The crypto-currency Bitcoin takes the 1st place in the ranking by capitalisation. The price off BTC has decreased by 76.20% in relation to maximum value from 10th November 2021.
Graphical analisis :
In the graphical opposite we can see BOS ( Break of Structure ) bearish, and the HL ( Higher Low) lower and lower who forms a downtrend. Market is also to be Bullish.
Light bullish RSI detect
The BTC is located between the Equilibrium (= 50% Fair Market Value) and the Discount ( Discount zone = are cheap prices), ( fibas are BELOW 50% fib) in Daily, week and month
2 possible solution
1) Rebound on the further down support 15 632.
2) Broken the further down support 15 632 to get around the support of 12 000.
Despite the recent new further down, the situation stay the same. The level at 19 000 $ will be very important, because it has not been tested as a resistance for the moment. If the course is rejected at this level, the course could down until the next support at 12 000.
On the oder hand , if the buyers arrive to recover the area at 19 000 $ and go beyond the trendline bearish, the course coulde find the colors. Also the institutional bias (EMA 9/EMA 18) is bearishand could an other time acting as a dynamic resistance in the next day. For the moment, the course of Bitcoin (BTC) is bearish.
The momentum is very solid. The stochastic continue evolving above the last further down of june, while the course, him, has done a new further down. The actual movement may be only a deviation. To confirm, in this case, it will be necessary to resume the 19 000 $ as a support. Since mid-October, the whales have strongly pulled the trigger. These players had been distributing since the beginning of 2021, they have started to change their behavior since May 2022. This does not mean that the price will go back up quickly, but it is interesting to study the behavior of large portfolios.
At the same time, whales with more than 10,000 BTC in their portfolio seem to want to accumulate. Beware, these are players who are aiming for the long term, but it shows that they are interested in the current levels.
Graphical analisis :
In the graphical opposite we can see BOS ( Break of Structure ) bearish, and the HL ( Higher Low) lower and lower who forms a downtrend. Market is also to be Bullish.
Light bullish RSI detect
The BTC is located between the Equilibrium (= 50% Fair Market Value) and the Discount ( Discount zone = are cheap prices), ( fibas are BELOW 50% fib) in Daily, week and month
2 possible solution
1) Rebound on the further down support 15 632.
2) Broken the further down support 15 632 to get around the support of 12 000.
Despite the recent new further down, the situation stay the same. The level at 19 000 $ will be very important, because it has not been tested as a resistance for the moment. If the course is rejected at this level, the course could down until the next support at 12 000.
On the oder hand , if the buyers arrive to recover the area at 19 000 $ and go beyond the trendline bearish, the course coulde find the colors. Also the institutional bias (EMA 9/EMA 18) is bearishand could an other time acting as a dynamic resistance in the next day. For the moment, the course of Bitcoin (BTC) is bearish.
The momentum is very solid. The stochastic continue evolving above the last further down of june, while the course, him, has done a new further down. The actual movement may be only a deviation. To confirm, in this case, it will be necessary to resume the 19 000 $ as a support. Since mid-October, the whales have strongly pulled the trigger. These players had been distributing since the beginning of 2021, they have started to change their behavior since May 2022. This does not mean that the price will go back up quickly, but it is interesting to study the behavior of large portfolios.
At the same time, whales with more than 10,000 BTC in their portfolio seem to want to accumulate. Beware, these are players who are aiming for the long term, but it shows that they are interested in the current levels.
BITCOIN TRANSFER: BINANCE WORRIED AND EXPLAINS ITSELF
Investors are on edge. In a tweet dated November 28, Whale Alert reported the transfer of 127,531 BTC , worth more than $2 billion, from one wallet to an anonymous one. In the current environment, such a large transfer from the world's largest crypto-currency exchange is enough to raise questions for the community. It will take the intervention of Changpeng Zhao, to quell the fear.
The CEO of Binance, which runs the Whale Alert tweet, explained that this transaction will be part of the proof of audit for the reserve. To verify whether Binance actually controls the wallet involved, he reportedly asked the crypto exchange "to send us a specific amount."
Binance is the owner of both wallets involved in the transaction. It had to make this transfer to transparently demonstrate that it had full control over the assets it owned, and that the company could move such a large amount of Bitcoin without the transfer penalizing it from an operational standpoint.
THE PROOF OF RESERVES: A REALLY USEFUL DEVICE?
After the FTX collapse, crypto exchanges tried to help their customers, including issuing proof of reserves, to prove that platform users' funds are safe. On December 25, Binance announced the launch of a proof-of-reserve system using Merkle for Bitcoin . However, this proof, which should theoretically improve the transparency of cryptocurrency exchanges, is not convincing to everyone in the industry. In his November 25 tweet, for example, former CEO Jesse Powell criticized the device, pointing out that it was not proof of stock and was "either ignorant or a deliberate misrepresentation of reality."
He had harsh words for the tree that did not allow for the controls necessary to ensure transparency without an auditor to ensure that no negative balances were recorded. Jesse Powell also pointed out that "the asset statement is useless without the liabilities. To appease the FUD launch, Changpeng Zhao owes his social media posts to the Binance anomaly.
It will take some time before crypto exchanges fail to regain a modicum of trust from their users.
Reserved proof is a tool to achieve this goal, but it still has limitations that affect its effectiveness.
BITCOIN CONTINUES TO FALL
The king of cryptocurrencies is weak, marking a new low in this complicated context :
Despite the new recent low, the situation remains the same. The $19,000 level will be critical, it has not yet been tested as resistance. If price is rejected at this level, price could fall to the next support at $11,500. On the other hand, if buyers are able to move back up to $19,000 and break through the trendline, a recovery is possible. In addition, the institutional trend is down and could each act as dynamic resistance in the coming days. For now, the price of Bitcoin is bearish.
The momentum is very strong. The Stochastic Index continues to move above the June low, while the price has fallen to the bottom. The current movement may just be a deviation. To confirm this, we will have to take back the $19,000 as support.
Since mid-October, the whales have pulled the trigger hard. These players had been distributing since early 2021, they have started to change their behavior since May 2022. This does not mean that the price will go up quickly, but it is interesting to study the behavior of large portfolios.
Commentary: Is the crypto crisis still going on? Binance had to reassure investors after a $2 billion trade.
BITCOIN IN DANGER BELOW $19,000
After falling below support at $19,000, Bitcoin (BTC) touched $15,500
$. Since then, BTC has lost volatility and buyers don't seem to be coming.
On a daily basis, Bitcoin is in a downward trend. For now, the price is locked in the institutional bearish bias. If there is a bounce, btc could head to the $19,000 resistance area.This has been a support for several months, but the FTX case has caused BTC to fall below this important area.For buyers, the goal is to find support at $19,000.This is also the Fibonacci retracement 0.382, it is often rejected at this level in a downtrend.
On the contrary, if the trend eases and sellers lose momentum, the level could give way.
In the event that the fall is not over, the price could fall back to the support level at $11,500.This would imply a 30% drop from the current price. This would imply a 30% drop from the current price. If this scenario happens, altcoins would also fall.
Bitcoin miners are facing a complicated situation, they have to sell some of their Bitcoin inventory. This is starting to look like a capitulation, but this situation may not be over.