Bitcoin & The Hunt For A Green October
On this episode of NewsBTC’s daily technical analysis videos, we look at the explanation for right now’s volatility and rally rejection. We additionally look forward on the components that might give Bitcoin worth a inexperienced October.
Check out the video under:
VIDEO: Bitcoin Worth 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 may in any respect breath a sigh of reduction, bears swatted the rally again down a full thousand plus {dollars} to simply beneath $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 right now, Bitcoin was again within the inexperienced and past the zero-line.
Apparently, 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 finally confirmed regardless of being defended by bears, and a backside of the final main crypto winter was in.
Why Bitcoin May Shut October In The Inexperienced
Lastly, on month-to-month timeframes, though we’re far-off from any sort of a bull cross, bears should preserve momentum or danger 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 pink.
Presently, 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 stop an in depth under this stage, they might ship bears again into hibernation for not less than one other three months.
Even when bulls shut under the vital assist 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.
