Bitcoin withdraws 10% in dramatic move since October announcement cpi data, The CPI came in lower than expected, leading to a decline in riskier assets, including cryptocurrencies.
Take a look at the video below:
Video: Bitcoin Price Analysis (BTCUSD): November 10, 2022
More downside may still lie ahead before suggesting that any bottom is in, as this recent movement is nothing more than a bearish reversal.
Did the Drop Fill a Bullish Wedge Pattern?
The downside move may have filled a major bullish wedge, causing a third touch on the bottom trend line and a daily close. There is also a daily bullish divergence on the Relative Strength Index until BTCUSD makes new lows again today. But given all the panic, there could be more collapses ahead.
Does the bull div support a bullish wedge pattern? | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Bloodbath Leads Crypto into New Bear Market | BTCUSD November 8, 2022
Bitcoin RSI reaches all-time high monthly
On two different timeframes, bitcoin is acting on some record-breaking signs. The weekly time frame is showing a potential bullish divergence. This will be the first time in the history of bitcoin after reaching an oversold position on the RSI.
The Monthly Relative Strength Index is also the most oversold in the entire history of the cryptocurrency market.
Bitcoin can also work only on holding on to the trendline drawn on the basis of closing. If the top cryptocurrency holds at this level, we could potentially get a fifth impulse elliott wave theory,