The patterns show the possibility of continuing the neutral phase in the $15,000!
In November, the price of Bitcoin fell by 16% after the explosion of the FTX exchange bomb.
With this heavy downward movement that occurred in the first two weeks of November, the market stabilized below the $18,000 range by the end of the month, and buyers could no longer cash the $18,000 bids in the market.
During the last four weeks, when the market experienced good risk tolerance, the cryptocurrency market continued to stagnate; this shows the extreme weakness of this market and confirms that the cryptocurrency market is absorbing negative news. In case of favorable conditions, it has no business outside this market.
But instead, it has become susceptible to risk aversion and negative domestic news.
By following the conditions of the global economy, which is in a severe contraction, the investors of this basin have become aware that they cannot exercise much power in this market until the end or see signs of the return of easing policies.
With a comprehensive look at the state of the general trend of Bitcoin that we have mentioned in the previous analysis, the bear current in the weekly and monthly time frame has cast a heavy shadow on the market.
As the price of miners continues to decrease, more devices will shut down, which can be a fundamental issue.
As more and more miners are removed from the network and the difficulty of the network decreases, the space for more powerful miners increases.
This recession period drives weak competitors out of the market to make room for established industry owners who have budgeted for such tough times.
As said in the business world and experience, a recession is a period of permanence and stability in any market.
The bad news for this market is that the interest rate policies are still in place, and the target rates are still considered above 5%.
Technical analysis:
By examining the trend situation in the four-hour time frame, developing a dense corrective pattern is likely. Triple corrective waves are forming one after the other.
Continuing the trend and intensifying the decline requires a force that news, such as an increase in interest rates and the strengthening of the dollar or the overthrow of another market giant, can create this movement.
Further, breaking the important support of $16,660-$16,490 is an important warning to reduce another dimensional target of this pattern and fall to the $15,350 range.
In this month, due to the fact that it is the last month of 2022, it is possible to create the most severe fluctuations in the market. So, in all your transactions, observe the capital management and the use of the loss limit.
In November, the price of Bitcoin fell by 16% after the explosion of the FTX exchange bomb.
With this heavy downward movement that occurred in the first two weeks of November, the market stabilized below the $18,000 range by the end of the month, and buyers could no longer cash the $18,000 bids in the market.
During the last four weeks, when the market experienced good risk tolerance, the cryptocurrency market continued to stagnate; this shows the extreme weakness of this market and confirms that the cryptocurrency market is absorbing negative news. In case of favorable conditions, it has no business outside this market.
But instead, it has become susceptible to risk aversion and negative domestic news.
By following the conditions of the global economy, which is in a severe contraction, the investors of this basin have become aware that they cannot exercise much power in this market until the end or see signs of the return of easing policies.
With a comprehensive look at the state of the general trend of Bitcoin that we have mentioned in the previous analysis, the bear current in the weekly and monthly time frame has cast a heavy shadow on the market.
As the price of miners continues to decrease, more devices will shut down, which can be a fundamental issue.
As more and more miners are removed from the network and the difficulty of the network decreases, the space for more powerful miners increases.
This recession period drives weak competitors out of the market to make room for established industry owners who have budgeted for such tough times.
As said in the business world and experience, a recession is a period of permanence and stability in any market.
The bad news for this market is that the interest rate policies are still in place, and the target rates are still considered above 5%.
Technical analysis:
By examining the trend situation in the four-hour time frame, developing a dense corrective pattern is likely. Triple corrective waves are forming one after the other.
Continuing the trend and intensifying the decline requires a force that news, such as an increase in interest rates and the strengthening of the dollar or the overthrow of another market giant, can create this movement.
Further, breaking the important support of $16,660-$16,490 is an important warning to reduce another dimensional target of this pattern and fall to the $15,350 range.
In this month, due to the fact that it is the last month of 2022, it is possible to create the most severe fluctuations in the market. So, in all your transactions, observe the capital management and the use of the loss limit.
Trade active:
The next major support is near the $16,500 zone.
A downside break below the $16,500 support might call for a drop toward $16,000. Any more losses might push the price toward the $15,500 pivot zone in the near term.
A downside break below the $16,500 support might call for a drop toward $16,000. Any more losses might push the price toward the $15,500 pivot zone in the near term.
🥇Join our free Telegram channel and claim your trial ➜ t.me/monocoin_public
🥇Enjoy a 7-day free trial of our services with Cornix
👤Admin ➜ t.me/monocoin_admin
🥇Enjoy a 7-day free trial of our services with Cornix
👤Admin ➜ t.me/monocoin_admin
