Coinworld reported:
The price of Ripple has been falling in the past few weeks as it failed to sustain its upward momentum. However, the recent days have been quite volatile, leading to price fluctuations and questioning this trend.
Bitcoin Price Analysis: Technical Analysis
Technical Analysis
Author: Edris Derakhshi (TradingRage)
Daily Chart
The daily chart shows that since the rebound from the support level of $52,000 in September, the price has been forming higher highs and higher lows. The 200-day moving average, located around $64,000, has also been breached.
However, the market failed to successfully break the key resistance level at $69,000 and is currently undergoing a downward adjustment. Therefore, the 200-day moving average may be retested in the coming days. Nevertheless, if the trading price of BTC surpasses $60,000, this trend may be considered bullish.
Source: TradingView
4-hour Chart
Looking at the 4-hour chart, the price broke out of the ascending wedge pattern and declined, while being rejected by the resistance zone at $69,000. The RSI also dropped below 50% as the 4-hour momentum turned bearish.
However, although $64,000 seems to be a possible target, the downward movement may not materialize as the recovery and continuation could start sooner. If true, this behavior will confirm that Bitcoin is starting a strong rebound, and setting new all-time highs is just a matter of time.
Source: TradingView
On-chain Analysis
Author: Edris Derakhshi (TradingRage)
Bitcoin Exchange Reserves
As BTC approaches its all-time high, market participants are curious whether large investors are profiting or still accumulating. According to this data, the latter seems to be correct.
This chart shows the exchange reserves indicator, which measures the amount of BTC held in exchange wallets. It is widely regarded as a proxy for supply, as coins in exchanges can be quickly sold, thereby pushing down the price.
As shown in the graph, BTC exchange reserves have recently experienced a sharp decline, continuing a long-term downtrend. This clearly indicates an accumulation phase, which could soon lead to supply shocks and price surges, especially in the case of increasing demand.
Source: CryptoQuant