Crypto Today: Remaining in the red after the Binance raid, NEO tumbles, Tezos shines

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Here is what you need to know on Friday, November 22

China cracks down on Binance, pushing prices lower

The sell-off in crypto markets is unrelenting, with further falls across the board. China’s raid of Binance’s offices in Shanghai has weighed on the mood.  

Cryptocurrency markets

Bitcoin down but not out, BTC/USD remains on the back foot but has also been able to recapture the $7,500. It dropped below $7,400 on Thursday, trading at the lowest in a month. $7,296 was the October 23 trough, and a fall below this line would send the granddaddy of cryptocurrencies to the lowest since May.

Ethereum is also attempting to recover from the lows, as ETH/USD battles $160. It has now created a triple-bottom at around $153. 

Ripple has also been falling, but its drop is more gradual. Around $0.24, XRP/USD is still shying away from the mid-October low of $0.22.

NEO/USD is suffering a more substantial fall of 2.5% and continues standing out. See chart below

– Tezos stands out with a 5% gain despite issues with the French police. 

Bitcoin Confluence: Substantial support may support a bounce:

The confluence chart has been improving for BTC/USD, with a massive support line around $7,320:

Bitcoin confluence analysis November 22 2019

Chart of the Day: NEO/USD loses critical 200-day SMA

NEO/USD drops below the SMA 200 curve – the 200-day Simple Moving Average is one of the most considerable technical indicators in fall financial markets. Moreover, The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.

NEO/USD daily chart: 

 

fxsoriginal

Industry News: Scams and bridges

Binance crackdown: Chinese authorities have raided Binance’s offices in Shanghai, shutting down the offices. Authorities in the world’s second-largest economy have extended their crackdown on crypto-related activities. 

– Bakkt, the International Exchange owned venture, is set to tap into Singapore’s digital asset market. Expanding into the Asian financial hub is positive news for the industry.

– Ethereum Foundation is offering details on the Istanbul Hard Fork upgrade, which is due on December 7. Investors are awaiting the next leap forward – Serenity. 

– The OneCoin saga continues, with Mark S. Scott, the lawyer that allegedly received $50 million from Ruja Ignatova, known as the “cryptoqueen”, has claimed that he was unaware that OneCoin was a scam. The infamous Ponzi scheme and other scandals have been weighing on the prices of digital coins.

Libra: A new bill aims to have US Securities Law responsible for regulating Facebook’s stablecoin The initiative is bipartisan and so likely to advance. 

Quote of the Day: Dave the Wave offers advice

Some trading advice from Dave the Wave, in this tweet

You wouldn’t want to wait for price to dip below the channel – it was red last time. You’d want to be averaging in, if you’ve dry powder, with price in the channel now that is green.

More Bitcoin price prediction: BTC/USD prominent buy zone lies with $7,200

Get the 5 most predictable currency pairs

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