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November 16, 2021
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EllioTrades Daily Roundups

November 16, 2021

The First Correction in Quite Some Time

Oliver Grah
Nov 16, 2021
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November 16, 2021
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Introduction

Well… What we warned of in the last couple of days has now materialized: The first decent correction in the crypto markets in many months is here. Indeed, BTC and ETH have broken their short-term uptrend structures and now find themselves caught between macro support and resistance. Is this only a shakeout before the next move up or has the bull market exhausted itself after all? Let’s look at what’s going on.

Twitter avatar for @safetyth1rd
𝕯𝖆𝖓𝖌𝖊𝖗 @safetyth1rd
lots of people becoming investors today
9:22 AM ∙ Nov 16, 2021
36Likes2Retweets

Market Watch

  • There is no reason to sugarcoat it: BTC's price chart does not look pretty right now, causing a lot of “double top” fears on Crypto Twitter.

Twitter avatar for @DaanCrypto
Daan Crypto Trades @DaanCrypto
$BTC Market makers are trolling us trying to build the same chart as we had before the May dump. I'll go ahead and say it's PsyOps to scare people out of their coins. We'll likely see a lot of these charts pop up soon. Once again: I DON'T think it will play out like that. ❗️
Image
10:14 AM ∙ Nov 16, 2021
751Likes95Retweets
  • After all, it is a simple calculation of supply vs. demand: If more people sell than buy, prices go down. While there are many reasons to believe that new money will enter the crypto space in the coming months and years, it will take some effort to grind through the sell volume of panic sellers and – especially – long-term holders who are taking profits.

Twitter avatar for @polymathsguild
Guild of Polymaths @polymathsguild
@blknoiz06 Summer accumulatoors are distributing rn. They are happy to keep selling to trigger panic sells -> mega nuke. Need new buyers to outpace them but not seeing it yet. Until then traders are just gonna continue to rotate and PnD flavor of the day coins.
9:29 PM ∙ Nov 15, 2021
Twitter avatar for @jamie247
Jamie Burke ⛺️⛰💯🦧🐇 @jamie247
Sooo much venture money piling into the space. That is money that must be invested Bull or Bear. Think about that.. WAGMI https://t.co/vR3k2NO0HV
Twitter avatar for @JasonYanowitz
Yano @ DAS London @JasonYanowitz
$2.5 billion of new capital coming into crypto VC Congrats @paradigm! https://t.co/JA43cpMdK4
7:09 PM ∙ Nov 15, 2021
67Likes9Retweets
  • The good news is Bitcoin has (for now) successfully retested an important weekly support level and is bouncing right now.

Twitter avatar for @CryptoParadyme
Dyme @CryptoParadyme
amazing how a nuke to ~ weekly support and the feed goes insane
Image
3:53 AM ∙ Nov 16, 2021
127Likes2Retweets
  • Zooming out also helps to give some perspective on the current price action.

Twitter avatar for @intocryptoast
⟠ toast.eth 🦄 @intocryptoast
October 1st $ETH was at $3k. Gotta have a break sometimes!
Image
4:34 AM ∙ Nov 16, 2021
138Likes9Retweets
  • The (short-term) bad news is that “buy the dip calls” have been prevalent today and instead of “cleansing” the market from leverage, people jumped into leveraged longs to buy the dip. What can we deduce from that? Irrespective of whether you expect Bitcoin to hit $100k and more this year or to enter a bear market soon, short-term we should be prepared for some more leverage shakeouts and volatility.

Twitter avatar for @KrownCryptoCave
Eric Crown @KrownCryptoCave
It appears that we have not learned our lesson
Image
11:05 AM ∙ Nov 16, 2021
167Likes22Retweets
Twitter avatar for @santimentfeed
Santiment @santimentfeed
📉 The #dip down to $60.6k is the lowest #Bitcoin has been valued in nine days. The -7% slide in the past 24 hours has been met with rising interest from traders to #buythedip. Typically, a bit of crowd fear will be necessary to have prices fully rebound. app.santiment.net/s/dt3HZCXs?utm…
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4:53 AM ∙ Nov 16, 2021
134Likes18Retweets
  • Depending on your current positioning, risk profile, and conviction, there are different strategies to buy the dip, but most importantly: Don’t throw all your capital in at the first dip but instead be patient and ladder in your buys in increments.

