• Home
  • Contact
  • Privacy Policy
  • Store
my forex coaching
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
my forex coaching
No Result
View All Result
Home Alerts

Bitcoin Technical Outlook: Down But Not Out

Forex Tips by Forex Tips
November 24, 2022
in Alerts
0
Bitcoin Technical Outlook: Down But Not Out
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Bitcoin, BTC/USD – Technical Outlook:

  • Bitcoin’s failure to extend lower recently is an encouraging sign for bulls.
  • Has BTC/USD capitulated?
  • What are the possible scenarios at the key signposts to watch?

Recommended by Manish Jaradi

Get Your Free Introduction To Cryptocurrency Trading

BITCOIN SHORT-TERM TECHNICAL OUTLOOK – NEUTRAL

The apparent failure of Bitcoin to extend its losses in the past two weeks could be an early sign that cryptocurrencies may have run their bearish course for now.

Granted, price action is still unfolding and BTC/USD could still embark on another leg lower. However, the stalling of the down move recently keeps alive the possibility that the early-November decline could be ‘capitulation’. If this were indeed the case, a base-building process in BTC/USD could be in play – a relatively high probability scenario highlighted on November 15.

BTC/USD Weekly Chart

image1.png

Chart Created Using TradingView

Momentum on the weekly chart didn’t make a new low as spot fell below its June bottom of 17590. Momentum is indicative of force, and when support levels are broken with stronger downside conviction, this generally signifies further weakness in price. The 14-week Relative Strength Index (RSI) is now above its June low, suggesting positive momentum divergence (a new low in price associated with a higher low in momentum).

BTC/USD Daily Chart

image2.png

Chart Created Using TradingView

One of the signposts to watch for Scenario 1 to play out would be a break above immediate resistance at the mid-November high of 17170. Such a move would indicate that immediate downward pressure is beginning to ease. A stronger signal would be a rise above the November 10 high of 18140, which could bring into play the 5 November high of 21470, near the 200-day moving average.

The second scenario, and a relatively low probability one, would see BTC/USD extend its weakness initially toward the 2019 high of 13895, and possibly lower. A decisive break below the November 9 low of 15510 could be the first signpost to watch for the bearish scenario to unfold.

Recommended by Manish Jaradi

How to Trade the “One Glance” Indicator, Ichimoku

— Written by Manish Jaradi, Strategist for DailyFX.com





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-short US 500 for the first time since Mar 07, 2023 when US 500 traded near 3,988.19.

Our data shows traders are now net-short US 500 for the first time since Mar 07, 2023 when US 500 traded near 3,988.19.

by Forex Tips
March 21, 2023
0

Number of traders net-short has increased by 7.42% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIUS 500BULLISH49.54%50.46%-7.49%...

Our data shows traders are now net-short Gold for the first time since Feb 02, 2023 when Gold traded near 1,914.89.

Our data shows traders are now net-short Gold for the first time since Feb 02, 2023 when Gold traded near 1,914.89.

by Forex Tips
March 20, 2023
0

Number of traders net-short has increased by 69.93% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIGoldBULLISH49.97%50.03%-0.13% Daily-23.80%...

Our data shows traders are now net-long France 40 for the first time since Oct 24, 2022 when France 40 traded near 6,157.20.

Our data shows traders are now net-long France 40 for the first time since Oct 24, 2022 when France 40 traded near 6,157.20.

by Forex Tips
March 15, 2023
0

Number of traders net-short has decreased by 48.18% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIFrance 40BEARISH51.12%48.88%59.91%...

Is Powell’s Testimony a Game Changer?

Is Powell’s Testimony a Game Changer?

by Forex Tips
March 9, 2023
0

S&P 500, SPX, NASDAQ 100, NDX - OUTLOOK:While the retreat in recent weeks has reduced the upward pressure, it...

Japanese Yen Price Setup Ahead of BOJ: USD/JPY, EUR/JPY, AUD/JPY

Japanese Yen Price Setup Ahead of BOJ: USD/JPY, EUR/JPY, AUD/JPY

by Forex Tips
March 9, 2023
0

US Dollar, Euro, Australian Dollar Vs Japanese Yen – Price Setup:Short-term upward momentum in USD/JPY remains intact.EUR/JPY is beginning...

Load More

Recent Posts

  • Forex Tips: Facebook Stock
  • Fed Barkin: The case for raising rates this week was pretty clear
  • Venture capitalists bail on Zipmex bailout, company warns of consequences: Report
  • EUR/USD Takes a Breather as Prices Test Support
  • Eurozone March consumer confidence flash-19.2 vs -19.0 prior
Forex Pulse Detector

Categories

  • Alerts
  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.