- Unscrupulous manipulation in the market that brings to Bitcoin the $6,060.
- It has been planned and very well executed action, although they have left traces of their intervention.
- Critical levels reached in many Crypto assets.
After weeks of debating focused on the continued drop in volatility and intraday range on the Crypto board, the sector woke up this morning with major falls among all the major players in the Crypto Segment.
The fall was not normal in its formation. It started at exactly 22:00 GMT when the EMA50 and SMA100 were drilled at once. It was followed by 45 minutes of contained declines until, just at 23:00 GMT, a huge bearish candle appeared that has taken prices to key technical support levels. I have no doubt that the move has been precisely coordinated and executed.
I cannot know at this moment the number of traders that have taken part, but I do know that those who have taken part had planned it and with clear price objectives. It has not been panic, nor a technical signal nor the answer to a news item. The market has been manipulated.
These situations greatly damage the public’s confidence in this market and this is why it is more necessary than ever to place all exchanges under the coverage of a regulatory entity with the capacity to investigate this type of action.
Manipulation is as old as the markets. There has always been and there will always be some, but without a regulator that watches and has a legislative and sanctioning capacity, the future of the Crypto market is in danger.
In summary, it is clear to me that there are many interests in the Crypto coins project failing and only the Blockchain technology remains, for the use and benefit of those who today hold the economic power.
The BTC/USD is currently trading at the price level of $6,204, just above the major support range of the BTC/USD since early August.
Below the current price, first support at the $5,868 price level (relative minimum and price congestion support). It should be noted on the daily chart that today’s movement has brought the price to the base of the bearish channel that governs the price from the February lows.
There is no close support below this price. If the BTC/USD continues its bearish movement and pierces this level, any level below it is susceptible to being reached, without limits.
Above the current price the first resistance at the price level of $6,570 (EMA50 and price congestion resistance), then as the second resistance level at $6,780 (SMA100 and price congestion resistance) and as a third objective upward resistance at $6,850 (price congestion resistance and relative maximum).
The MACD in the one-day range is barely immutable by the movement, mainly due to the lack of previous volatility that had flattened the indicator too much. Now, the indicator is heading to the negative side with a significant slope that, if not corrected soon, can give way to a strong downtrend.
The DMI in the one-day range shows us how bears shoot upwards but surprisingly bulls do not retreat with the same force. The ADX, which had been in decline since July and had reached the lows of the year gives signs of life and reacts to the rise with some violence.
Today is a day to point out because something important happened, although we still don’t know exactly what.
The ETH/USD is currently trading at the $199 price level, already below the psychological figure of $200. Today’s fall has brought the Ethereum price against the dollar back to the annual lows.
Below the current price, first support at the price level of $196 (price congestion support), then second support at the annual low of $172 (support at the annual low, also for price congestion and, in addition, base channel down from the highs). The loss of this last level would lead the ETH/USD to go into free fall.
Above the current price, first resistance in the price level lost this morning at $223 (resistance due to price congestion), from where the ETH/USD could attack the second resistance level at $250 (EMA50). As a third bullish target level for the ETH/USD a distant $270 (price congestion resistance).
The MACD in the daily chart crosses the bearish channel just below the zero line. This configuration can develop both bearish (fast and aggressive) and bullish (slow and full of false signals) scenarios.
The DMI in the daily range shows the bears rising strongly while the bears retreat but not with the same intensity. The ADX reacts to the rise for the first time in weeks and seems to awaken from its lethargy. Volatility has returned to the market.
The XRP/USD is currently trading at the $0.40 price level, reaching the SMA200 level. For now, it remains above the most important moving average. Despite the sharp drop, the Ripple continues to be the best technical environment of the three analyzed.
Below the current price, it is important to maintain the support of the SMA200. In case of losing this reference level, next support at $0.368 (price congestion support). As a third level to watch, third level support at $0.345 (price congestion support). If the XRP/USD reaches this third level of support it would return to a complex price range and could look for new annual minima.
Above the current price, first target in price level resistance of $0.416 (price congestion resistance). Second resistance level at $0.429 (price congestion resistance). Third bullish target at $0.443, the confluence of the EMA50, a price congestion resistance and the base of the downstream channel from highs.
The MACD in the daily chart continues to develop the bearish structure from relative highs. It has been going around about half of what it should be going through. Further declines cannot be ruled out.
The DMI in the daily range shows the bears above the bulls for the first time since mid-September. The bears barely decrease their activity and maintain important purchasing levels. ADX continues to decline and does not accelerate following the falls.