In this episode of NewsBTC’s daily technical analysis videos, we study the rationale for at present’s volatility and rally rejection. We additionally look forward on the components that might give Bitcoin value a inexperienced October.
Take a take a look at the video under:
VIDEO: Bitcoin Price Analysis (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. Before bulls might in any respect breath a sigh of aid, bears swatted the rally again down a full thousand plus {dollars} to simply underneath $19,000.
On weekly timeframes, there’s additionally such a possible bullish crossover on the LMACD. Bears have repeatedly defended this sign. Before the rejection at present, Bitcoin was again within the inexperienced and past the zero-line.
Interestingly, the present weekly candle additionally carefully resembles the corresponding candle that appeared on the bullish crossover on the 2018 bear market bottom. Once once more, there’s a lengthy upside wick coinciding with the crossover. The crossover was finally confirmed regardless of being defended by bears, and a backside of the final main crypto winter was in.
Why Bitcoin Could Close October In The Green
Finally, on month-to-month timeframes, though we’re distant from any sort 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 day by 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 crimson.
Currently, no month-to-month candles have closed under the previous all-time excessive set back in 2017, however that is what bears are salivating over. If bulls can forestall an in depth under this stage, they might ship bears again into hibernation for no less than one other three months.
Even if bulls shut under the important help stage, the ensuing candle will look identical to the month-to-month candle the place the tides did finally flip, and a brand new uptrend started.
