one of the measures the US Federal Reserve uses to determine the inflation rate in the country. Therefore, this October’s data is an essential report for the Fed before the usual Federal Open Market Committee (FMOC).
The year’s next and final FOMC meeting has been slated on December 14-15. The FOMC will likely hike its benchmark for Fed Funds rate again at the meeting. If it happens, it will mark the 7th time such a rate increase occurred in 2022.
The Fed has been taking a hawkish stance in controlling inflation. It has been increasing the interest rates by 75bps in some months due to higher CPI data.

The crypto market has been showing a correlation with macroeconomic factors. So, reports on CPI data usually affect the prices of crypto assets, as has just occurred. Also, the excellent CPI data has created a spike in equity futures as they expect the Fed’s tightening measures to relax.
featured Image From Pixabay, Charts From Tradingview.com