Bitcoin Bloodbath Takes Crypto To New Bear Market Lows
On this episode of NewsBTC’s day by day technical evaluation movies, we look at the massacre throughout crypto at the moment and the brand new file 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 brought about the already fearful crypto market to break down additional. Consequently, Bitcoin worth made a brand new bear market decrease low, setting a brand new file low for all of 2022 on the identical time.
Bulls Demoralized, Certain To Ignore Exhaustion Sign
It’s exhausting 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 day by day timeframes has triggered a perfected TD 13 countdown setup, which may point out that at the moment’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 now have been ready for as a substitute?
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 worth touched down on the one weekly help that exists on the best way 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 are able to see that the worth candle touched precisely on the tip high 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 search out solace in after at the moment’s massacre in crypto, there’s a likelihood that that is the underside primarily based on nothing greater than the log progress curve.
Drawn from wick to wick, there isn’t a additional room for BTCUSD to go downward a lot additional. Just a few occasions in historical past has the precise backside line been touched and every time has became the best bull runs on file.
With no room left on the backside of the log progress curve, what on this planet will occur subsequent?
