Capitulation? Bitcoin’s Price Dropped 36% in November
Bitcoin (BTC) increased the likelihood that the market would surrender to some extent due to mass sales in November.
The largest cryptocurrency by market capitalization is currently $ 4,000, down 36% from the monthly opening price of $ 6,318, based on current CoinMarketCap data. The decline records the largest monthly loss ever.
Trading volume rose 33% MoM to $ 158.48 billion, the highest since May.
Earlier this month, it is worth mentioning that BTC is already approaching its record high of nearly $ 20,000 in December 2017, or 70%. Thus, November losses essentially mean bear market expansion. Near $ 6,000) in the first 14 months.
However, if BTC repeatedly defended the 21-month EMA for five months to October, but failed to make a meaningful bounce, investors were disappointed and eventually sold out when they left the market. Even within these signs of surrender, it is still early to call the floor in the long run.
Over the past few days, however, prices have recovered to below the $ 3500 mark. This may have been the last hunting after the sale, but corrective action is likely to start because the relative strength index (RSI) on the 14th day is overselling. a few days ago.
On a monthly chart, BTC is set to be lower than the previous 21-month EMA support (current resistance) for the first time since October 2015.
A stubborn reversal over the long term will be confirmed if the price is canceled by the EMA and is currently $ 5,977.
4 hour chart
On the 4-hour chart, BTC fell below the double top neckline at $ 4,120, which was rejected on the downward trend line. As a result, the immediate bullish outlook has been neutralized.
If the immediate support of the recent $ 3,771 (Wednesday's stubborn reversal candle) is broken, a low price of $ 3,474 can be applied.
If the break above the downward trend line is confirmed, you can already strengthen your upbeat technical readiness and continue the upward trend at $ 5,000.
The beat coin market is showing signs of surrender.
A break under the neck support of $ 4,120 neutralized the immediate bullish outlook suggested by the double-bottom breakout yesterday.
If it falls below $ 3,771 (the lowest on Wednesday), the daily chart's gains will be overridden and a recent low $ 3,474 price review will be possible.
Breaks above $ 4,250 (trend line down) will rise to $ 4,761 (resistance per 4 hour chart).
Disclosure: Authors do not retain cryptocurrency assets at the time of writing.
Bitcoin image through Shutterstock; Price view by deal view
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