How will Bitcoin & the Cryptocurrency market react?

Binance CEO Changpeng Zhao (CZ) steps down to plead guilty to one count of matters relating to his failure to prevent money laundering within the Binance platform.

The settlement for such a violation carries a penalty of approximately $4 billion USD, and it serves as a means for the SEC (The Securities and Exchange Commission) to intensify its investigations across multiple crypto assets.

Here is CZ's response on Twitter: https://twitter.com/cz_binance/status/1727063503125766367

Despite the market being only down by 1.3% following the news, the charts' psychology also indicates bearish distribution.

Fibonacci retracements are a tool that enables a trader to plot points on a range, aiming to identify mathematical ratios that often either halt or impede price advancement (resistance) or provide support for potential upside movements.

Two MAJOR levels in the Fibonacci sequence are the 50% and the 61.8% Fibonacci. Let me explain how these are calculated:

Calculation to find support:

In reverse to find resistance:

When the 50% and 61.8% Fibonacci retracement levels coincide, derived from both the all-time high range and the last major range, it often represents a highly significant area for predicting a potential shift in market trends.

While not definitive, these levels serve as indicators that restrain us from acquiring new Bitcoin. Instead, we patiently await price signals that might suggest either further accumulation for a continued advancement of the trend or distribution. In the latter scenario, we would utilize information to identify the next support level for purchasing.

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Bitcoin surges above $50000 AUD for the first time since May 2022 due to several catalysts unfolding.

Bitcoin surges above $50000 AUD this week and here are the 5 main catalysts that can be viewed as the main stories as to why adequate money poured into Bitcoin.

1. The conflict in Israel has shaken global confidence in growth assets, triggering a shift to 'risk-off' mode. But what is 'risk-off'? Think of it as a two-part strategy.

'Risk-on' occurs when the world is comfortable with taking risks, investing in riskier assets in pursuit of higher capital gains.

Conversely, 'risk-off' indicates a reduced appetite for investing in growth assets, with funds finding safer havens like Gold, Silver, and in more recent times, Bitcoin.

2. The Blackrock Bitcoin ETF has been a major catalyst that could contribute into the $trillions according to a Forbes post.

3. The Chinese stock market (SSE Composite Index 000001) has declined to COVID-era levels, potentially indicating a shift toward a 'risk-off' environment, with a significant drop of -18.81% from its December 2021 peak.

4. The Argentine presidential election has set up a surprising November 19th runoff between Javier Milei, a staunch Pro Bitcoiner/ Anti Central Banker, and incumbent President Sergio Massa, tied to the nation's 130% inflation crisis. Patricia Bullrich, the former conservative security minister who finished third, has endorsed Milei, potentially swaying her supporters in his favor.

5. The Bitcoin halving is approaching in April 2024. The Bitcoin halving occurs every four years, which reduced the NEW bitcoin entering the market by 50%. This shock of supply has historically pushed Bitcoin price above all time high due to the demand increasing, while supply reducing.