CRYPTO MARKET UPDATE NOV 16 10:30 AM

Good Morning Members

Well, we had the break that I spoke of on Sunday's session and it found initial support at our 58-60K range.

The reason for the update is as always, to adjust our numbers.

Overall, I want to calm your nerves. This is doing what it is intended to do, and that is, to spook the uncommitted.
A look at my charts is showing me that this will test your commitment to the trade.

ALTS are seeing RED.
As I have mentioned many times, the selloff in BTC will be magnified in the ALTS, simply because BTC is KING.

As for the numbers update, I am now watching for the close tonight at 7 PM EST.
It looks as though we may see a close above the 62K which is essential to stop the bleeding.

Once we see this I believe the downside will be limited, leading to a few more days of sideways action going forward.

At the moment it is possible to visit the next support level, which is the 54-56K. This was our Support level, which was in play 2 weeks ago.

As long as the visit to the 54-56K is brief, They ( the heavy weights) have done their jobs and washed out the weak hands. New money dhould pour into the market going forward.

As of this moment, nothing has changed in the charts except a minor support adjustment. (54-56K possible)
Our overhead resistance level is now at the 65,500 area. A close above there is very promising, however, we may have one more dump if we fail to close above 62 k tonight.

Targets are still intact and if I am correct we should be out of the woods within 7 days.
I know this timeline is adjusted from our expectations last Sunday, but there is a realization that hard breaks like this one does skew the timeline as we need to get back to the breakpoint (64K ) before the clock can restart.

Overview:
I still expect this big run into December and our 80K target is still intact. If things change, I will be the first to give you my thoughts.
ALTS are not worth worrying about as you can see, they will follow BTC.
If we do not close above 62K tonight, be prepared for more pain. (54-56K possible)
If we close below 60K I will do another update tomorrow.

Have a great day,

Patience is a virtue which many will never understand but those that grasp the concept will be handsomely rewarded.


NOT TRADING ADVICE


MARTEE