On this episode of NewsBTC’s every day technical evaluation movies, we look at the bloodbath across crypto today 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 triggered the already fearful crypto market to break down additional. Because of this, Bitcoin value made a brand new bear market decrease low, setting a brand new document low for all of 2022 on the similar time.
Bulls Demoralized, Sure To Ignore Exhaustion Sign
It’s exhausting 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 every day timeframes has triggered a perfected TD 13 countdown setup, which might point out that in the present day’s bloodbath was a purchase and the bear development has been exhausted.
Immediately’s uptick in buying and selling quantity appears to substantiate extra draw back – or is the heavy quantity the capitulation we’ve been ready for as a substitute?
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 value touched down on the one weekly help that exists on the way in which down. As a result of 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 will 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 Final Hope For Crypto Bulls
For bulls in search of one thing – something – to seek out solace in after in the present day’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 some instances in historical past has the precise backside line been touched and every time has became 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?