We should be nearing the end of this correction in Bitcoin by karamyog

hive-175254 · @karamyog · Jan 11 '22

$2.14

We should be nearing the end of this correction in Bitcoin

![image.png](https://i.imgur.com/1JU6hJw.png)

Yesterday, global markets witnessed further selling and so did cryptocurrency markets. Bitcoin hit a low of $39,650 on Coinbase. Yesterday's candle was a nice doji that, given yesterday's volume, could imply that Bitcoin's bottom is in and Bitcoin is supposed to rise from this level. $40k would also have been strong support based on the current uptrend from July 2021. So, is the bottom finally in? Let's revisit some of the stats I shared last week.

![image.png](https://i.imgur.com/WS0SNv2.png)
[Source](https://data.bitcoinity.org/markets/volume/6m?c=e&r=day&t=b)

Well on the price front we need more high-volume candles that can show that Bitcoin has stabilized at $40k or is rising. The volume for today till now does not exude any confidence. Volume has been rising for a few days now and if that can continue, then one can expect that Bitcoin may be finding its bottom soon. RSI indicates Bitcoin is oversold so one can expect some upside but nothing here indicates that the upside will imply Bitcoin heading to new all-time highs.

![image.png](https://i.imgur.com/VknzyF1.png)
[Source](https://www.theblockcrypto.com/data/crypto-markets/futures/aggregated-open-interest-of-bitcoin-futures-daily)

Bitcoin Open interest is continuing its decline and was declining up until yesterday. Don't think that with the US Fed's policy overhang, open interest will rise further from here. If anything, unless risk-taking returns to equity markets, I do not think there will be sufficient open interest increase in the futures market. Futures markets are driven more or less by large capital players and institutions.

![image.png](https://i.imgur.com/Zg8X9F3.png)
[Source](https://www.coinglass.com/funding/BTC)

Funding rates have fallen sharply, so it is getting costly to short Bitcoin. While there is still room for further downside, I think we are very close to a bottom based on this stat. Maybe a few more days of selling pressure and then we will finally see leveraged selling go away from cryptocurrency markets.

It would be nice if $40k can be a local bottom for Bitcoin. I mean a low of $39,650 isn't really sub-$40k. I still think there is room for downside from here. Albeit, limited. The indicators are slowly starting to turn in Bitcoin's favor.

👍 project.hope, hingsten, bippe, xpilar, gunthertopp, ph-support, adityajainxds, leopard0505, ph-fund, crypto.piotr, protoss20, benie111, cyrusemerson, chesatochi, dcooperation, unbiasedwriter, emiliomoron, shaunmza, msquaretwins, reeta0119, help.venezuela, eric818, cyemela, lenonmc21, lupafilotaxia, never.power.down, sbdpotato, atim1234, dgalan, deathcross, vlemon, madridbg, ecoinstats, lennyblogs, futuremind, mauromar, famigliacurione, samminator, happyvoter, carlos84, talktofaith, bigpower, ckole, tugcenindolabi, karamyog, menoski, volkiceper, eberechi10, kgakakillerg, luckyali, mccoy02, beargame, robmolecule, akdx, alokkumar121, msquaretk, yusvelasquez, tolustx, mrsquiggle, machnbirdsparo, great-a, chucho27, solarwarrior, achim03, and 198 others

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@leopard0505 · Jan 11 '22

$0.14

Let's hope that the correction is over and uptrend continues. Thanks.

👍 leopard0505

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@karamyog · Jan 13 '22

i hope for the same.

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@samminator · Jan 11 '22

I sincerely hope that the correction of Bitcoin is ended and that will begin to witness an increase in price. More so, I am very bullish on Bitcoin this January and I hope the greens will be back soon.

Excellent read buddy

👍 samminator

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@karamyog · Jan 13 '22

I am hoping for greens as well. Nothing makes me happier if my negative analysis goes wrong.

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@crypto.piotr · Jan 12 '22

Hi @karamyog

I personally cannot see how Bitcoin could go below current level of support without some another HUGE negative news, which could cause the panic.

Even recent tornado with news coming from FED and Kazakhstan didn't do that much damage. Obviously I keep little bit of funds on the side, assuming that if we will dip even lower than I will stock up with even more cheap altcoins. But I simply do not see that happening - not as long as money printing around the world continues.

Cheers, Piotr

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@karamyog · Jan 13 '22

Exactly, I do not see a lot of downside from here as well. I expected a little more negative price action but wanted some more high-volume buying to gain some confidence. $40k should be very solid support.

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@joseph1956 · Jan 12 '22

We must not lose faith, there are countless causes and effects in this market that come from many places, interests, stock exchanges, lawsuits, wars of which the BTC is exposed in many aspects, I think we must be aware and trust that soon pass this desert of which we must be aware will happen many times.
greetings

👍 joseph1956

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joseph1956	0 B		10,110,400,819	100%

@karamyog · Jan 13 '22

true, there are countless things that impact markets. I have just mentioned a few.

properties (22)

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