Bitcoin
Bitcoin Market Technical Analysis: Buy The Dip
Bitcoin wasted no time in breaking through it prior all-time high of $7896.04 made on November 8, 2017.
In yesterday’s technical analysis report on Bitcoin we began to see signs of Bitcoin making a strong upward push to new highs.
As of November 17, 2017, Bitcoin broke through $8000, posting a new all-time high of $8006.243. The cryptocurrency media is once again having a party with Bitcoin, after painting a “doom and gloom” picture of Bitcoin just six days ago.
Chart #1: Bitcoin Daily
Chart #1 above shows Bitcoin’s brief breakthrough the downward trend line (purple line).
After a two-day foray below the trend line, Bitcoin immediately recovered back into the uptrend-zone that it’s been on since September 15, 2017 subsequent to a similar price drop.
After fully recovering, Bitcoin went even further to break new all-time highs.
The first indication that a new high was coming was the fact that the low of the recent price drop did not fall below the low of the prior downward price swing in the trend, as indicated in the Chart. When we zoom-in on the 5-minute chart below (Chart #2) we can strong indication of the upward recovery to the new highs set by Bitcoin.
Chart #2: 5-Minute Bitcoin
Over the last couple of days, November 15th through the 16th, the 5-minute chart show upward price movements with corresponding volume spikes (as high-lighted by the shaded areas) all the way to the new high.
Chart #2 is beginning to show a change in trader sentiment.
Once price reaches the high, a shift in volume takes place. The volume spikes are now corresponding with downward price movements (indicated by red arrows).
This may indicate that price my pull back a bit, which is typical after making a new all-time high.
Bitcoin will eventually make another downward price swing toward the trend line before continuing on its uptrend to even further highs. Whether or not this is the first sign of a pullback remains to be seen.
If so, this presents an opportunity to enter the market.
If price returns to the trend line on the daily chart without forcefully breaking through, and volume patterns are favorable, this will be a good time to enter the market long, or add to existing long positions.
If Bitcoin continues upward to new heights without a downward price swing, then it’s probably better for those traders not in the market to wait for the eventual pullback to take place.
We’ll be watching closely.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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