Bitcoin & Ethereum Market Overview: 23 November 2021

Traders’ psychology on Bitcoin is inconsistently swinging between greed, fear, and neutral, according to the major statistic. Traders acknowledge Bitcoin’s short-term vulnerability and feel the price has reached a local low and is ready for a recovery. RM 255,862.00 is a significant threshold for Bitcoin price because supporters believe the current bull run will go longer than the 2017 rise.

Chart provided by TradingView


Bitcoin (BTC)- The major indications hint at a local bottom below RM 239,085.00 and a Bitcoin price rebound. Supporters expect a stronger trend by figuring comparisons between the prevailing bull run and the price rallies that have reached the support zone.

Bitcoin’s price has crossed a threshold above RM 255,862.00. The Bitcoin Fear and Greed Index is bouncing back and forth between “greed,” “neutral,” and “fear.” The “Fear and Greed Index” is a multifunctional sentiment analysis indicator that assesses multiple distinct “fear” and “greed” components and rates emotion on a scale of 0 to 100.

The sentiment of investors regarding Bitcoin is shaky. At the present Bitcoin price of RM 240,721.00, the fluctuation in investor mood shows hesitation among traders and investors.


Chart provided by TradingView

Ethereum (ETH)-
The Ethereum price witnessed bulls cut back losses over the weekend, however, the rebound was halted by resistance at RM 18,730.00. Around that moment, ETH bears regained control and brought the price down to RM 17,031.00 earlier. Bears will remain dominant as long as no underlying effective approaches arise that may alter sentiment in a positive direction.

With no fundamental growth momentum to boost the price, the Ethereum price witnessed bulls hit a point over the weekend with a rejection of RM 18,730.00. That was the November 12 low, and it received some decent support in the days that followed. Bulls tried to get back above it when ETH eventually fell below it, only to find that the support had now turned into resistance, giving bears another level to short against ETH.

Bears are now targeting the September 03 support level of RM 17,031.00 for ETH. This is also in accordance with the 55-day Simple Moving Average, which will contribute to the support. Since this level was previously crossed last week, anticipate just a slight slowing in selling pressure, but a break is imminent, opening up more negative possibilities towards RM 15,464.00, which originated on May 4.

Bears are expected to push down first, with the Relative Strength Index in the neutral zone. Profit-taking may delay the correction along with the approach. Bulls will want to get in early and buy at a loss, so expect a complete pause around RM 15,463.00. Technologically, the red falling trend line interferes with the previous major support level at RM 15,463.00, making it ideal for retracement.

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