Free Public #Crypto Update Wednesday November 9th: FTX Crisis Continues
Hi Folks, this November 8th eclipse conjunct Uranus and square Saturn turned out to be one hell of a crisis for Crypto.
Unfortunately it appears that Binance and CZ have stepped away from the deal to rescue troubled Crypto exchange FTX, deepening the crisis in Crypto markets and it now appears this is a similar moment reminiscent to the collapse of Lehman Brothers that triggered the 2008 real estate and Stock Market collapse.
*Withdrawals are frozen on FTX platforms and no one one knows yet the extent of the damage that could occur with a total collapse of FTX.
This could take weeks to fully play out and the possibility of margin calls, forced liquidations and contagion to other Crypto Firms and Funds is unknown. On top of everything the CPI inflation numbers come out tomorrow, which can shake up global financial markets.
"Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.
Before Binance pulled an about-face and bailed on its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to $8 billion, said the person, who requested anonymity discussing private talks."
In a historic rout without parallel, Billionaire Sam Bankman Fried's $16 Billion Crypto empire appears to have been wiped out almost overnight.
Astro Factors: Astrology factors continue to be tough and this eclipse can continue to play out for days or even weeks. The Mercury and Sun squares to Saturn through Mid night Thursday are very tough. The next significant favorable is Venus trine Jupiter November 15th
-The Moon in Gemini into Friday is a very nervous moon that can change on a dime
-Nov 9 Mercury square Saturn tonight around Mid Night Pacific is very unfavorable BUT could be a short term long opportunity as Friday November 11 looks favorable
-Nov 10 Venus trine Neptune is favorable and with Mercury trine BTC Uranus could bring some mild relief. Unfortunately the Sun makes a difficult square to Saturn all day, limiting and rebound, and CPI inflation report brings complexity to the Markets.
Nov 11-12 looks a bit better with Sun trine BTC Uranus and Mercury sextile BTC Saturn, however a disappointing unfavorable Mercury square BTC Neptune Nov 12 is another problem to watch
Nov 14-15 has as series favorables with Mercury trine Pluto, Sun trine Neptune and especially a sweet Venus trine Jupiter. Then Venus leaves her detriment in Scorpio and enters a neutral Sagittarius that day, which is more favorable, but she is still combust and hidden till the end of the November.
FTT Daily chart: In one of the most historic crashes since LUNA, FTX token FTT crashed from $22 on Monday to $2 today, as I had predicted it would on Patreon two days ago. And it could still go lower if FTX files for bankruptcy
BTC Daily has broken down out of the 4 month long range and is holding at 16k today. 17500 is now a possible resistance level to watch. A double favorable could at least hold support tomorrow, but with Sun square Saturn all day tomorrow the situation is still grim. Next week looks more promising for a rebound to develop on Venus trine Jupiter NOV 15.
There might be a short term long opportunity but I'll wait for the CPI to come out as it often makes the markets too chaotic to trade on CPI days.
BTC Weekly LOG chart finally hit the 16k level I have been predicting for months. Key 16k level is holding for now and this is a likely level for rebound to occur, but if that gives way there is no technical support until around 13800. Whether 16k holds depends on whether there is a total collapse of FTX and how much "contagion" there is to other key market players. 19500 is now a major resistance on the weekly chart.
Major stock indexes were all sharply down today heading into the key CPI report tomorrow and if Stocks take another leg down this week it will "add insult to injury" for Crypto markets.
Most analysts are expecting CPI to stay around the 8% mark, if it comes in significantly higher Markets will dump hard, if it comes in significantly below Stock Markets could rally and this could at least help Crypto a bit. If it comes in right on 8% it doesn't really change the overall Bearish Macro picture, keeps pressure on the Fed to raise rates and Stocks are likely to drift sideways here.
"Specifically, inflation is predicted to be 7.9% year-over-year as of October, according to a median forecast of 52 economists surveyed by Bloomberg News. Banks including Citigroup, Deutsche Bank, JP Morgan Chase and Wells Fargo have similar projections. That’s only slightly less than September’s 8.2%,"
https://www.cnbc.com/2022/11/09/cpi-inflation-numbers-expected-to-remain-highwhat-to-know.html