Market Update (Nov. 27, 2022)
Jake Wujastyk, VP at TrendSpider LLC, believes that the 2017-2019 monthly closes are an “inevitable area” for Bitcoin, the largest cryptocurrency to test. Wujastyk adds that there is a decent probability that such a scenario could play out.
After hitting $19,666, the peak of the previous bull run, Bitcoin closed December 2017 at $13,880. The largest cryptocurrency entered a brutal bear market shortly after reaching its peak.
In 2019, Bitcoin experienced a significant rally in the first half of 2022, reaching a yearly high of $13,880 in July 2019. The rally wasn’t sustainable, and the largest cryptocurrency ended up closing that month at $10,760 before plunging lower in the following months.
Earlier this month, Wujastyk noted that Bitcoin had formed a bear flag pattern. At press time, the largest cryptocurrency is trading at $16,561 on the Bitstamp exchange.
The crypto king has now collapsed by more than 76% from its record high of $69,044 that was logged last November. Last month, prominent trader Peter Brandt said that there still was a possibility that Bitcoin could end up crashing to zero.
The spectacular implosion of the FTX exchange has delivered an immense blow to crypto’s reputation. In a recent opinion piece published by the Wall Street Journal, American businessman Andy Kessler argues that crypto’s final price could be zero.
Market Analysis:
Market Cap: $842,566,145,683
24H Volume: $36,172,985,783
BTC Dominance: 37.8%
ETH Dominance: 17.6%
Health Standard: 29.18 (1 to 10)
Sentiment: +21.83% (-100% to 100%)
Binance Analysis (BTC Pairs):
Gainers:
• VIDT: +32%
• CELO: +29%
• FLUX: +24%
Losers:
• MOB: -51%
• BETA: -17%
• MBOX: -10%
Binance Futures:
Top Gainers:
• SRM/USDT: +107.67%
• LEVER/USDT: +89.07%
Top Losers:
• FTT/USDT: -9.19%
• REN/USDT: -5.07%
Largest Volume (24h)
• ETH/BTC (2,890 BTC)
• DOGE/BTC (2,160 BTC)
Daily Outlook
Overall market cap and trading volume have increased slightly over the last couple of days, showing a decrease in BTC Market Dominance and an increase in alt-coin dominance, which could be an early start for our next move, for which we still need confirmation but we’re ready to catch perfectly.
Bitcoin Recap
As mentioned yesterday, the ascending channel was more likely to break to the downside.
That is exactly what happened yesterday evening, with another bounce from $16.4k to confirm this as our current support.
I would still like to see a sweep of the lower $16k area before the next push-up.
Recapitulating Ethereum
Ethereum price analysis is dictating a decrease in the price value today. The price levels are falling rapidly, creating a swift bearish slide on the price charts. The coin value is $1,212 currently, and it has dropped 0.05 percent at the time of writing.
As the bears are making progress now, the next support for ETH is present at the $1,201 level. In the event of a bullish reversal, ETH faces resistance at $1,220. However, the overall market sentiment remains bearish, and ETH could experience more movement to the downside in the near future.
The price analysis concludes that a move to the downside is more likely in the near term as market conditions remain bearish. The selling pressure is likely to increase and the ETH price could decline toward the $1,201 level in the near term.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.