After hitting nearly $38,000 last Thursday, a questionable relationship between the rising price of Bitcoin and decreasing volume continues to develop. In addition to that, the data obtained from LookIntoBitcoin reveals the number of Bitcoin addresses with balances exceeding 100 BTC dropped from 16,029 to 15,966 between 8th November and 13th November 2023, marking the most significant drop since the start of the rally; besides that, the number of these Bitcoin addresses is far lower from its 2023 high of 16,191 (5th January 2023). A similar trend can also be observed among the number of Bitcoin addresses with balances exceeding 1,000 BTC, which dropped from 2,025 on 3rd November 2023 to 2,011 on 13th November 2023 (this decline is less significant than the one in the previous group, though it still should not be overlooked); plus, the number is also down from the 2023 high of 2,054 (25th January 2023).
Now, in regard to technicals on the daily chart, RSI has continued to trend within the overbought territory for the past few days. As such, we continue to wait for a breakout below 70 points, which we expect to be accompanied by a pullback in the price (probably somewhere between $34,000 and $35,000). Furthermore, Stochastic and MACD began to flatten, reflecting decreasing bullish momentum. Overall, our stance remains unchanged since the previous update. We will update thoughts on the asset with the emergence of new developments.
Illustration 1.01
Illustration 1.01 shows the daily chart of BTCUSD and illustrates a questionable relationship between the price and volume.
Illustration 1.02
Illustration 1.02 portrays the 4-hour graph of BTCUSD, with the price trading within the upward-sloping channel; a breakout below or above the channel is something to pay attention to in the short term.
Technical analysis gauge
Daily time frame = Bullish (with the trend losing momentum)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Now, in regard to technicals on the daily chart, RSI has continued to trend within the overbought territory for the past few days. As such, we continue to wait for a breakout below 70 points, which we expect to be accompanied by a pullback in the price (probably somewhere between $34,000 and $35,000). Furthermore, Stochastic and MACD began to flatten, reflecting decreasing bullish momentum. Overall, our stance remains unchanged since the previous update. We will update thoughts on the asset with the emergence of new developments.
Illustration 1.01
Illustration 1.02
Technical analysis gauge
Daily time frame = Bullish (with the trend losing momentum)
Weekly time frame = Bullish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
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