Caution and hope – Although the bulls were bringing the price of Bitcoin (BTC) well above $16,000, the cryptocurrency has still not crossed a threshold, which would mark a change in trend. However, one indicator raises hopes that the bear markets will end soon.
Bitcoin Price: No Trend Reversal
Bitcoin price rises to $16,792 on Bitfinex today, November 24, 2022. Cryptocurrency $16,544 is negotiated at the time of writing this article. The markets are currently entitled to a doji.
Although Bitcoin remains below $16,500, analyst Kevin Svenson shared a chart of the BTC/USDT pair on a weekly basis, as a reminder that Bitcoin is still in a downtrend, and “we are far from confirming a bullish trend reversal “.
For Kevin Svenson, the markets could have to wait “several weeks or months” before witnessing a change of “direction”.
Trader Rekt Capital has also I invited you made them tread carefully. Despite the rises of the past few days, the price of Bitcoin is still trading below monthly resistance around $17,400. According to Rekt Capital, while Bitcoin is not franchised beyond the level, “there will always be a threat of stronger rejection Towards a downward continuation and new lows”.
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Bitcoin has survived strongly: will you see the end of the crypto winter?
Although the markets are rather lackluster due to the current environment, not all traders are focusing on the bearish scenes for Bitcoin in the short term.
Trader Alan Farley shared a parallel chart of Bitcoin price on a monthly basis, and the stochastic oscillator. This last assembly one bitcoin sold. The last was that Bitcoin was available at the highest level, at the time of January 2019 the cryptocurrency was available for sequel a 300% rally.
At the time, Bitcoin was emerging from the crypto winter of 2018. Interest rates by the US Federal Reserve (FED).
The collapse of FTX is causing analysts and traders to be extra careful in their Bitcoin price scams in the very short term. Although the fall of the crypto stock market shakes the markets, the scale of the current crisis and its ability to prolong the bear market are to be put into perspective in view of this analysis by Chainalysis, which maintains that the crypto industry has seen worse.
Bitcoin is tough and resilient. Tomorrow or in some time, you will be happy to have bought during the crisis. Don’t wait too long to take advantage of the current buying conditions, and save another 10% on your trading fees by following this link! Do you run write on BinanceTHE absolute reference of crypto exchanges (commercial privilege).