Bitcoin Analysis – Sellers Are Waiting – cryptocurrency news

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Even though the week brought in new lows for the year, Bitcoin is trying to stabilize. Indeed, the fact that the repercussions of the FTX bankruptcy are somewhat easing would indicate that Sellers would be in a waiting situation. But for buyers to take profit or be pressured, they need to be realistic given the current uncertainties in the financial markets.

The latest technical analyzes testify to a precarious situation. With the impression that BTC prices may suddenly collapse. So much so that the various rebound attempts would be just an illusion. From this bitter realization for many investors, the real question would be determine the potential of this third wave of Bitcoin bear market correction since the last ATH of November 2021.

Do we want to leave things as they are to unburden the buyers? Or Will we see prices even lower than consensus estimates?

Bitcoin in weekly units – $16.000 hold but until

In weekly units, Bitcoin prices would appear to be heading towards the second consecutive week of pause. And as proof, $16.000 is currently pending. Unfortunately, the sellers won their balance of power over the buyers by breaking through the $20.000 support or the 2017 ATH.

Bitcoin Price Weekly Analysis - November 25, 2022

By the way after a readjustment of the chart like the last moves, BTC prices stalled below the bearrun descending line. With Weinstein's Phase 4 not asking for so much. In this sense, the 30-week moving average (weekly MM30) would risk falling below $20.000. And to give buyers a headache, the MACD, already below the zero line, would not be far from a bearish signal crossing.

Buy Bitcoin

 

If the technical indicator turns permanently red in the next few weeks, the third wave of the Bitcoin bear market correction would gain momentum if the $16.000 mark is breached. The support of $12.000 would then be within reach, with the feeling that the buyers are finally capitulating.

Bitcoin in daily units – Little initiative in either direction

If it makes buyers feel any better, at least temporarily, it is that Bitcoin has been trading around $16.000 in daily units since Nov. 9. Nonetheless, we find that there are few initiatives in either direction. With the idea that sellers have made enough for the year 2022. On the flip side though, we don't see how buyers can get their money back.

Bitcoin Price Daily Analysis - 25 November 2022

Although the technical indicators have stopped deteriorating, BTC is dangerously drifting away from the main points for a bear market neutralization. Especially since the attempts to rebound are proving to be extremely timid, if we are to adopt a politically correct analysis.

Assuming a return to the $16.000 level, buyers could expect Bitcoin prices to rally towards $20.000. However, the likelihood of a pullback would risk scuppering their last hopes, given the polarity shift on the 2017 ATH. Conversely, we are referring to the scenario mentioned on the weekly chart.

Buy Bitcoin

 

BTC – Another long desert crossing?

Barring surprises, there would be nothing to expect on Bitcoin in the sense of a favorable trend reversal until the end of the year. Hence the question about the potential for the third wave of bear market correction since the last ATH of November 2021. Whether we like it or not, the fundamentals and charts would not support the buyers.

Not only and more visible in weekly units, the highs and lows decrease as the sessions progress. But this secular trend observed for more than a year reflects its inability to absorb the current uncertainties of the financial markets. And the Fed's monetary tightening had a lot to do with the poor performance of Satoshi Nakomoto's digital currency.

In this regard, investors betting on a less aggressive tone from the US central bank, in light of the linear rise in equity indices, might seem premature. For Recent statements by FED members have not hinted at any changes. And as we said yesterday, a 50 basis point rate hike in December instead of 75 would by no means signal the end of monetary tightening.

As a result, many projects in the cryptocurrency industry are expected to fail sooner or later. The collapse of Luna and FTX not only accelerates this process. And when the purge reached its peak, it is then that investors will start making their balance sheets on the most important cryptocurrencies. The first is Bitcoin.

 

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Cryptocurrency trading carries a high level of risk and may not be suitable for everyone. It is recommended to be well informed about the associated risks and to invest only the sums that you can afford to lose.

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