Is Binance In Trouble?

Get it ladies and gentlemen, welcome to the Trader Club Crypto Podcast. And today's show, look, I think I'm gonna have a fair bit to say when we break down the week that has been, of course, from the standpoint of movement and where we're sitting right now, rumors that are flying about, I think it's plenty enough to discuss on the Monday. And Monday's show, when I do

a Monday's show, it is going to be about the week that has been, I'll save you little lessons and tips and tricks and pointers for another time during the week. So let's look at the Bitcoin chart. You're not looking at it, but I'll talk you through what I'm seeing. And this comes back to what I've been speaking to a little bit lately, when last week I

was asked by some members of my Discord community, if I still stood by my analysis that I put out there on the 19th of October. Now that was in relation to Bitcoin going down as low as $11,000. Now where I stand right now, yeah, I mean the analysis is still just as strong now. If not stronger than what it was back on the 19th of October,

keep in mind, the 19th of October, that was before the support. That was before new lows for 2022 had been set. It was also before the fall of FTX, the issues with Genesis and Gemini. And if rumors that to be believed today, it sounds as though some rumors spreading about finance. Now for the most part, the market hasn't been too badly affected. However, I will say,

the selling did speed up. There's no doubt about it. The last, well, it was going to the four hour candle. The last two four hour candles, the one that we were on now with still 23 minutes ago, he's down a full percent in the candle before that, down 0.6%. And that sort of came off of a very slow weekend. Not a great deal occurring over our

weekend, which is something that we have become fairly accustomed to. Slowed right up on the weekends. Last week. Now this is one of the smaller Bitcoin candles that we've seen in a long time from the low to the high. The entire week's range came in at 4.55%. Which, yep, it ain't much. When you consider that the week before, the market has been set up. I mean,

it wasn't a big week, but that candle was up 8.4% for low to high. We have seen some smaller candles coming in, but certainly 4.55% is very, very small indeed. Now coming back to that weekly on Bitcoin, the low of that candle, that bearish only small bearish was down 0.2% last week. The lowest 16,677. Now if we can break down through the low of that candle,

then I would not be surprised at all. See further down. So I'm certainly not banking on that. Santa doesn't seem like he'll be bringing home Bitcoin at $20,000. Now the last four days, sorry, this is the last three days, but today being the fourth of being down. The Friday 9th of December, in profit, happy. I did get stopped at on Mattik last week as well, but

the opportunities are there just not as many of them in these types of sideways conditions. So this week, what does Bitcoin look like doing? Well, I would suggest that if we can take out that low, like I said, that 16,677, that we may see a decline, a significant decline could come in. If we see this finance rumors continue further. Now for us a set new lows,

we're needing to move about 9% and that I can see as really being a week, so really being something that could really occur since finance rumors, Genesis, Gemini, all these things. And it's the market seems to be starting to roll over ever so gently, very, very slow. It'll be the lower time frames that I'll be going to, so look for trading opportunities. From Bitcoin, we moved

to Ethereum, which has also been very, very slow. The weekly time frame for Ethereum, well, there was a weekly close down 1.3% last week, again, a very small candle. If we can break down through the low of $1217, again, we will have a bearish weekly candle broken to the downside. Now Ethereum has been in a downtrend for, well, let's have a look since the week the

close or open, sorry, the 12th of December. But it's been fairly gyrating, sorry, it's been gyrating up and down quite significantly. Last, but one of the lower highs we set, it was that high lower high was 1789 and that week we were up 11.85%. That was the week of the 5th of September. The following week, the 12th of September, it was down 24.5%. Then it went

sideways for a little while, setting a new low in that weekly downtrend. We had one week down the 24th of October, up 16%. And then we had another week that we were down 22% on the 7th of November. So what Ethereum seems to be doing now? It's having a lot more volatility than what Bitcoin has been having. So if we are going to see the market

for this week, if we are going to go lower, expect Ethereum to be moving a lot harder and faster than Bitcoin. Now currently we're down 1.5% at $1244 on Ethereum. And if I look at the lower time frames, there is some very nice. So they started to come in on our 15 minute chart and I'll keep my eyes on that again. The four hour has not

provided much opportunity over the last few weeks. On to Binance next, which closed the week down 2.5% last week. Now even with the news, all the sessions and news, the rumors that are circulating about Binance, we are only down 0.6% currently on the Binance chart. So $282.92. And it doesn't look all that terrible. I mean the four hour chart does look terrible because it's not really

going anywhere. The last couple of can't be on the Windows have seen movement, the 4 hour candle that opened at 7 a.m. This morning was down 1.9%. The current one is down 0.6%. The weekly chart on Binance does not have itself in a weekly downtrend. Of course we did see that spike up the week FTX collapsed to a high that was 398.99. Two weeks later, we

found a new low there, sorry, not a new low, we found a low and that low was at $249.17. And that's the point at which? If we are to break down through there, we will be in a weekly downtrend yet again. As I say currently Binance holding its going at 282.90 cents, not much to speak of at this stage. Excuse me, XRP closed the week down

