Technical analysis about crypto .

Red Red Red !!! We can only see red in the cryptocurrency market right now. Luna Fall, FTT Fall. When LUNA crashed a few months ago, the entire crypto market went into a frenzy. Now FTT again.

FTX was the 2nd ranked crypto exchange in the entire world. Withdrawal of FTX is temporarily stopped due to FTT token collapse. Users' money is withheld. The entire FTX system gets hacked, what's more . The bear market seems to be endless for these. We have been going through a bear market ever since BTC hit its all-time high in November last year.

When BTC bounced back from 32k to 48k everyone assumed BTC support around 30k. Honestly 30k BTC was a major support. But , BTC broke that support and now at 16k .

Screenshot form Trading view

Where is the major support now ?

I think , BTC may can go to 13k around . BTC still going with a Downtrend . If we look at the market cap we see a downtrend in that too. Today's (21Nov.) total Cryptocurrency Market Cap is 796B USD . It is expected that we will see a bull run in the crypto market as the market cap increases. Although it will take several more days.

Screenshot form Coin-market-cap

On the other hand, if we look at the Steem market, we can see that Steem hit an all-time low a few days ago. Touched around $0.14 and immediately bounced back to $0.18. I think if BTC goes to 13k then we will see Steem maybe around 0.14$ again.

And we all probably know that BTC halving starts every 4 years. And in that year BTC made all time high. Accordingly, 2024 is going to be BTC's fourth halving year .So we hope that , from 2023/ next year, we will see a correction in the price of BTC .

Screenshot form Trading view