Bitcoin

Bitcoin Barely Holds Onto $20,000 Support

On this episode of NewsBTC’s daily technical analysis videos, we offer a weekly wrap up on Bitcoin value motion and look forward into what may be a crucial weekend for crypto.

VIDEO: Bitcoin Value Evaluation (BTCUSD): September 16, 2022

Total, there isn’t all that rather more to report this week. Bitcoin remains to be struggling to take care of help and continues to creep decrease and decrease. We might get some kind of bigger motion quickly, nonetheless. The LMACD is near crossing bearish on the day by day.  Typically, though the crossover seems to be all however assured, the 2 strains can diverge upward and costs start to climb.

Bears Uncross Bullish Weekly Indicators, Bulls Have The Weekend To Counter

Actually, the bullish crossover reported earlier this week on the weekly open, has now been uncrossed by bears. The Relative Power Index purchase sign can be gone from weekly BTCUSD value charts. Bitcoin can be barely hanging onto horizontal weekly help. Shedding it places $14K in play.

There’s additionally a possible diagonal development line that may be demonstrating a flip of resistance turned help when drawn from the 2019 peak. The double-top then, may very well be an indication {that a} double backside finally holds right here. Or not.

BTCUSD_2022-09-16_14-54-02

Bears uncross bullish alerts from Monday's video | Supply: BTCUSD on TradingView.com

Is The Third Time The Appeal For The Bitcoin Backside?

On the two-week timeframe, each the LMACD and Relative Power Index are at a degree the place BTC bottomed throughout previous bear markets. Whereas a 3rd time isn’t assured, it is also the attraction.

BTCUSD_2022-09-16_14-55-26

May the third time be the attraction? | Supply: BTCUSD on TradingView.com

Associated Studying: WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022

Why Remaining Capitulation In Crypto May Nonetheless Be Forward

The month-to-month LMACD histogram might present that there’s extra room for momentum to maneuver down. The Relative Power Index on month-to-month timeframes is now the bottom in Bitcoin historical past. Lastly, the Ichimoku on the month-to-month exhibits what may need been a bullish sign, that’s now trying way more ominous as an alternative. 

The Tenkan-sen and Kijun-sen are crossed bullish, however are about to cross bearish in any case this time. Remaining capitulation in BTCUSD at all times occurred after this sign fired. 

If the month-to-month doesn’t shut considerably greater, hazard turns into way more imminent. It additionally could also be too late at this level for bulls to keep away from a crossover, even when Bitcoin skyrockets from right here. How that will affect value motion stays to be seen.

The ultimate lows in Bitcoin ought to be due quickly sufficient, or are already behind us, so keep sharp.

BTCUSD_2022-09-16_14-56-58

Is capitulation coming? | Supply: BTCUSD on TradingView.com

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Comply with @TonySpilotroBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique day by day market insights and technical evaluation training. Please be aware: Content material is academic and shouldn’t be thought of funding recommendation.

Featured picture from iStockPhoto, Charts from TradingView.com

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