Panic Among Crypto Investors Is Growing
Greetings.
Finally, this week, the price of Bitcoin broke out of a multi-week consolidation phase, first rising to a week 45 high of $20,650 and then falling below the psychological threshold of $20,000, continuing a steep fall to $15,650.
Bitcoin Price Technical Analysis
From a technical point of view, the fall in the price of Bitcoin was obvious for several reasons. The first of them is the formation of bearish divergence in the 4-hour timeframe. The second main reason is the completion of the formation of the W-X-Y correction pattern, which gave a signal about the continuation of the downward movement of the Bitcoin price within wave 4.
Fundamental Bitcoin Price Analysis
As you can see in the chart below, the bears still hold the power in their hands. The 90D-SMA realized profit-to-loss ratio still remains below 1.0 and usually occurs in the middle of a bearish trend.
In addition, the volume of transfers, after a long period of decline, slightly increased. This is mainly due to the recent news about the possible collapse of the FTX crypto exchange, when many traders and investors began to withdraw coins from other exchanges, fearing a domino effect. However, in general, the current situation indicates that a significant degree of apathy remains in the Bitcoin network and, as a result, a decrease in investment interest in cryptocurrencies. Thus, I believe that we are still in a downtrend, and until the Fed slows down the interest rate hike, the trend will not reverse.
Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
Finally, this week, the price of Bitcoin broke out of a multi-week consolidation phase, first rising to a week 45 high of $20,650 and then falling below the psychological threshold of $20,000, continuing a steep fall to $15,650.
Bitcoin Price Technical Analysis
From a technical point of view, the fall in the price of Bitcoin was obvious for several reasons. The first of them is the formation of bearish divergence in the 4-hour timeframe. The second main reason is the completion of the formation of the W-X-Y correction pattern, which gave a signal about the continuation of the downward movement of the Bitcoin price within wave 4.
Fundamental Bitcoin Price Analysis
As you can see in the chart below, the bears still hold the power in their hands. The 90D-SMA realized profit-to-loss ratio still remains below 1.0 and usually occurs in the middle of a bearish trend.
In addition, the volume of transfers, after a long period of decline, slightly increased. This is mainly due to the recent news about the possible collapse of the FTX crypto exchange, when many traders and investors began to withdraw coins from other exchanges, fearing a domino effect. However, in general, the current situation indicates that a significant degree of apathy remains in the Bitcoin network and, as a result, a decrease in investment interest in cryptocurrencies. Thus, I believe that we are still in a downtrend, and until the Fed slows down the interest rate hike, the trend will not reverse.
Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
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