Bitcoin Dollar Price Analysis
In the wake of new market declines, we will analyze the pricing of Bitcoin against the dollar and Ethereum (ETH).
This week’s preliminary increases paint a still weak technical picture, brings with it doubts that we are at the beginning of a new bearish phase.
The price rally in recent days has been accompanied by low volumes indicating buying to cover downside positions rather than opening new upside positions.
The overall picture is completed by falling volatility after touching, in recent days, values not seen since last mid-June, when the general decline that began in April was completed and with more violent and deeper dynamics.
The Fear and Greed Index has returned to hover just above 20 points, levels that marked the summer months. With the exception of the last week of October and the first week of November, the movement in the range between 20 and 30 points extends over 90 days, the longest period ever.
The TonCoin (TON) token embedded in the popular messaging app Telegram continues to stand out from the rest of the industry by achieving a double-digit increase (+10 percent) from the levels of Friday 11 November. With a value of $1.8 per token, the total use of upper and lower case letters over 2.1 million dollars takes the 25th position in the ranking of the largest tokens with capital letters.
Among the other few with good weekly gains are Uniswap (UNI) token native to the decentralized trading platform of the same name, up 4 percent on a weekly basis. UNI’s price recovers $6 per token and climbs to 15th place for a total capitalization of 4.5 billion dollars.
The quote of Bitcoin (BTC) on the dollar
Quoted by Bitcoin (BTC) against the dollar manages to recover USD 16,500, closes each day above this important short-term technical level.
From a medium to long-term perspective, it is necessary to recover USD 18,500 in a short time so as not to risk giving room for bearish speculation.
Needed to get through the weekend without witnessing a drop below $16,000 and not jeopardizing the fragile technical structure that with the break of $18,500 last week nullified the consolidation that lasted more than 4 months.
Analysis of Ethereum (ETH)
A reflective week for Ethereum (ETH), which, apart from Wednesday, closed in one percentage point gain or loss on its way to close the weekly balance at opening levels.
Unlike BTC, last week’s decline did not breach June lows, managed not to burn all the gains accumulated since mid-June.
Over the next two days of the weekend, it will be important not to go back to last week’s lows so as not to risk falling below the psychological threshold of $1k.
A positive signal will come with the recovery of USD 1300. In that case, it will be useful to see volumes. As buying volumes increase, there will be another confirmation of a return to the uptrend.
Else, operationally, it would be better to continue to wait without anticipating technical signals.
Although the bearish attack has been less violent than what BTC has suffered, ETH also continues to be affected by possible investment fund defaults linked to the FTX exchange.
