Sirwin
Sirwin

The SEC tickles Binance and the market stretch the bones


What Market Phase are we entering into has been the introductory question for our last appointments. Are we going to listen to the Bulls or the Bears? Are we going to see a Bull Market or a Bear Market?

Welcome to Surfing the Market, we are already at our 40th appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.


Source: from the Web

Let’s start from our usual weekly perspective


Source: Tradingview - Weekly chart

The SEC news quite compromised the market trend that seemed to be gathering energies for the next impulse.

Here you can find copy of the lawsuit

Anyway, the action is taken in the USA against Binance US. Binance will likely defend its work there but the “extreme ratio” will be simply closing the Binance US exchange.

I see many different options why the SEC complaints happens now, and my idea is that as FTX was strictly connected to the major US political parties, the SEC may be trying to set back the hit to Binance and CZ that are said to be among the responsible of showing up the bubble that FTX was building.

Here is the answer from Binance to the lawsuit:

What do I expect from a daily perspective?


Source: Tradingview - Daily chart

Price reached the red line, got at first rejected from the technical support. When trying to bounce back, the news from the SEC vs Binance came. And here we are, fluctuating again in the 25700-26000$ area.


Source: Tradingview - Dollar Strength Index

DXY found a local resistance that in the coming days may give some breathe to the crypto market, after yesterday’s drop.

The price is now in the area between the 50MA and the 200MA with the 50MA that acted as a resistance with a perfect timing with the SEC news.


Source: Tradingview - Daily chart

The price went out from the cloud and is now in a no-clue zone for what concerns the Cloud. It is still in the area of the continuation of the horizontal level of the Cloud, that can act locally as a support.


Source: Tradingview - Daily chart

And now, what from a Volume perspective?


Source: Tradingview - Daily chart

Volumes are showing consistency and had a peak yesterday, as the sell-off happened after the news.

What to observe particularly?

The news got out and I think that some upward reaction may happen as the market can recover from the news.
Stay tuned and be sure to follow to get noticed when my contents come out.


Promotional suggestion

One more thing: if you really do not care of technical analysis or you do not like spending time onto the markets, make sure to give a look to the Zignaly platform, an Official Binance Broker Partner with huge volumes under management. They offer great services of Profit Sharing Trading, where you copy other Professional traders, sharing the profit with them! Make sure to give a look!
If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!


None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.

How do you rate this article?

40


MikeZillo
MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ? Telegram: @mikezillo


Trading with Mike Zillo
Trading with Mike Zillo

In this Blog I am going to share view, insights and past positions to create an educational section about trading that will be particularly useful for starters and a great conversation place for more expert traders. Hope you will enjoy it

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.