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ETH, FTX and new cycle lows +5

Today ETH price action is seeing a major correction. After a promising rally into November, price action has pulled back to trade around the 1,100 USD level. For me, this is a clear buying opportunity. 

Why the pull back? Well, the catalyst was certainly the FTX drama. Any time an exchange has issues like this, there is an increase in fear and uncertainty in the markets. This has happened many times before. Given the macro pressures on this particular go round; interest rate hikes, inflation, shaky economy and uncertain election results, it is really no surprise at all that we find ourselves where we do. 

In September and early October I was looking for buys around 1,200 and then had plenty of time these last couple weeks to unload at or around 1,600. While the overall trend is still clearly to the downside, I think we are back or near the bottom of our channel and it is safe for me to get back in. I try to hold myself to a simple maxim, only buy on red days, only sell on green days. It is a lot harder than it sounds. This, of course, is not financial advice and just a look into how I personally view the recent developments.