In this episode of NewsBTC’s each day technical evaluation movies, we study the bloodbath across crypto today and the brand new report low for this Bitcoin bear market.
Take a have a look at the video under:
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 in the end would possibly finish with Binance proudly owning FTX.com. The two firm’s CEO’s public spat brought on the already fearful crypto market to break down additional. As a outcome, Bitcoin value made a brand new bear market decrease low, setting a brand new report low for all of 2022 on the identical time.
Bulls Demoralized, Bound To Ignore Exhaustion Signal
It is tough 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 each day timeframes has triggered a perfected TD 13 countdown setup, which may point out that immediately’s bloodbath was a purchase and the bear development has been exhausted.
Today’s uptick in buying and selling quantity appears to substantiate extra draw back – or is the heavy quantity the capitulation we’ve got been ready for as a substitute?
Will bulls ignore these exhaustion indicators? | Source: BTCUSD on TradingView.com
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Bitcoin Futures Goes Back In Time To Beginning Of 2018 Bear Market
On BTC CME Futures, Bitcoin value touched down on the one weekly help that exists on the best way 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 high of the wick representing the 2018 yearly excessive.
Why The Log Curve Is The Last Hope For Crypto Bulls
For bulls searching for one thing – something – to seek out solace in after immediately’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 is no such thing as a additional room for BTCUSD to go downward a lot additional. Only a couple of instances in historical past has the precise backside line been touched and every time has became the best bull runs on report.
With no room left on the backside of the log progress curve, what on this planet will occur subsequent?
