Bitcoin has taken 10% again in a dramatic transfer following the announcement of October CPI data. CPI got here in under expectations, inflicting a soften up in threat property together with cryptocurrencies.
Take a take a look at the video under:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 10, 2022
Before suggesting any sort of backside is in, extra draw back might nonetheless be forward, with this latest motion being nothing greater than a bearish retest.
Did The Drop Fill Out A Bullish Wedge Pattern?
The downward transfer might need stuffed out a large bullish wedge, making for the third contact and every day shut on the backside development line. There is additionally a every day bullish divergence on the Relative Strength Index, as long as BTCUSD doesn’t make new lows once more right now. But given all of the panic on the market, extra collapse may very well be forward.
Does the bull div help a bullish wedge sample? | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows | BTCUSD November 8, 2022
Bitcoin RSI Reaches Most Oversold Monthly Level Ever
On two totally different timeframes, Bitcoin is engaged on some record-breaking indicators. Weekly timeframes exhibits a doable bullish divergence. This can be the primary within the historical past of Bitcoin after reaching oversold circumstances on the RSI.
The month-to-month Relative Strength Index is additionally essentially the most oversold in all the historical past of the cryptocurrency market.
Bitcoin additionally may very well be engaged on holding onto the drawn trendline on a closing foundation solely. If the highest cryptocurrency holds at this stage, we might probably get a fifth impulse in accordance to Elliott Wave Theory.