BTC bounced back up. FAKE OR REAL?

According to data Onchain BTC may soon increase in price again.
Bitcoin volatility continues. After falling below $46,000 on Monday, BTC was able to make a strong recovery, marking a high above $49.3k on Tuesday. Let’s analyze the current market with Primexbttradingnow.
Looking at the following chart, the midline in Bollinger Bands can act as a support for ascending trends and at the same time, it can also act as a resistance for descending trends.

If you don’t have an account Primexbt
Login or register here


After the bearish divergence was confirmed – as shown in the chart below – bitcoin price fell from the ATH level ($69k). The price failed to break out of this moving average on December 1 and shortly after fell to $42.1k. Today, bitcoin attempted to break this line for the second time. A first bullish sign for a reversal can be confirmed when the daily candle closes above this line.


BTC is moving inside a descending channel. In the following 4 hours time frame chart, it reached the upper band of the channel but failed to break out. Looks like bitcoin is pulling back to the marked area. Following the confirmed bullish divergence mentioned in yesterday’s analysis, if the pullback finds support above the marked area, we can expect higher prices in the short term.
ONCHAIN ​​ANALYSIS
Although Bitcoin recorded a new ATH on November 10, 2021, the total number of active addresses is still far below the previous high of Q1-2021. This indicates that network activity is still low. Therefore, we need to see new capital flows, made by new investors and traders.

If you don’t have an account Primexbt
Login or register here


Historically, the Open Interest RSI reached the overbought zone when the price peaked. After that, the price begins a correction period similar to open interest.
As can be seen on the chart, we had an overheated futures market with highly leveraged positions. At the same time, BTC hit a new ATH of around $69,000.
However, the price experienced a shake-up afterwards and the futures market began to cool down. As a result, many long positions were liquidated during volatile times.
Currently, we are at the same level as the BTC price start to rally from $40,000 at the end of September. So we still expect a bull run to come for BTC.

If you don’t have an account Primexbt
Login or register here

A little bit about us:
Primexbt trading was born a few years ago but it has soon established itself in the financial market. Here, you can trade from cryptocurrencies, forex, commodities and indices… Outstanding advantages of Primexbt trading such as: beautiful interface, easy to use, low fees, leverage for home use. investors make money even when the market is down, complete set of supporting indicator tools, Primexbt convesting technology helps new investors to refer to trades of professional investors, Primexbt turbo technology allows demo investors before entering actual orders……
If you don’t have an account Primexbt
Login or register here

Leave a Reply

Your email address will not be published. Required fields are marked *