Bitcoin

Bitcoin Bloodbath Takes Crypto To New Bear Market Lows

On this episode of NewsBTC’s every day technical evaluation movies, we study the massacre throughout crypto at present and the brand new report low for this Bitcoin bear market.

Check out the video under:

VIDEO: Bitcoin Value Evaluation (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 may finish with Binance proudly owning FTX.com. The 2 firm’s CEO’s public spat induced the already fearful crypto market to break down additional. Consequently, 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, Certain To Ignore Exhaustion Sign

It’s arduous 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 every day timeframes has triggered a perfected TD 13 countdown setup, which might point out that at present’s bloodbath was a purchase and the bear development has been exhausted.

Right this moment’s uptick in buying and selling quantity appears to verify extra draw back – or is the heavy quantity the capitulation we’ve been ready for as an alternative?

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Will bulls ignore these exhaustion indicators? | Supply: BTCUSD on TradingView.com

Associated Studying: MATIC On The Transfer After Polygon Tapped By META | MATICUSD November 3, 2022

Bitcoin Futures Goes Again In Time To Starting Of 2018 Bear Market

On BTC CME Futures, Bitcoin value touched down on the one weekly assist that exists on the best way down. As a result of CME futures launched after the highest cryptocurrency’s 2017 peak, the value chart started with a bear market in Bitcoin.

On the yearly timeframe, we are able to see that the value candle touched precisely on the tip prime of the wick representing the 2018 yearly excessive.

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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 at present’s massacre in crypto, there’s a likelihood that that is the underside primarily based 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. Just a few occasions in historical past has the precise backside line been touched and every time has become the best bull runs on report.

With no room left on the backside of the log progress curve, what on the earth will occur subsequent?

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