In this episode of NewsBTC’s Daily Technical Analysis VideosWe examine the reason for the volatility today and reject the rally. We also look at factors that could give the October price of Bitcoin in the green.
See the video below:
Video: Bitcoin (BTCUSD) Price Analysis: September 27, 2022
This morning, Bitcoin started a significant move of more than 5% to the upside, as the top cryptocurrency returned to over $20,000. Before the bulls could ever breathe a sigh of relief, the bears hit the rally, pulling back over $1,000 plus to just under $19,000.
On the weekly time frames, there is also a possible bullish crossover on the LMACD. Bears have repeatedly defended this signal. Before the rejection today, Bitcoin is back in the green and crossed the zero line.
Interestingly, the current weekly candlestick is very similar to the corresponding candle that appeared at the bullish crossover in 2018 market slump bottom. Once again, there is a long fuse to the upside that coincides with the crossover. The cross was eventually confirmed despite being defended by bears, and was the bottom of the last major crypto winter.
Why Bitcoin could close October in the green
Finally, on the monthly timeframes, even though we are far from any kind of bullish crossover, the bears must maintain the momentum or risk allowing the bulls to regain control of the cryptocurrency.
With only 3 days left on the monthly time frame, and bullish crossovers on the daily, 3 day and weekly, the hunt for green October continues. Out of the last twelve October, Bitcoin closed only four of them in the red.
Currently, no monthly candle has closed below the previous all-time high setback in 2017But that’s what bears saliva. If the bulls can prevent a close below this level, they can put the bears back into hibernation for at least another three months.
Even if the bulls close below the critical support level, the resulting candle will look exactly like the monthly candle as the tides eventually turn, and a new uptrend begins.