In this episode of NewsBTC’s daily technical analysis videos, we examine the bloodbath across crypto today and the new record low for this Bitcoin bear market.
Have a look below at the video.
VIDEO: Bitcoin Price Analysis (BTCUSD), November 8, 2022
This was a volatile day for crypto markets. Binance and FTX were at odds, leading to a fight that could end in Binance buying FTX.com. The two company’s CEO’s public spat caused the already fearful crypto market to collapse further. The result was that Bitcoin prices fell to a bear market low and set a record for 2022.
Bulls Demoralized, Bound To Ignore Exhaustion Signal
Bulls don’t have much to hope for at the moment. Bears seem to have taken control after months of consolidation, and failed attempts at breakouts. Of the few notable bullish signals – if any remain at all – the TD sequential on daily timeframes has triggered a perfected TD 13 countdown setup, which could indicate that today’s massacre was a buy and the bear trend has been exhausted.
Today’s uptick in trading volume seems to confirm more downside – or is the heavy volume the capitulation we have been waiting for instead?
These exhaustion signs will bulls overlook?Source: BTCUSD tradingview.com | Source: BTCUSD on TradingView.com
MATICUSD November 3, 2020| MATICUSD November 3, 2022
Bitcoin Futures Takes You Back To 2018 Bear Market
Bitcoin prices touched the bottom on BTC CME Futures. This is the one weekly support left. Because CME futures launched after the top cryptocurrency’s 2017 peak, the price chart began with a bear market in Bitcoin.
The yearly dataframe shows that the price candle reached its peak at the top of the wick, which is the 2018, yearly high.
Crypto Bulls Have One Last Chance: The Log Curve
For bulls looking for something – anything – to find solace in after today’s bloodbath in crypto, there is a chance that this is the bottom based on nothing more than the log growth curve.
BTCUSD is being drawn from wick to wire. There’s no room for it to fall further. There have been very few occasions in history when the bottom line was reached and these times were the best bull runs ever recorded.
What will be the next step when there is no more room at the base of the log growth curve?