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

Trading tips on crypto market on March 27 (North American session)

Bitcoin didn't show anything interesting in the first half of the day. Only Ethereum could be traded a bit within its sideways channel, in which it is still trapped. Meanwhile

Miroslaw Bawulski 15:16 2025-03-27 UTC+2

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Why Bitcoin's fall not over yet

Despite the recent growth of the cryptocurrency market, larger upward prospects and a return of Bitcoin to the $100,000 mark remain unrealistic for now. This is evidenced by data from

Jakub Novak 10:00 2025-03-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 25

Bitcoin and Ethereum have reached significant levels but failed to hold them. Bitcoin climbed to $88,600 before pulling back and now trades around $86,600. Ethereum also corrected after another failed

Miroslaw Bawulski 08:26 2025-03-25 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.