On this episode of NewsBTC’s every day technical evaluation movies, we look at the explanation for at the moment’s volatility and rally rejection. We additionally look forward on the elements that would 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 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. Earlier than the rejection at the moment, 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 Might Shut October In The Inexperienced
Lastly, on month-to-month timeframes, though we’re far-off from any kind of a bull cross, bears should keep 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 every 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.
At the moment, no month-to-month candles have closed beneath the previous all-time excessive set again in 2017, however that is what bears are salivating over. If bulls can forestall a detailed beneath this degree, they may ship bears again into hibernation for a minimum of one other three months.
Even when bulls shut beneath the vital assist degree, 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.
