On this episode of NewsBTC’s daily technical analysis videos, we look at the rationale for as we speak’s volatility and rally rejection. We additionally look forward on the components that might give Bitcoin value a inexperienced October.
Check out the video beneath:
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 might in any respect breath a sigh of reduction, bears swatted the rally again down a full thousand plus {dollars} to simply 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 as we speak, Bitcoin was again within the inexperienced and past the zero-line.
Curiously, the present weekly candle additionally carefully 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 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 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 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 stop an in depth beneath this stage, they may ship bears again into hibernation for no less than one other three months.
Even when bulls shut beneath the vital help stage, 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.