last week, 2.2%. So again, a very, very small candle there on XRP. It does have the hallmarks of a trend that is sideways to potentially about to fall. White, well, there's a nice little pullback, a little lower high has been set. Of course, that lower high is not confirmed until we move to a lower, low as well. That low would be a break down of 31

cents. And there's quite a bit of support around that level at 31 cents. I can see it going back into June. In fact, June, we tested there. We found that again in July. We can close in September and again the 7th of November that week we hit that level. If we can see XRP break down through that, we're probably going to see XRP heads. We do

have a little bit of a daily downtrend. It has not extended itself all that well just yet, but it is moving. The last two, four, our candles are taking off about 4 or 3.7%. So starting against the momentum to the downside. Currently XRP is at 37 cents down 2.2%. Doge had a bit of a shock last week. It closed down 10.94%. Biggest week on Doge for

the downside for a number of weeks. It's already down 5.5% right now. So quick joining to the sell side yet again today on Doge with a quick push lower. Now as far as the trend goes, excuse me, it was really quite interesting. It did like the movement that the range of Doge hard over the weekend was about 1.6%. And then today as the market opened, so

to speak, it's 7.8%. So at 8 a.m., we saw a 4 hour candle climb 4%. The next one down 5.5%. Of course, that's the new daily candle. So on the space of 8 hours, which will be over in 15 minutes, we dropped about 15%. So something going on there with Doge to the downside. Some very large short seller candles. So there's a candle here. That candle

is down 10%. And that was at 130 today, Australian Eastern daylight time. So some strong. The selling started to creep into the Doge chart. It closed down last week. The momentum is there. It's at 8.7%, it's down 5.6%. One to keep an eye on. If you are hunting for a hedge to the short side. Next we moved to Cardano, which was down yesterday 1.69%. It's down

1.4%. Today, the weekly suggesting that we closed down 4.6% last week on Cardano as well. So still a lot of weakness in Cardano. It is not pushed to new weekly lows, but it's not far off considering the price at 30.2 cents. And the low on this bear market is 29.4%. We are not far off pushing to new lows on Cardano. So just be careful there. Looking

out for shorts is what I'll be doing as these trends start to reset themselves. On to Magic, where I did get a short last week, I'd be in profit now, but I would be in profit if the price hadn't stopped me at because we went down. We went up. We went down, we went down, down. 1.3% today. At 88 cents. Now what we've got on the

weekly is last week's candle down 3%. It hasn't, well hang on, we just see the low last week was 87 cents. The low, we've just broken the low of last week's bearish candle recently. There's not really much to say here on Magic unless it breaks down through the low of 70, 76 cents. If we see that on our weekly chart, we will be in a weekly.

On to dot, which closed down quite significantly last week, one of the top performance of the downside is 7.6% closing the week out of $5.16. It's continued to sell off today down at an additional 1.4% at $5.09. And again, the way that the selling's come in has been rather brutal, quick and sharp on the lower timeframes. No trading opportunities just there for me on dot as

it continues to grind out or head towards grinding out a new low for 2022. In fact, that would be $4.96 and we haven't done that so far this week, but definitely looking weak. Next up, we come into Solana, which closed the week down 2%. It's already down 3.28% today. And as I say, across the market, we are seeing the sellers reenter. There is a bit of

a downtrend start and a creep in if we look at our 12 hour time found, I would be absolutely fine and stalking short positions on any of our top 10 for the time being. As that's selling for us, you continue to come in. We're down today, as I said, $3.3% $12.98 is where we are at the low, sorry, we are currently for Solana. The low for

it does look very weak on that weekly chart. And the last four hour cannell, we've got, it's about to close in 11 minutes. At one stage, it was down about 8%. So a big push in selling there and it just seems to be the less established markets. I mean, sorry, I shouldn't say less established. The markets that aren't quite as, how I put this, I guess

the ultimate ones, getting bashed, you know, Bitcoin's holding, yeah, it's having some movement, but Bitcoin is holding a lot better than some of these other markets out there. My suggestion for this week, we've been keeping on things quite rapidly. Things can change in this space. And look, if we did see a buy now, it's having major issues. And that's that that chatter started to capture some

real legs. All we saw, Genesis or Gemini start to have issues, then we really would be in a tricky spot. And downside seems to be the most problem. It's probably the most problem. So that's what I'll be doing. I'll be keeping my eyes peeled, looking for downtrends and trading accordingly. Now don't forget you can just jump across into our discord group. It's absolutely there for you

right now. Jump on any of the links on our socials. Hit up the Twitter page, trade a call, or YouTube, wherever. And get yourself across into our discord group that is growing and growing and growing. We're trying to help people to understand what to do during these periods to better themselves throughout the next market run. Don't forget, as traders, we can make money if the market

goes up or down. You just gotta be ready. We've got a free course there at tradea-cobb.com. Enjoy it. Have a great day. And I really hope you had a great weekend as well. Thanks very much. Bye for now.