Bitcoin Technical Analysis Update

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Written by

Kevin Lopez
Published on

November 15, 2022

Key points: 

  • We allowed the scenario of a fall to $14k and even $12k with the support of negative news about the scam or hacks of other large projects/exchanges.
  • The Dollar Index went into a strong correction, that we have not seen over the past year. At the same time, Nasdaq Index and S&P 500 are showing growth.
  • Perhaps we are somewhere close to the denouement, where the bottom of Bitcoin coincides with the peak on the dollar chart as it was before.
  • We also admit that we may not see the price of $14k, so we will look at the situation.

We assumed a Flash-Crash down to $14k in order to shake everyone out and cause maximum disappointment for the crowd.

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At this fall, we already have peak volumes over the past few years. What could indicate the culmination similar to the culmination during COVID-19? 

Before this fall, the price very beautifully gave hope for growth, having managed to go even above 100 MA by making a false breakout.

Since the accumulation before the fall was long, we doubt that we will stop at $15 600, so we allow the scenario of a fall to $14k and even $12k with the support of negative news about the scam or hacks of other large projects/exchanges.

The macroeconomic background in the world now looks good, we mean the Dollar Index and S&P 500 and Nasdaq index.

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The Dollar Index went into a strong correction, that we have not seen over the past year. At the same time, Nasdaq Index and S&P 500 are showing growth.

Lately, we had a very strong correlation between the cryptocurrency market and the stock market, but now it has disappeared due to the fall.

But we do not think that Bitcoin will be able to fall for a long time if the dollar continues to fall.

Considering that the dollar growth trend was quite long, as well as the Bitcoin fall trend.

Perhaps we are somewhere close to the denouement, where the bottom of Bitcoin coincides with the peak on the dollar chart as it was before.

We also admit that we may not see the price of $14k, so we will look at the situation.

The article was written by the analytical organization Razum Capital. You can get more from them by joining their telegram channel: https://t.me/RazumCapital


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