The Witcher vs Hellbound
4 min read

The Witcher vs Hellbound

Cryptic ball: casino open.

If you have been reading our newsletter for a while, you will remember how I enjoy volatility and love these wilder days! And how I also hope you weren't negatively affected by it. After all, yesterday I told you the macro bears weren't done with the dump and that euphoria was still present in the market and tends to be punished. Wednesday I also asked you to be safe regarding the upcoming earnings week, particularly noting how Netflix could change the tune of the (squid?) game.

Now, you probably don't want me to remind you of all the other similar announcements (remember Tuesday's flush warning?), so let's talk about what happened and what can you expect for the weekend. Firstly, today's crash was indeed caused by Netflix. Yesterday, their earnings came out after the US market closed, at 9pm UTC, causing a 12% dump in after-hours trading, which then turned itself into a massive 21% decline. I wrote in several groups that a Black Friday was likely coming and unfortunately for bulls it seems that was the case.

Bitcoin immediately reacted to the news, falling 3% in that hour and up to 12% since. Total market cap followed, showing how alts are all correlated, with none in the top 100 escaping the carnage (except stablecoins and LEO, an exchange coin tied to Bitfinex). What next? The tech exodus has pushed the S&P 500 to the first significant excursion below the 200-period moving average on the 4-hour chart since the pandemic hit the Western world in March 2020 - showing how the Fed's policy changes weren't priced in, as also noted yesterday.

Now, I believe the weekend won't be as brutal as today. But with traditional markets closed it's important to remember most eyes will be pointed towards the 24/7 crypto casino. Still, either Sunday or in the next weeks we'll likely continue the march to $30k, as laid out in January 6th's bearish scenario. As you can see below, this is clearly a new range. And even though I believe Nasdaq and the S&P 500 may see capitulation soon - meaning we can bounce at least a bit after - this is no time to be calling bottoms. Just check today's Tweet tip to learn why.

Chart art: casino closed.

Bitcoin bears will likely push the price down to $30k, but let's continue keeping an eye on tech stocks over the next weeks. If they bounce, crypto follows, and vice versa.

Three things: read and chill.

Tweet tip: don't buy and chill.

Put some salsa on it.

Meme moment: laugh and chill.

LMAO, kudos for Twitter, but what a great timing.

B21 and FV Bank: new partnership.

FV Bank has partnered with Diro to allow our users to benefit from secure and instant document verification in our KYC and KYB processes. Learn more here.

Get started: download the B21 Crypto app!

Subscribe to our newsletter
Follow us on Twitter @b21official
Follow us on Twitter
Join our Telegram group
Find us on Instagram
Watch us on Youtube
Legal Notice
Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.