A new low, potential Genesis bankruptcy, and a new price target
Yesterday, Bitcoin made a new yearly low at 15 479$. Furthermore, based on information published by various news outlets, Genesis Global Trading Inc. warned its investors about potential bankruptcy proceedings. As a result, this exchange joins our list of deeply troubled cryptocurrency institutions.
Some of the troubled financial institutions in 2022 include:
- Genesis
- Celsius Network
- FTX
- Three Arrows Capital
- Voyager
- CoinFlex
- Sky-Bridge Capital
- Zipmex
We believe this list will continue to grow in names as the FTX fallout has not been resolved yet. Accordingly, we wait for the names of the biggest creditors to be released, which could spark more fear and selling in the market.
At the same time, we pay close attention to developments with Genesis exchange. If it declares bankruptcy, then matters will worsen substantially. The same applies to the attempts of the U.S. government to regulate the cryptocurrency world more tightly. Therefore, we remain bearish and maintain our price targets of 15 000$ and 13 000$.
Illustration 1.01
The image above shows the daily chart of BTCUSD and two simple moving averages. The yellow arrow indicates the recent bearish crossover between the two moving averages.
Technical analysis - daily time frame
RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Illustration 1.02
Illustration 1.02 displays the daily chart of BTCUSD and simple support/resistance levels.
Technical analysis - weekly time frame
RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Some of the troubled financial institutions in 2022 include:
- Genesis
- Celsius Network
- FTX
- Three Arrows Capital
- Voyager
- CoinFlex
- Sky-Bridge Capital
- Zipmex
We believe this list will continue to grow in names as the FTX fallout has not been resolved yet. Accordingly, we wait for the names of the biggest creditors to be released, which could spark more fear and selling in the market.
At the same time, we pay close attention to developments with Genesis exchange. If it declares bankruptcy, then matters will worsen substantially. The same applies to the attempts of the U.S. government to regulate the cryptocurrency world more tightly. Therefore, we remain bearish and maintain our price targets of 15 000$ and 13 000$.
Illustration 1.01
The image above shows the daily chart of BTCUSD and two simple moving averages. The yellow arrow indicates the recent bearish crossover between the two moving averages.
Technical analysis - daily time frame
RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Illustration 1.02
Illustration 1.02 displays the daily chart of BTCUSD and simple support/resistance levels.
Technical analysis - weekly time frame
RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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