Bitcoin Analysis – Last Moment of Respite for Buyers?
With the last Fed meeting of the year less than a week away, Bitcoin is trying to create a small exit door above its recent support. From there Consider that the bear market has bottomed outthat will be it accept wishes for realities when speaking.
Besides, the current good performance of equity indices combined with a technical decline in the dollar and bond yields did not prevent new lows for the year in BTC. Especially the current uncertainties in the financial markets have hardly developed in the right direction. But since the peak of FTX’s bankruptcy, Bitcoin has been receiving a momentary reprieve to the great relief of buyers, and many questions must be answered in the near future.
Now let’s take a look at the latest technical analysis of BTC prices. shall we go quiet end of the year to calm sellers’ passion? Or has the bearish momentum picked up again to surrender the last hopes of buyers?
Bitcoin in Weekly Units – Will the Falling Line Be Tested Soon?
This is a technical signal that can make buyers smile. In effect, Bitcoin prices will try to rise above the descending line. However, last week’s candles will show extreme volatility with fears of a new remake in the week of FTX’s bankruptcy filing.
Many investors got drunk on the previous passage of the descending line, which was actually worn out. Even if we witness a favorable outcome, the game is somewhat distant for buyers. in one hand, the latter are currently reassured by the fact that the MACD does not cross under the signal. But on the other hand, vendors still have Weinstein’s Phase 4 support.
When we analyze the dynamics of the 30-week moving average (MM30-week), it is clear that it continues to trend under resistances or previous supports. And as long as the MM30 does not show the beginning of the weekly downslope collapse, A rally from BTC’s bear market since the last ATH in November 2021 could come at any time.
Assuming $16,000 acts as support, not only will BTC prices clear the downward streak. But $20,000 will be the focus. However, by hitting it from several market points, focus on things that do not cause a pullback below this level, which can be considered a sell target. Because strictly speaking, we would fear that this potential signal is part of a logical process in the context of a bear market.
Bitcoin in Daily Units – Best of Technical Indicators
As of November 30, Bitcoin prices are hovering around $17,000, just above the $16,000 support. Surely, This price bias is not exciting to see. But it has the merit of calming negative pressure. Better yet, it can offer a momentary reprieve for buyers. Because we would be on the point of witnessing a shy confirmation of the intersection of the descending line.
At the same time, technical indicators will cross over the corresponding folding lines. This would confirm the elevation differences in daily units. In this sense, in addition to the possibility of a close to the 200-day moving average (200MM daily), we will restart the bullish scenario towards $20,000.
On the contrary, if we see that the intersection of the lower line is done by default or is still a trick, An unfavorable correlation between BTC prices and indicators may occur. With the fear that new lows for the year will be realized before the end of the year if $16,000 is broken. Therefore, the current corrective wave will be so strong that the $12,000 support will not completely satisfy the sellers.
BTC – The specter of a third correction wave?
The end of the Bitcoin bear market requires a favorable adjustment from both fundamental and technical perspectives. Unfortunately, the reprieve doesn’t change much. not only corresponding declines in the dollar and bond yields do not impede their upward trends. Especially as they rely on inflated hopes for monetary flexibility from the Fed. But graphically speaking, we always find higher and lower points than before.
Therefore the specter of a third correction wave would remain a possible scenario. Given that inflationary pressures in the US have not subsided enough, it would not be surprising if the Fed raised interest rates to higher levels than expected. For investors to understand once and for all Don’t fight the Fed on the fight against inflation.
Therefore, Bitcoinit is still a prisoner of its reputation as an asset class on risk similarly to stocks, may suffer from reduced net liquidity in financial markets. In that case, its run since its last ATH in November 2021 could be swamped until it shows signs of a real let-up.
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