Traders tracking chart patterns said bitcoin's recent bounce, though impressive, is yet to satisfy all conditions necessary to confirm a bear market bottom. Reports godbole17
that the central bank could slow the pace of liquidity-sucking interest rate hikes starting from December. Popular technical analysis indicators signal downtrend exhaustion in bitcoin, the leading cryptocurrency by market value.
"As we have seen three attempts this year that eventually failed, we need to wait for bitcoin prices to trade above their 21-week moving average in order to call for a sustainable rally and a cyclical low," Markus Thielen, head of research and strategy at crypto services provider Matrixport said. Heiken Ashi and traditional candlesticks are constructed using an asset's open, high, low and close prices for a specific period. Heiken Ashi, however, is an averaged version of traditional candlesticks. Therefore, it helps cut through the noise and facilitates better gauging of trend reversals than traditional candles.
Monday, calling for patience on the part of the bulls as bitcoin produced its 12th consecutive red monthly Heikin Ashi candle in November.The latest red streak on the monthly Heiken Ashi chart is the second-longest on record. Bitcoin produced 14 straight red candles from February 2018 to March 2019 before confirming a bull revival with a green candle in April 2019.
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