Blog_2Blog_2Blog_2Blog_2
  • CRYPTO NEWS
    • Daily Crypto News
  • TOPICS
    • Futures Trading
    • Crypto Basics
    • Defi
    • Metaverse
    • NFT
    • Blockchain
  • CRYPTO VERSE
    • Personal Finance
    • Cryptocurrency
    • Price Predictions
    • Crypto Deep Dives
  • PRODUCT
    • Tutorials
    • Product Features
    • Security Compliance
  • COINDCX
    • Announcement
    • Community
    • Crypto Competition
    • Listings
    • Opinion
    • Stories
Visit CoinDCX
✕
            No results See all results

            Here’s Why Bitcoin Price may not form Bottoms, Despite the Bearish Monthly Close 

            December 2, 2022

            Bitcoin price is somewhat encouraging as the token appears to be thriving to reclaim higher levels. The price is displaying immense strength, rising above the FTX-contagion, while the BlockFi bankruptcy failed to rise some tumours. While the trend appears to be somewhat positive, the possibility of knocking it down to the bottom hovers within the crypto space. 

            Besides, some do not believe in the bearish thesis as the BTC price is assumed to have revived with a bull rally. 

            Despite the recent recovery, the crypto space is still believed to be in the middle of the crypto winters, as the bears continue with their bottom fishing. Moreover, the much-awaited FED MoM also failed to strengthen the bears as Chairman Powell hinted at lower the pace of rising interest rates, starting this month.

            Will Bitcoin Price Slash Despite Bullish Signals?

            Bitcoin price has been following an interim bounce ever since the market collapsed in May due to the Collapse of the Terra ecosystem. Meanwhile, as signs of recovery emerged in the markets, the collapse of the FTX exchange triggered a chain of fallouts, with BlockFi being the most recent to join the list. 

            While some analysts believe the star crypto to be under the bearish influence, other experts squabble saying that the BTC price has to satisfy some conditions which are required to confirm a bear market. 

            Besides, the drop below the 21 week MA levels has raised many concerns as the price action that followed was extremely bearish. 

            The Bitcoin price has been hovering in and out of the 21-week MA levels earlier. But ever since the May fallout, it has maintained a lower level. Moreover, the recent rejection in early November appears to be mirroring the previous fallout. Hence, some analysts believe the bottoms could be in very soon.

            However, the price is attempting to break the descending pennant which may invalidate the bearish trajectory. 

            Read more: Crypto Crash Recap 2022

            This Could Be When Bitcoin May Rebound!

            Considering the Heikin-Ashi candle, the Bitcoin price has been forming consecutive bearish candles in the monthly chart. Therefore, as per the founder of the Research firm, Cubic Analytics, Caleb Franzen, a green candle on the chart may confirm the bullish revival. 

            Today is the final day of November and #Bitcoin is going to produce the 12th consecutive red monthly Heikin Ashi candle.

            After 5+ months of red candles, a green monthly candle has marked the end of each bear market.

            Each red streak has been longer than the last. #Patience pic.twitter.com/BbHdBQ0SRf

            — Caleb Franzen (@CalebFranzen) November 30, 2022

            The candlesticks basically point out the starting and ending prices within the selected time frame. The Heikin Ashi is an averaged version removing the excess noise, facilitating a better gauge of trend reversals. Hence, the analyst believes the resurgence of a bullish trend may be only possible if the Heiken Ashi chart prints a bullish-monthly candle for Bitcoin. 

            The Bitcoin (BTC) price is trading at $16,950 at the moment and trying very hard to regain levels beyond $17,000. However, in the short term, a bullish divergence is witnessed but the bearish pressure has also intensified which may hinder the progress of the rally ahead. 

            Read more: Bitcoin Price Prediction

            Share
            0
            CoinDCX
            CoinDCX

            Related posts

            May 29, 2023

            BTC Price Sees a Surge in Reaching the $28K Mark Following the Debt Ceiling Deal


            Read more
            May 26, 2023

            Numeraire Price Hits $18 Mark, Here’s Why NMR Price Surged by Nearly 30%!


            Read more
            May 26, 2023

            Bitcoin Ordinals Inscriptions Hits 9 Million!


            Read more

            Recent Posts

            • 0
              What is AirSwap (AST)? How To Buy AST Tokens In India?
              May 29, 2023
            • Explainer on Solana and ChatGPT Integration0
              How Solana Blockchain Integrates ChatGPT to Improve Web3 Experience
              May 29, 2023
            • 0
              BTC Price Sees a Surge in Reaching the $28K Mark Following the Debt Ceiling Deal
              May 29, 2023
            • 0
              Polygon Price Prediction 2023: Will MATIC Price Hit $1.5?
              May 29, 2023
            • 0
              What is StaFi (FIS)? How To Invest In FSI Token In India?
              May 26, 2023
            • 0
              Numeraire Price Hits $18 Mark, Here’s Why NMR Price Surged by Nearly 30%!
              May 26, 2023
            • 0
              Bitcoin Ordinals Inscriptions Hits 9 Million!
              May 26, 2023
            • The Future of Web3 From The Co-founders of CoinDCX and YourStory0
              The Future of Web3 with CoinDCX and YourStory
              May 25, 2023
            • What is Convex Finance (CVX)? How To Invest in CVX Token In India?0
              What is Convex Finance (CVX)? How To Invest in CVX Token In India?
              May 25, 2023
            • Gaming in Web3 Is The Largest Scaling Opportunity Says Polygon Co-Founder Sandeep Nailwal0
              Gaming in Web3 Is The Largest Scaling Opportunity Says Polygon Co-Founder Sandeep Nailwal
              May 25, 2023
            • 0
              Shiba Inu Price Prediction 2023: Will the SHIB Price Restrict Below $0.00001?
              May 25, 2023
            • 0
              Dogecoin Price Prediction 2023: Will the Whales Lift the DOGE Price Above $0.1?
              May 25, 2023

            Categories


            • BTC to INR


            • ETH to INR


            • USDT to INR


            • USDC to INR


            • BNB to INR


            • BUSD to INR


            • XRP to INR


            • ADA to INR


            • SOL to INR


            • DOGE to INR


            • SHIB to INR


            • MATIC to INR


            • TRX to INR

            Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
            Download the app now, register & start with as low as Rs.100
            ios download link
            android download link
            qr code for download

            COMPANY

            Security
            Blog
            About
            Careers
            Referral Program

            PRODUCT

            Margin
            Trade
            Futures
            Insta
            Convert
            Lend
            Markets
            API Documentation

            SUPPORT

            Contact Support
            Frequently Asked Questions (FAQ)
            Contact Us

            • Customer Support: [email protected]
            • Team: [email protected]
            • Press: [email protected]

            SOCIAL LINKS

            Icon of FacebookFacebook
            Icon of FacebookTwitter
            Icon of InstagramInstagram
            Icon of TelegramTelegram
            Icon of LinkedInLinkedIn
            Icon of RedditReddit

            Logo of CoinDcx Download our Android/iOS App: CoinDCX Ⓒ All rights reserved by Primestack Pte. Ltd.

            DISCLAIMER

            The information and material contained herein are subject to change without prior notice including prices which may fluctuate based on market demand and supply. The material available on the site is proprietary to CoinDCX, its parent, Licensor and/or its affiliates and is for informational purposes and informed investors only. This material is not: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) intended to provide accounting, legal, or tax advice, or investment recommendations. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

              Visit CoinDCX
                        No results See all results
                          Go to mobile version