In this episode of NewsBTC’s day by day technical evaluation movies, we study the massacre throughout crypto immediately and the brand new file low for this Bitcoin bear market.
Take a take a look at the video under:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 8, 2022
It was a extremely risky 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 triggered the already fearful crypto market to collapse additional. As a consequence, Bitcoin value 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 laborious 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 day by day timeframes has triggered a perfected TD 13 countdown setup, which might point out that immediately’s bloodbath was a purchase and the bear pattern has been exhausted.
Today’s uptick in buying and selling quantity appears to affirm 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? | 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 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 high 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 discover solace in after immediately’s massacre in crypto, there is an opportunity that this is the underside primarily based on nothing greater than the log development curve.
Drawn from wick to wick, there is no additional room for BTCUSD to go downward a lot additional. Only a number of occasions in historical past has the precise backside line been touched and every time has changed into the best bull runs on file.
With no room left on the backside of the log development curve, what on the planet will occur subsequent?