In this episode of NewsBTC’s daily technical analysis videos, we examine the bloodbath across crypto today and the new record low for this Bitcoin bear market.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 8, 2022
It was a highly volatile day in crypto markets, led by a battle between FTX and Binance that ultimately might end with Binance owning FTX.com. The two company’s CEO’s public spat caused the already fearful crypto market to collapse further. As a result, Bitcoin price made a new bear market lower low, setting a new record low for all of 2022 at the same time.
Bulls Demoralized, Bound To Ignore Exhaustion Signal
It is hard to imagine much hope for bulls at this very moment. After months of consolidation and a failed attempt at a breakout, bears appear to have regained control. Of the few notable bullish signals – if any remain at all – the TD sequential on daily timeframes has triggered a perfected TD 13 countdown setup, which could indicate that today’s massacre was a buy and the bear trend has been exhausted.
Today’s uptick in trading volume seems to confirm more downside – or is the heavy volume the capitulation we have been waiting for instead?
Will bulls ignore these exhaustion signs? | Source: BTCUSD on TradingView.com
Bitcoin Futures Goes Back In Time To Beginning Of 2018 Bear Market
On BTC CME Futures, Bitcoin price touched down on the only weekly support that exists on the way down. Because CME futures launched after the top cryptocurrency’s 2017 peak, the price chart began with a bear market in Bitcoin.
On the yearly timeframe, we can see that the price candle touched exactly at the tip top of the wick representing the 2018 yearly high.
BTC Futures returns to 2018 yearly high | Source: BTCUSD on TradingView.com
Why The Log Curve Is The Last Hope For Crypto Bulls
For bulls looking for something – anything – to find solace in after today’s bloodbath in crypto, there is a chance that this is the bottom based on nothing more than the log growth curve.
Drawn from wick to wick, there is no further room for BTCUSD to go downward much further. Only a few times in history has the exact bottom line been touched and each time has turned into the greatest bull runs on record.
With no room left at the bottom of the log growth curve, what in the world will happen next?
There is no room left below the log growth curve | Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.co