On this episode of NewsBTC’s every day technical evaluation movies, we study the massacre throughout crypto as we speak and the brand new document low for this Bitcoin bear market.
Check out the video beneath:
VIDEO: Bitcoin Value Evaluation (BTCUSD): November 8, 2022
It was a extremely risky day in crypto markets, led by a battle between FTX and Binance that finally may finish with Binance proudly owning FTX.com. The 2 firm’s CEO’s public spat induced the already fearful crypto market to break down additional. Consequently, Bitcoin value made a brand new bear market decrease low, setting a brand new document low for all of 2022 on the identical time.
Bulls Demoralized, Certain To Ignore Exhaustion Sign
It’s arduous to think about a lot hope for bulls at this very second. After months of consolidation and a failed try at a breakout, bears seem to have regained management. Of the few notable bullish alerts – if any stay in any respect – the TD sequential on every day timeframes has triggered a perfected TD 13 countdown setup, which might point out that as we speak’s bloodbath was a purchase and the bear development has been exhausted.
Immediately’s uptick in buying and selling quantity appears to substantiate extra draw back – or is the heavy quantity the capitulation we have now been ready for as an alternative?
Will bulls ignore these exhaustion indicators? | Supply: BTCUSD on TradingView.com
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Bitcoin Futures Goes Again In Time To Starting Of 2018 Bear Market
On BTC CME Futures, Bitcoin value touched down on the one weekly help that exists on the way in which down. As a result of CME futures launched after the highest cryptocurrency’s 2017 peak, the worth chart started with a bear market in Bitcoin.
On the yearly timeframe, we will see that the worth candle touched precisely on the tip prime of the wick representing the 2018 yearly excessive.
Why The Log Curve Is The Final Hope For Crypto Bulls
For bulls on the lookout for one thing – something – to seek out solace in after as we speak’s massacre in crypto, there’s a probability that that is the underside based mostly on nothing greater than the log development curve.
Drawn from wick to wick, there isn’t a additional room for BTCUSD to go downward a lot additional. Only some instances in historical past has the precise backside line been touched and every time has become the best bull runs on document.
With no room left on the backside of the log development curve, what on the earth will occur subsequent?