Looking at the Open Interest for All Exchange during the recent price drop, we can see the OI has stayed flat and slightly increasing! this means the Futures Market is recklessly leveraged. This is a golden point for flushing the high-risk ( mostly Long) positions from the futures market.

Stay cautious and don't trade without stop loss.

Latin America's Ebay now plans to accept cryptocurrency for all products.

https://paxos.com/2021/12/02/mercadolibre-is-creating-the-biggest-crypto-market-in-latin-america-paxos-powers-the-experience/

#adoption

BTC Update:- BTC is going sideways and looks like preparing for another leg up. All we need to break and hold above $59.3k. Once it breaks $59.3k level then we can reach $62-63k easily.
Still we are in a bull run. BTC must held the $53k support zone. If BTC breaks below $53k then we might reach $47-$48k.

Alts Update:- As you know Alts depends on Ethereum and ETH looks pretty strong in both usdt and btc pair. So we can expect a good Altseason in December.

Stay tuned and pin our channel at top.

BTC is 5.4% down and it has broken down below the support 1 level ($56k).
Is there something we need to worry about?
Well, the recent drop has already brought altcoins into a bad shape but things could change here.
BTC is once again trying to test the $53.5k support level and if BTC don't bounce now then $53.5k level could be the possible. Like we said before, BTC must held the $53k support, if not then $47k to $48k is the possible area.

Keep an eye on the current level. Daily close above $56k will be good.

$1.2B liquidated in last hour

BTC Update:

This is how the dump looks like. A straight -21% dump after the daily close is bad for the market.
In our previous update, we analyzed that if BTC fails to hold the $53k support level then $47k to $48k could be possible.
BTC dumped up to $42333 which was not expected at all.

Here is a new analysis on higher timeframe.
In this 12 hours timeframe, we have three important support levels. Support 1 at $48.3k, Support 2 at $44.2k, and Support 3 at $40.6k. BTC is currently in between support 1 and support 2. BTC may possibly take a bounce from here. If not then support 3 will be the ultimate support level. Breaking below support 3 is going to be worse cuase it may reach even $30k.
So, be extra caucious and safe your portfolio to re-enter trades at the bottom.

Extreme fear in the market!

A frequent problem traders have when a dip comes along is that they have no chips to scoop it with!

You should always have around 10% of your portfolio in stables.

To be a successful dip buyer you need both nuts of steel and a plan to have money on hand in advance of dramatic market events.

Be prepared!

BTC Update:-

BTC is still not looking good. Volume is decreasing continously. If we did not get daily close above $48,800 then expecting it to reach $42-$44k zone. For any bullish scenario btc must close above $53k. The weekly 50MA support is here. If BTC holds above 50ma then we will see $60k in coming weeks.

If you are holding alts on spot then it makes no sense to sell here in 30-40% loss. Hold your spot positions and don't do leverage trading now until we get any bullish confirmation on BTC.

Bull run isn't over yet but things got delayed. Stay tuned and pin our channel at top.

Here is the chart explaining our BTC update. BTC must bounce above all these support levels. Daily close above the 21 MA ($53k to $54k) will be amazing.

Stay tuned.

BTC Update:

A bounce incoming right from the support 1 ($48300). Can BTC give us a daily close above $54k?

Well, in order for that to happen BTC must rally more 8% from the current price level.

Things will also look good enough if BTC closes above all the support in a daily chart. We are just few hours away.

So, stay tuned.

Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5k, addresses holding 100 to 10k $BTC have accumulated 67k more $BTC after dumping the same amount before the price drop.

One more big bank offering Bitcoin to their clients.

Colombia’s Largest Bank Taps Gemini to Offer Bitcoin, Ethereum Trading to Clients

https://decrypt.co/87703/colombia-largest-bank-bancolombia-gemini-bitcoin-ethereum-trading

BTC Update:

We saw BTC gradually picking up and at present it is retesting the supporting trendline. BTC must bounce from here to continue the rising momentum. A bounce will likely shoot the price up to $57k to $58k.
At this current level, we also have a strong 21 MA support so if BTC breaks down below this level then things may go into a critical situation again.

We can enter long on altcoins once BTC confirms the upward rally. Until then do not expose your positions. Stay calm and wait for the right entry.

Stay tuned for more updates.

Hearing on digital assets and future of finances in US House. We will have some volatility in the market at this time. You can watch it live here👇

Trade carefully

https://youtu.be/4oOTvtupND8

BTC Update:- BTC is still trading in a rangebound. Btc holding the $48k-$49k support very well. If Btc breaks below the $48k support then we might see $42-$44k again. For any bullish scenario BTC must break the $53k resistance first.

Alts update:- Alts shows some relief bounce but don't be fomo and don't go all in now in altcoins. If btc dumps back to $42k then keep your usdt ready for buying alts. Focus on Metaverse and web3.0 based alts.

Big News-

WhatsApp Implements Crypto Transactions

One of the biggest messaging applications, WhatsApp by Meta, has implemented the cryptocurrency transaction technology directly inside of the app via Novi wallet.

https://u.today/whatsapp-implements-crypto-transactions

BTC Update:- BTC couldn't hold the $48,800 support which is not good. Currently, bitcoin is in a very important support zone which is at $46k-$48k. I'm expecting a bounce from this zone. If BTC couldn't hold this support then we can see more dump in the market. The last support for bulls is at $40k-$42k.

For any bullish scenario, BTC must break the $53k resistance. Right now the market is not looking good for trades. Although you can accumulate some good altcoins (Metaverse and web3.0 related) on spot but don't do leverage trading until and unless we get any bullish confirmation.

Stay safe and stay tuned.

BTC bouncing as expected.

BTC Update:- BTC bounced yesterday $48k to $50k in just few mins after our update but it couldn't hold there and rejected. BTC unable to close above $48,800 level. We are in accumulation zone soon this accumulation is over and BTC surprises everyone by pumping hard.

Everyone in the whole crypto community is expecting $42k-$44k but you know usually BTC is doing the opposite of what people expect. But remember unless and until BTC did not close above $52k-$53k things are uncertain. Also the weekend is here so we may see some volatility in the market. Don't do leverage trade now. Try to accumulate some good altcoins as low as possible on spot as I told you in my previous update. Also accumulate some ETH ($3600-$4k).

Enjoy the weekend and stay tuned.