In this episode of NewsBTC’s each day technical evaluation movies, we look at the massacre throughout crypto at this time and the brand new file low for this Bitcoin bear market.
Take a have a look at the video beneath:
VIDEO: Bitcoin Price Analysis (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 two firm’s CEO’s public spat triggered the already fearful crypto market to break down additional. As a outcome, Bitcoin worth made a brand new bear market decrease low, setting a brand new file low for all of 2022 on the similar time.
Bulls Demoralized, Bound To Ignore Exhaustion Signal
It is difficult 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 indicators – if any stay in any respect – the TD sequential on each day timeframes has triggered a perfected TD 13 countdown setup, which might point out that at this time’s bloodbath was a purchase and the bear development has been exhausted.
Today’s uptick in buying and selling quantity appears to verify extra draw back – or is the heavy quantity the capitulation now we have been ready for as an alternative?
Will bulls ignore these exhaustion indicators? | Source: BTCUSD on TradingView.com
Related Reading: MATIC On The Move After Polygon Tapped By META | MATICUSD November 3, 2022
Bitcoin Futures Goes Back In Time To Beginning Of 2018 Bear Market
On BTC CME Futures, Bitcoin worth touched down on the one weekly assist that exists on the way in which down. Because 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 prime of the wick representing the 2018 yearly excessive.
Why The Log Curve Is The Last Hope For Crypto Bulls
For bulls on the lookout for one thing – something – to search out solace in after at this time’s massacre in crypto, there’s a probability that that is the underside based mostly on nothing greater than the log progress curve.
Drawn from wick to wick, there isn’t any additional room for BTCUSD to go downward a lot additional. Only a number of instances in historical past has the precise backside line been touched and every time has was the best bull runs on file.
With no room left on the backside of the log progress curve, what on the planet will occur subsequent?