If you can't beat 'em, join 'em. FTX looking to join Binance as they scream "Uncle".

Adam has been chronicling the woes of bitcoin exchange FTX as it's digital currency FTT came under intense pressure including direct selling pressure from it's competitor Binance (FTT).

Now it seems the head of FTX (Sam Bankman-Fried) is announcing a sale to Binance in what represents a wild turn of events. Kinda like a MMA cage match. Do I hear the word "Uncle" being screamed from the mouth of Bankman-Fried/FTX?

The moves also come under the old adage "If you can't beat 'em, join 'em".

Anyway, the FTT which traded as low as $14.35 (see chart above) has seen a rally back up to $17.96. That is still below the $22 floor that FTX said they would support their own digital currency until the selling became overwhelming today.

Technically, looking at the daily chart above the $22.00 represents a key level to get to and through if the buyers are to take more control. Above that the 100 day moving average - which stalled the rallies over the last week or so of trading - would be targeted at $25.83 (see blue line in the chart above).

Both those levels represent key resistance targets on more upside. A move back above the $22 floor, and then the 100 day moving average at $25.83 would give buyers additional control. Above that, and the 200 day moving average at $27.60 (green line in the chart above) would be needed to be broken to tilt the bias fully in the buyers favor.

Failure to move above the $22 level would not be good from a technical perspective. The sellers would remain in full control.

Shifting to Bitcoin....

Looking at the hourly chart of the more generic bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term, it came under pressure today as result of its association with the upheaval associated with the overall digital currency market as a result of the FTX pressure.

The price of Bitcoin moved to a low of $19,244 intrady, but has seen a sharp rebound to the upside. That move to the upside just retested its 200 hour moving average at $20,651.67. Sellers have leaned against that MA on the first test. The price of bitcoin is currently trading around $20,480.

A move back above the 200 hour moving average followed by the 100 hour moving average currently at $20,889 would tilt the bias back in the direction of the buyers technically.

On the downside for bitcoin, watch the 38.2% retracement of the move up from the October low at $20,211.28. Below that watch the $20,000 level where support buyers held support on October 26, October 28, and November 3 before breaking lower today (see red numbered circles in the chart below). A move below both those levels would have traders, who are now looking for more upside, feeling like they are taking a beating in the MMA octagon.

So wildness in the digital currency markets, but ultimately, the price action and the tools applied to that price action will help to tell the story that is going on in the ring.

Be careful, it is a bloody mess.