Twitter avatar for @CryptoMichNL
Michaël van de Poppe @CryptoMichNL
Markets do correct in multiple waves. This is the real first corrective move and we don't know whether we're finished yet (as $ETH is just having a harsh correction, breaking trend). Adjust wisely. Don't use all your liquidity on the first dip. Be flexible.
11:45 AM ∙ Nov 16, 2021
526Likes44Retweets
Twitter avatar for @Crypto_McKenna
McKenna (¤, ¤) @Crypto_McKenna
One thing I learnt from March is having money on the sidelines is more valuable than having none.
1:06 AM ∙ Nov 16, 2021
91Likes1Retweet
  • What is the good that such market corrections bring? Firstly, they help cool down the overall exuberance and leverage in the markets (we’re not just there yet). Secondly, they normally have a soothing effect on Ethereum’s gas fees which in turn lays the basis for a renewed increase in activity and adoption (potentially good for NFTs…). The best analogy is probably a cold shower in a hot summer.

Twitter avatar for @jacksondame
Dame.eth @jacksondame
if this selloff means we stay below 100 gwei gas for awhile it will have been worth it
11:56 AM ∙ Nov 16, 2021
  • And of course, there is another significant benefit that negative price action brings… better memes. 🥲

Twitter avatar for @stockmart_
stockmart👁 | (3,3) @stockmart_
it is scientifically proven that bear memes are funnier than bull memes
2:46 AM ∙ Nov 16, 2021
266Likes8Retweets
  • If you are still feeling uneasy about today’s market action, here is some good perspective:

Twitter avatar for @santiagoroel
Santiago R Santos | #9159 🦇🔊 @santiagoroel
1/ You always pay attention to markets because prices matter for broader adoption, validation & community-building. End of the day, most of what we do revolves around optimising our ability to live the life we want w/ the people we love. Financial freedom is a key enabler to that
10:34 AM ∙ Nov 16, 2021
47Likes5Retweets
Twitter avatar for @santiagoroel
Santiago R Santos | #9159 🦇🔊 @santiagoroel
2/ A day like today, a part of you probably wonders where this all goes. What if this is the start of the bear market? Does the building stop? No Are NFTs a fad? No Are we going back to wire transfers? No Crypto is not perfect but it's captured the imagination of our generation
10:34 AM ∙ Nov 16, 2021
31Likes1Retweet
Twitter avatar for @santiagoroel
Santiago R Santos | #9159 🦇🔊 @santiagoroel
3/ This cycle has showed the world the extent of what is possible in Web3. Some use cases may not work out but the idea that anyone can be more fairly compensated for their contributions in this open Web3 canvas is powerful. That idea won't fade anytime soon and drives us forward
10:34 AM ∙ Nov 16, 2021
39Likes2Retweets
  • Meanwhile, in many regions of the world, crypto has been the best way for people to protect their money from being inflated away. Perspective is all that matters!

Twitter avatar for @elerianm
Mohamed A. El-Erian @elerianm
Dramatic currency depreciation remains the theme in Turkey. #economy #markets #turkey #fx #currency #em #emergingmarkets #investing #investors
Image
9:26 AM ∙ Nov 16, 2021
246Likes57Retweets
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November 16, 2021
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3 Comments
ybRUBIN
Nov 16, 2021Liked by Oliver Grah

Much gratitude for another great capsule of a day!

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Liliya Labonté
Nov 17, 2021

Amigo how do we reach you for our Metaverse project we worked 2 years to develop it. We have full whitepaper ready. ZlanderZ.net Have a look this is bigger than anything. Hurry up we can do this together and explain to you everything about our game before people openly copy our work .

Francis Labonté

Liliya Labonté

Linked in.

Regards,

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