Fundamental Analysis Bitcoin-BTC-November-December 2018 feature image

Fundamental Analysis Bitcoin (BTC) November December 2018

Introduction

As we enter into a new month, the fundamental and technical events of the previous month though have a few bullish outlooks. However, on the general overview, the BTCUSD has continued to maintain a bearish outlook. Read on to get our opinion on these events and patterns that are likely to move the price of the BTCUSD.

A Focus on Previous and Upcoming Events in the Ethereum Community

Fundamental Analysis Bitcoin (BTC) November December 2018

Bitcoin upcoming events:

Bitcoin past events:

 

Bitcoin Core v.0.17.0 Release 8 September

Prior to the release of the Bitcoin Core v.0.17.0 release date, the price chart of the BTCUSD was in a bearish swing. The next day of the news release closed as an Inverted hammer candlestick pattern, which was later followed by a bullish accumulation pattern that signalled a change in direction of swing.

Cboe XBT Expiration Date 19 September

At the expiration date of the Cboe XBT, the price was making a little correction of the bullish attempt of the Bitcoin core version release, which we believed would push the exchange rate a high in favour of the BTC. The closing price of the Cboe Expiration date also triggered a bullish accumulation pattern, leading to a growth of 7.02% profit compared to a 2.07% risk exposure in the form of two consecutively bullish closing candles.

CME Bitcoin Futures Last Trade Date 28 September

On the last trade date of the CME Bitcoin Futures, the price already began showing bearish sentiment, first starting with a bearish closing day, followed by a bearish accumulation pattern. This bearish accumulation pattern lasted into 4-consecutive bearish closing bars signalling huge bearish pressure.

Cboe XBT Expiration Date 17 October

Although the bullish run of Bitcoin price that came up prior to the Cboe XBT Expiration was not triggered by a BTC fundamental, it sure did bring about huge volatility across the cryptocurrency market. Following this bullish run was another bearish accumulation pattern that came up on the expiration date of the Cboe.

Margin Trading and Funding on COBINHOOD 19 October

The breakdown of bearish accumulation continued south on the takeoff date of margin trading and funding on CobinHood exchange. All bullish accumulation patterns that followed after this event have not been able to stand the test of time.

Potential Triggers for November and into December

CME Bitcoin Futures Last Trade Date 26 October

The CME Bitcoin Futures last trade date is a major trigger for the direction the BTCUSD pair will follow, moving forward into November. On the 23rd of October, prior to the last trade date, there was already a bearish breakdown of bullish accumulation candlestick formation. As a result, it’s already clear that the buyers are not strong enough to cause a change in the overall bearish trend the pair has been in for a period of time now.

Cboe XBT Expiration Date 14 November

Considering that the month of October closes bearish, triggering a double bearish accumulation on the monthly chart, the Cboe XBT expiration is an event that is believed will further push the pair south.

CME Bitcoin Futures Last Trade Date 30 November

November 30 marks the last trade date of the CME Bitcoin Futures. Again, being an event that comes up at the end of the month makes the monthly time frame a period of interest.

Cboe XBT Expiration Date 19 December & CME Bitcoin Futures Last Trade Date 28 December

Both events are again very significant as potential triggers for price direction, and even though they are to come up in about a month’s time, the monthly charts bearish accumulation pattern is still our go-to price pattern. As we approach the respective dates, we’ll keep tabs on the daily/weekly chart price patterns that might come contrary to the current bearish sentiment the pair is showing at the moment.

Potential Risks for November and into December

With a double bearish accumulation pattern formed on the monthly chart, offering high probability short selling trading opportunity, that comes with a risk of 14% (approximately $7351.00) compared to a potential profit of 43% (approximately $3645.00).

Technological Adoption on the Bitcoin Network

Major technological adoption in terms of Apps has been in the area of bitcoin wallets. Such bitcoin apps include Bitcoin ticker, Blockfolio, Sweatcoin, lawnmower, bitcoin miner, KryptoGraphe, BitPay, Blockchain etc.

Updates and Milestones Accomplished on the Bitcoin Network

The Bitcoin Core v.0.17.0 is the most recent major version release which is available for download at https://bitcoincore.org/bin/bitcoin-core-0.17.0/. This version release comes with new features, bug fixes and performance improvement, not forgetting updated translations.

GUI Changes

Under preferences, there is now a functionality to limit block storage in the Main tab. In order to undo this setting, one will have to download the full blockchain again.

Dynamic loading and Creation of Wallets

The option for the external wallet –wallet=<path> now accepts full paths in the current update instead of having wallets in the directory –walletdir or the name of a wallet that is currently loaded.

More information on updates can be found at bitcoincore.org/en/releases/0.17.0/.

Update to the BTCUSD Daily Chart

Fundamental Analysis Bitcoin (BTC) November December 2018 update

All attempts by the bulls to continue an uptrend in the form of a bullish accumulation pattern have failed to bearish breakdown patterns. At the point of concluding this article, a triple bullish accumulation pattern is about to fail to a bearish breakdown as shown on the chart above. A bearish closing bar, below the last 2 bullish candle lows will trigger this breakdown pattern, let’s keep our fingers crossed.

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