On this episode of NewsBTC’s day by day technical evaluation movies, we study the massacre throughout crypto at the moment and the brand new document low for this Bitcoin bear market.
Check out the video under:
VIDEO: Bitcoin Value Evaluation (BTCUSD): November 8, 2022
It was a extremely unstable 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 worth 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 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 pattern has been exhausted.
In the present day’s uptick in buying and selling quantity appears to verify extra draw back – or is the heavy quantity the capitulation we’ve got 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 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 value chart started with a bear market in Bitcoin.
On the yearly timeframe, we are able to see that the value 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 in search of 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 is no such thing as 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 progress curve, what on the planet will occur subsequent?