It was a year ago, but crypto markets faced intense selling pressure on a Friday night, with low liquidity. Many alts were impacted, the larger ones like BTC ETH XRP were among the least impacted. Regardless, the question is whether the BTC chart structure suggests more downside or not.
Below is the intro from our latest crypto alert to premium members:
When the SEC started going after Binance, they said they would be targeting Binance but also 12 tokens: BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI. It’s primarily those 12 tokens that were impacted last night, it created a cascading effect.
Since the first week of May, we have repeatedly said that the 2nd part of June would come with selling. It started on June 9th, maybe (probably) because of the actions of the SEC. While a soft bounce next week is a likely outcome, we keep on saying that end of June will come with more selling.
Interestingly, among the few exceptions is XRP which uncoincidentally has The Most Beautiful Long Term Crypto Chart Of 2023. The SEC/Ripple case is looming, so XRP will either become the strongest token of the year OR it might suffer if the ruling is not supportive (in other words, if judge Torres concludes that XRP is a security).
In our latest premium crypto alert, we have featured very specific downside targets for BTC, and were very precise on when selling would end. One thing is clear, the 25.5k was our first bearish target and it’s hit now. This setup does not look like selling has ended, is all we can say as a high level statement.