Bitcoin
Bitcoin Price Technical Analysis for November 13, 2017
Bitcoin recently made a strong upward move in which the price hit new highs on eight of eleven days spanning from October 29th to November 8, 2017, when it made a new all-time high of $7896.04. It has since then retraced as far down as $5460.62, at a support level just prior to when the up-move began.
The retrace is very likely a combination of profit taking, and the uncertainty of the news regarding the cancelling of the SegWit2x hardfork, a bitcoin upgrade. News of the canceled upgrade was announced on November 8th, and coincides precisely with the downward price move.
The uptrend line formed by the current price action that bitcoin has been recently exhibiting began back on September 15, 2017 at $2966.661 (refer to the purple trendline on the daily price chart below), has been broken through. The last time that bitcoin experienced such a downward price move was in the beginning of last September.
The end of the downward move was signaled by two consecutive up-bars on the daily chart (circled below). This pattern seems to work well as an indicator of upward price tendency.
Notice the daily chart below. Of the eight circled aforementioned patterns, six of them result in price increasing before a significant price drop takes place.
Chart #1: Bitcoin Daily
Bitcoin Price Daily Chart
Reference #1: Circled 2-consecutive daily upbars pattern
A more in-depth analysis exposes another pattern that gives clues to upward price movement. In the bitcoin daily chart above, the second circled pattern from the right is zoomed-in on in the chart below.
Chart #2: Reference #1 Pattern Zoom-in
Bitcoin Price 5 Minute Chart
Here in Chart #2 we go from a daily chart, to a 5-minute chart. What can be clearly seen here in the area just prior to the run up on October 29th, is the spikes in volume that coincide with upward movements in price. Although there is some increase in volume when a downward movement takes place, the increase in volume is not as pronounced. The inverse can be seen in chart #3 below.
Chart #3: Downward Move After November 8th
Bitcoin
Chart #3 shows the downward price action that commenced on November 9th. Once the downward move begins, volume spikes when price moves downward, and tapers off when price recovers. The very last volume spike shows indication that there is now also high volume for upward price movement, and therefore interest by traders on this price bounce. This could be a sign of consolidation.
Bitcoin has been extremely resilient, and is on a very strong overall uptrend. Until otherwise indicated, following the uptrend is the smart play. The savvy intraday trader should look for 2-consecutive upbars on the daily chart, along with volume patterns that indicate stronger interest to the upside as described earlier, then start trading from the long-side with tight stops. The long-term investor that already has an existing position should hold-out, and consider adding to the position as this pattern begins to show itself.
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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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