VOT Research Report
Market Analytics and Considerations
On a three-day graph for bitcoin, a bearish perspective is shown with goals between $13,575 and $11,898.
According to analyses on shorter time frames, BTC is prepared to launch a comeback rally effort to regain $17,251.
The $17,593 barrier becoming a support level would cast doubt on the bears’ position and possibly lead to a bullish advance.
A consistent support level that has held the price of bitcoin from falling for the past four months has been surpassed. This trend has caused BTC to check some less-than-ideal strongholds once again, which could lead to the further decline in market valuation for the major cryptocurrency investors.
The price of bitcoin is still erratic.
On November 8, the price of bitcoin fell beyond the June 18 support line, falling to $17,593. The FTX exchange’s predicament, which eventually resulted in bankruptcy, was the cause of this catastrophe. Even though the Bahama-based network ran into difficulty on November 2, things got worse over the next few days.
The price of Bitcoin fell as a result, turning the $17,593 support level into a level of resistance. Investors should attach importance to $15,551, which is a respectable support zone and developed about two years ago, when BTC auctions at $16,000.
If this level is not held above, the price of bitcoin will be further pushed down to the next footing at $13,575, which is also relatively low in comparison to $11,898.
A bear market bottom could therefore happen somewhere between $11,898 and $13,575, seen from a macro perspective. Investors should be careful of the short-term jumps in the bitcoin market price and avoid being seduced by them.
BTCUSDT 3-day chart
The London or New York sessions may see an increase in purchasing momentum even though the Asian session is not off to a positive start. Investors should therefore exercise caution when looking for scalping opportunities in intraday Bitcoin price movements.
Investors may notice that the value of Bitcoin is circling above a 30-minute desire zone that ranges from $15,550 to $15,924 over the one-hour chart. The 8% upsurge which retests psychological inefficiency known as the Fair Value Gap (FVG) at $17,251 may be sparked by a bounce off this level.
The only way to reverse the negative bias and raise the aim for this run-up from $17,251 to $19,500 is to flip the $17,593 barrier.
BTCUSD 1-hour chart
Even though the long-term outlook is gloomy, a flip of the $17,593 mark would signal the beginning of a rebound surge. This scenario would also disprove its bullish thesis and might even lead to a roll towards the psychological level of $25,000.
