Key Insights:
- On Sunday, bitcoin (BTC) fell by 0.10% to finish the day at $16,847.
- An absence of exterior market forces and crypto news left BTC in one other range-bound session. BTC traded inside a $151 band.
- The Fear & Greed Index slipped from 29/100 to twenty-eight/100 on BTC persevering with to fall in need of $17,000.
On Sunday, bitcoin (BTC) fell by 0.10%. Partially reversing a 0.37% achieve from Saturday, BTC ended the week up 0.55% to $16,847. Notably, BTC didn’t revisit $17,000 for the fifth consecutive session and noticed crimson for the fifth session of the week.
A blended begin to the day noticed BTC rise to an early morning excessive of $16,874. Coming up in need of the First Major Resistance Level (R1) at $16,903, BTC slid to an early afternoon low of $16,723. BTC fell by means of the First Major Support Level (S1) at $16,814 and the Second Major Support Level (S2) at $16,863 earlier than a late restoration to finish the day at $16,847.
Trading Volumes Leave Bitcoin in a Range-Bound Holiday Session
It was a quiet Sunday session, with buyers sitting on the sidelines over the vacations. Lower buying and selling volumes delivered one other range-bound session, with BTC buying and selling inside a $151 band.
There had been no crypto news tales to offer path on Sunday, with site visitors on the lighter facet over the vacations. However, regulatory danger has picked up within the wake of the FTX collapse, leaving uncertainty because the markets put together for a possible wave of regulatory reforms.
Last week, SEC Chair Gary Gensler vowed to focus on crypto companies that don’t adhere to securities legal guidelines. The SEC Chair stated that Proof-of-Reserves usually are not sufficient to guard buyers. After the embarrassment of the FTX collapse and FTX hyperlinks to SEC employees, Gensler additionally stated, “the agency’s patience is wearing thin for digital assets and other firms that shirk its regulations.”
Today, there aren’t any US financial indicators to offer path, leaving the crypto news wires to affect. The US markets are closed immediately.
NASDAQ – BTCUSD 261222 Daily Chart
The Fear & Greed Index Slips from 29/100 to twenty-eight/100 on BTC Struggles
Today, the BTC Fear & Greed Index fell from 29/100 to twenty-eight/100, with one other bearish BTC session weighing. While ending the week in constructive territory, BTC noticed crimson in 5 of the seven classes, with Fed concern, financial uncertainty, and regulatory danger testing investor sentiment.
It may very well be one other range-bound session immediately, with the key markets closed for the vacations. However, the crypto news wires might affect, with one other BTC loss more likely to weigh on the Index.
Avoiding sub-20/100 stays the important thing near-term. The bulls might want to goal the pre-FTX collapse November 6 excessive of 40/100 to help a BTC run at $20,000.
Fear & Greed 261222
Bitcoin (BTC) Price Action
At the time of writing, BTC was up 0.32% to $16,901. A bullish begin to the day noticed BTC rise from an early low of $16,843 to a excessive of $16,914. The First Major Resistance Level (R1) at $16,906 capped the upside.
BTCUSD 261222 Daily Chart
Technical Indicators
BTC must keep away from the $16,815 pivot to retarget the First Major Resistance Level (R1) at $16,906 and the morning excessive of $16,914. A maintain onto the $16,900 deal with would sign a bullish session. However, the crypto news wires must be crypto-friendly to help a breakout session.
In the occasion of an prolonged rally, BTC would check the Second Major Resistance Level (R2) at $16,966 and resistance at $17,000. The Third Major Resistance Level (R3) sits at $17,117.
A fall by means of the pivot would convey the First Major Support Level (S1) at $16,755 into play. Barring a crypto event-fueled sell-off, BTC ought to keep away from sub-$16,600. The Second Major Support Level (S2) at $16,664 ought to restrict the draw back. The Third Major Support Level (S3) sits at $16,513.
An opposed crypto market occasion would convey sub-$16,000 into play.
BTCUSD 261222 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (beneath), it was a bearish sign. This morning, BTC sat beneath the 100-day EMA, presently at $16,938. The 50-day EMA narrowed to the 100-day EMA, whereas the 100-day EMA eased again from the 200-day EMA, delivering blended indicators.
A transfer by means of R1 ($16,906) and the 100-day EMA ($16,938) would give the bulls a run at R2 ($16,966) and $17,000. However, a fall by means of the 50-day EMA ($16,877) would convey the Major Support Levels into view.
BTCUSD 261222 4 Hourly Chart
