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In this episode of NewsBTC’s daily technical analysis videos, we examine the massacre over crypto today and the new record low for this Bitcoin bear market.
Watch the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): November 8, 2022
It was a very volatile day in crypto markets, led by a battle between: FTX and Binance that could eventually end up with Binance owning FTX.com. The public squabble of the CEO of the two companies caused the already fearful crypto market to collapse further. As a result, Bitcoin price made a new bear market lower low, simultaneously reaching a new all-time high for 2022.
Bulls demoralized, forced to ignore the exhaustion signal
It’s hard to imagine that there is much hope for bulls right now. After months of consolidation and a failed breakout attempt, the bears appear to have regained control. Of the few notable bullish signals – if any – the TD sequence on daily timeframes has triggered a sophisticated countdown of the TD 13, which could indicate that today’s carnage was a bargain and that the bear trend has been exhausted.
Today’s trade volume surge seems to confirm more downside – or is the heavy volume the capitulation we’ve been waiting for instead?
Will bulls ignore these exhaustion signs? | Source: BTCUSD on TradingView.com
Related reading: MATIC in motion after polygon tapped by META | MATICUSD November 3, 2022
Bitcoin Futures Goes Back in Time to Early 2018 Bear Market
On BTC CME Futures, Bitcoin price reached the only weekly support that exists on the way down. Since CME futures were launched after the cryptocurrency’s peak in 2017, the price chart started a bear market in Bitcoin.
On the annual time frame, we can see that the price candle just hit the tip of the wick, representing the 2018 annual high.
Why the log curve is the last hope for crypto bulls
For bulls looking for something – anything – to find solace after today’s carnage in crypto, chances are this is the bottom based on nothing more than the log growth curve.
Pulled from pit to pit, there is no room left for BTCUSD to go much further down. Only a few times in history has the exact bottom line been touched and each time it has turned into the biggest bull run ever.
What will happen in the world if there is no more space at the bottom of the log growth curve?