In this episode of NewsBTC’s daily technical analysis videos, we look at how Bitcoin is buying and selling in opposition to different foreign money pairs and never USD. We additionally have a look at BTC in opposition to WTI Crude Oil and the S&P 500.
Take a have a look at the video under:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022
The market continues to be shaken up by the power of the greenback. Following yesterday’s rally in BTC that was immediately wiped out, merchants are much more hesitant to tug the set off with the highest cryptocurrency rising once more.
Bitcoin Daily Momentum Change Causes Chain Reaction
Bitcoin day by day has flipped bullish on the LMACD, setting off a series response throughout quite a lot of timeframes. In phrases of this chain response, we now have a bullish crossover on the 3-day and the weekly timeframe. Both, particularly the weekly, have been like bait, snapping again at bulls every time they try to show the tides of momentum.
Momentum causes a bullish chain response of crossovers | Source: BTCUSD on TradingView.com
How BTC Fares Against Other World Currencies
The DXY Dollar Currency Index is the greenback buying and selling in opposition to a weighted basket of prime nationwide currencies. These currencies embrace the British pound sterling, the euro, the Canadian greenback, Japanese yen, Swedish krona, and Swiss franc.
Due to the large shakeup and volatility in international foreign money markets, we put Bitcoin up in opposition to different currencies and never the usual USD pair.
As you’ll be able to see, the pound, euro, canadian greenback, and Japanese yen all crossed bullish weeks prior, whereas the USD pair struggles to take action. Other sturdy nationwide currencies just like the Swedish krona and Swiss franc have but to cross over very similar to the greenback.
Comparing The Top Crypto To The S&P 500 And WTI Crude Oil
Continuing the deep dive into unorthodox Bitcoin charts, we’ve mixed the charts of BTCUSD and the SPX. This distinctive chart exhibits that Bitcoin by no means made a higher high in late 2021, and the downtrend started with the April peak. This chart is also flipping bullish and has a weekly shut confirming the crossover. Bullish momentum might want to develop to maintain a rally.
Next, we’ve in contrast Bitcoin to what may very well be a very powerful macro asset globally: oil. In this comparability, very similar to the SPX instance, we put BTCUSD up in opposition to WTI Crude Oil. WTI Crude oil is American produced oil from West Texas Intermediate.
In this oddball buying and selling pair, Bitcoin additionally had a decrease excessive and a a lot steeper downtrend. However, Bitcoin flipped bullish in opposition to oil a number of weeks in the past, however has but to supply a significant upside transfer. Is such a transfer coming quickly sufficient?
