Bitcoin-dollar price analysis

Following the new market falls, we will analyze the price of Bitcoin against the dollar and Ethereum (ETH).

This week’s tentative hikes paint a still weak technical picture, dragging doubts that we are at the beginning of a new bearish phase.

The price rally in recent days has been accompanied by low volumes indicating buying to cover downside positions rather than open new upside positions.

The general picture is completed with the fall in volatility after touching, in recent days, values ​​not seen since mid-June last, when the general fall that began in April was completed and with more violent and profound dynamics.

the Fear and Greed Index it has once again hovered just above 20 points, levels that characterized the summer months. Excluding the last week of October and the first week of November, the movement in the range between 20 and 30 points extends over 90 days, the longest period in history.

The TonCoin (TON) token, embedded in the popular messaging app Telegram, continues to stand out from the rest of the industry by posting a double-digit increase (+10 percent) from Friday, November 11 levels. With a value of $1.8 per token, the total capitalization exceeds 2.1 million dollars occupying position 25 in the ranking of the most capitalized tokens.

Among the few others with good weekly earnings is the uniswap (UNI) native token of the decentralized trading platform of the same name, up to 4 percent weekly. UNI price recovers $6 per token rising to position 15 for a total capitalization of $4.5 billion.

The price of Bitcoin (BTC) in the dollar

the appointment of Bitcoin (BTC) against the dollar handles to recover USD 16,500, closing every day above this important short-term technical level.

From a medium to long-term perspective, it is necessary to recover $18,500 in a short time so as not to risk leaving room for bearish speculation.

Necessary to get through the weekend without witnessing falls below USD 16,000 and not jeopardize the fragile technical structure that, with the break of USD 18,500 last week, undid the consolidation that lasted more than 4 months.

Ethereum (ETH) Analysis

A reflective week for Ethereal (ETH), which, except for Wednesday, closed with a gain or loss of one percentage point on its way to closing the weekly balance at opening levels.

Unlike BTC, last week’s decline did not breach the June lows, managing not to burn all the profits accumulated since mid-June.

Over the next two days of the weekend, it will be important not to touch last week’s lows again lest you risk sinking below the $1k psychological threshold.

A positive sign will come with the recovery of $1,300. In that case, it will be useful to look at the contents. As buying volumes increase, there will be a second confirmation of a return to the uptrend.

On the contrary, operationally it will be better to continue waiting without anticipating technical signals.

Although the bearish assault has been less violent than that suffered by BTC, ETH also continues to be affected by possible defaults by investment funds linked to the FTX exchange.


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