As November draws to a close, the cryptocurrency market remains paralyzed. The weekly price will probably reflect price movement going forward, and market volatility may increase. For any last-minute changes, traders should keep a watch on the critical levels mentioned.
Below prior support, the Bitcoin Price is consolidating
The early $16,000 level is a point of contention between the bulls as well as the bears on shorter time frames, and the Bitcoin price is now auctioning around $16,419. The price of bitcoin fell by 3% on the final weekend of November, printing a higher low of $15,995. Despite the bulls’ ability to recover, BTC has subsequently halted beneath the previous support area that developed at $16,700 during the initial 2 weeks of November.
It is essential to zoom out through minor time frames as well as look at the bigger picture as November draws to a conclusion. Compared to where it started on November 1, the price of bitcoin is presently down 20%. BTC will display a significant bearish enshrouding sequence for the monthly period if the consolidation persists. Candlesticks can aim for future goals according to traditional price action strategies. Given the situation, BTC’s bears might legitimately aim for $13,000, which would represent a 20% drop from the market value today.
To lessen the negative potential, Bitcoin will be required to execute a significant move north just before the month comes to an end. The bearish encompassing candle would become a bullish hammer if the price rose further into the $19,000 area. If this happens, the bulls may change course and aim for $23,000 in December, which would represent a 20% advance from the current $19,000 level.
Why The Bitcoin Price Has Pumped 3% in a Week
On November 21, Bitcoin (BTC) plunged to a fresh 52-week low, but it has since had a wise pullback. The disclosure of the Federal Reserve’s meeting minutes from November, which indicated that officials would move to gradual rate increases “soon,” helped the economy rebound. As of November 24, 2022, Bitcoin attempted to surpass $17,000, but the bears refused to give up.
Investors in cryptocurrencies are still on edge due to worries that the FTX crash might affect several other companies in the industry. Genesis, a well-known brand that is being thoroughly scrutinized, is a digital asset loan and brokerage.
A Genesis official, however, refuted this allegation by stating via email that the business had “no intentions to file bankruptcy imminently” and was instead having “productive talks with creditors.”
Some investors think that the Grayscale Bitcoin Trust’s parent firm, Virtual Currency Group, which itself holds Genesis, may be impacted by the issue at Genesis. Due to this, last week, the difference between the net asset value of GBTC as well as the cost of bitcoin increased by almost 50%.
Bitcoin Price Prediction
Last week, the price of Bitcoin developed a Doji candlestick pattern. This week, the bears attempted to restart the downtrend, but the bulls had some other ideas. The price is currently being pushed back over the breakdown point of $17,550.80 after they bought the drop.
Although the 20-week EMA’s downward slope shows a seller’s advantage, the relative strength index’s (RSI) positive divergence implies that the negative momentum may be waning.
The price will attempt to rise well above the 20-week EMA with the help of buyers. The decline might be coming to an end if they are successful. When the BTC/USD pair reaches $25,170, the bears are expected to put up strong opposition.
If the price declines and falls below $17,458 shortly, this optimistic outlook may become invalidated. A move like that may prolong the drop and cause the pair to continue falling toward $11,000.
Buying or selling bitcoin this week?
With a break above the 20-day EMA, the bulls hope to isolate the active bears and force a short-covering rally. If that happens, the bitcoin price analysis predicts a rise to the 50-day SMA and then to $20,000 from there. On the other hand, if the price declines out of the 20-day EMA, the couple may challenge the crucial level of $15,458.65 once again.
Thoughts and opinions expressed by the author are solely those of the author and do not constitute trading advice. Trading and investing have significant dangers, so before making a choice, you should either conduct your research or speak with a financial professional.
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