empty
09.11.2023 10:17 AM
Technical Analysis of BTC/USD for November 9, 2023

Crypto Industry News:

The now-defunct cryptocurrency exchange FTX, along with its sister company Alameda, successfully transferred approximately $38.5 million worth of assets to other centralized exchanges. According to reports, the ongoing selling frenzy is due to the need to meet its obligations to creditors.

According to online analyst Spot On Chain, approximately seven assets were recently transferred from addresses associated with FTX and Alameda to popular cryptocurrency exchanges. This sale occurred shortly after another transaction made by these entities on November 7.

In the latest round, assets worth approximately $38.5 million were transferred to FTX and Alameda addresses.

The seven assets included in the transfer are: 750,000 SOL worth USD 31.2 million, 325,501 ENS worth USD 2.76 million, 10.1 million GMT worth USD 2.22 million, 642,702 LDO worth USD 1.26 million, 288,211 APE worth USD 410,000 , 127,407 BADGER valued at $365,000 and 555,342 BNT valued at $323,000.

The once hopeful cryptocurrency exchange has been selling significant amounts of assets since early November. On November 7, the collapsed exchange transferred approximately 1.21 million SOL worth $48.6 million and 1,583 ETH worth $48.6 million to Kraken and Binance.

Similarly, on November 3, the stock exchange transferred approximately 800,000 shares to the same exchanges. SOL, which is equivalent to approximately USD 32.7 million. Between November 1 and 2, the company sent SOL, MATIC, ETH, MASK, SUSHI, BAT, GALA, LDO, C98, AAVE, ALICE, AXS, DYDX, ZRX worth almost $50 million to the popular Binance and Coinbase platforms.

As of November 8, the now-defunct former giant, together with its sister company, had transferred a total of 36 assets worth $350 million to various stock exchanges.

Technical Market Outlook:

The BTC/USD pair has made a new swing high at the level of $36,868 as the bulls are in control of the market. The price is again coming off the extremely overbought conditions on the H4 time frame chart, but now there is a clear Bearish Divergence between the price and the momentum on the H4 time-frame chart, so a pull-back is due soon. The intraday technical support is seen at $34,446. The next target for bulls is seen at the level of $37,142. The momentum remains strong and positive, so after the pull-back for the last swing high is done, the up trend shall continue.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $38,618

WR2 - $36,746

WR1 - $35,766

Weekly Pivot - $34,911

WS1 - $33,913

WS2 - $33,059

WS3 - $31,206

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin Targets $85,000

Interest in Bitcoin remains strong, as any normal downward movement is quickly bought up by large players. The fact that U.S. spot Bitcoin ETFs have resumed recording net inflows also

Jakub Novak 10:49 2025-03-19 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 19

Bitcoin and Ethereum faced challenges again after a recent sell-off on the U.S. stock market, but buyers and major players once again showed their strength, purchasing all downward movements

Miroslaw Bawulski 09:01 2025-03-19 UTC+2

BTC/USD Analysis – March 18th: Bitcoin Prepares for Growth, but the Risk of Collapse Remains

The 4-hour wave structure for BTC/USD appears clear and well-defined. After completing a five-wave bullish trend, a bearish phase began, which currently resembles a corrective pattern. Based on this

Chin Zhao 09:47 2025-03-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 18

Bitcoin and Ethereum buyers attempted to achieve more significant growth, and for a moment, the bullish market might gain hope for a return. However, they could not hold the achieved

Miroslaw Bawulski 08:00 2025-03-18 UTC+2

Bitcoin and Ethereum struggling to stay afloat

Bitcoin and Ethereum carry on with their efforts to grow, despite encountering difficulties each time. Nevertheless, the chances of a return to a bullish market remain quite high. After

Jakub Novak 09:32 2025-03-17 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 17

Bitcoin and Ethereum continue to consolidate within their respective channels, allowing for the expectation of a continued bullish market. However, several technical factors must be met for this to happen

Miroslaw Bawulski 08:04 2025-03-17 UTC+2

Another Consolidation Before a Drop

Bitcoin and Ethereum continue their attempts to rise, but each time they face obstacles, suggesting that this is more of a consolidation phase within an ongoing bearish correction rather than

Jakub Novak 12:25 2025-03-14 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 14

Bitcoin and Ethereum are currently consolidating within channels, creating conditions that may lead to further declines. While many experts agree that the lows have already been reached and an unstoppable

Miroslaw Bawulski 08:20 2025-03-14 UTC+2

Technical Analysis of Intraday Price Movement of Uniswap Cryptocurrency, Friday March 14, 2025.

From what is seen on the 4-hour chart of the Uniswap cryptocurrency, although currently still under pressure, is indicated by its price movement moving below the EMA (21) which

Arief Makmur 07:03 2025-03-14 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday March 14, 2025.

With the appearance of Convergence between the price movement of the Doge cryptocurrency and the Stochastic Oscillator indicator, it gives an indication that in the near future Doge

Arief Makmur 07:03 2025-03-14 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.