Bitcoin & The Hunt For A Inexperienced October

 Bitcoin & The Hunt For A Inexperienced October


On this episode of NewsBTC’s daily technical analysis videos, we study the explanation for in the present day’s volatility and rally rejection. We additionally look forward on the elements that would give Bitcoin value a inexperienced October.

Check out the video beneath:

VIDEO: Bitcoin Value Evaluation (BTCUSD): September 27, 2022

This morning, Bitcoin started with a big, greater than 5% transfer to the upside, taking the highest cryptocurrency to again over $20,000. Earlier than bulls might in any respect breath a sigh of reduction, bears swatted the rally again down a full thousand plus {dollars} to only below $19,000.

On weekly timeframes, there may be additionally such a possible bullish crossover on the LMACD. Bears have repeatedly defended this sign. Earlier than the rejection in the present day, Bitcoin was again within the inexperienced and past the zero-line.

Curiously, the present weekly candle additionally intently resembles the corresponding candle that appeared on the bullish crossover on the 2018 bear market backside. As soon as once more, there’s a lengthy upside wick coinciding with the crossover. The crossover was in the end confirmed regardless of being defended by bears, and a backside of the final main crypto winter was in.

Why Bitcoin Might Shut October In The Inexperienced

Lastly, on month-to-month timeframes, though we’re far-off from any kind of a bull cross, bears should keep momentum or threat permitting bulls to take again management over crypto. 

With solely three days left within the month-to-month timeframe, and bullish crossovers on the each day, 3-day, and weekly, the hunt for a inexperienced October is on. Out of the final twelve Octobers, Bitcoin closed solely 4 of them purple. 

At the moment, no month-to-month candles have closed beneath the previous all-time excessive set back in 2017, however that is what bears are salivating over. If bulls can forestall a detailed beneath this degree, they might ship bears again into hibernation for not less than one other three months.

Even when bulls shut beneath the crucial help degree, the ensuing candle will look similar to the month-to-month candle the place the tides did in the end flip, and a brand new uptrend started.

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