In this episode of NewsBTC’s daily technical analysis videos, we provide a weekly wrap up on Bitcoin price action and look ahead into what might be a critical weekend for crypto.
VIDEO: Bitcoin Price Analysis (BTCUSD): September 16, 2022
Overall, there isn’t all that much more to report this week. Bitcoin continues to slide lower as it struggles to retain support. There is a chance that we will see a larger move soon. On a daily basis, the LMACD could cross over into bearish territory. Although it seems almost impossible, there are times when the LMACD and daily can cross paths. Prices may rise as a result.
Bulls have the Weekend to Counter Bullish Weekly Signals from Bears
The bullish crossover that was reported this week at the weekly close, which bears had attempted to cross, is now uncrossed. Relative Strength Index’s buy signal was also removed from the weekly BTCUSD prices charts. Bitcoin’s horizontal weekly support is also very fragile. It is worth $14K to lose it.
A potential diagonal trend line may also be showing resistance and support flips when taken from the 2019 peak. If the double-top is present, it could mean that we have a double bottom. You could not.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
What is the Third Chance of The Bitcoin Bottom’s Charm?
Both the LMACD (Liquid Strength Index) and Relative Strength Index were both at levels where BTC reached its lowest point during previous bear markets. While a third time isn’t guaranteed, it could also be the charm.
Is it possible that the third time is the charm?Source: BTCUSD tradingview.com | Source: BTCUSD on TradingView.com
BTCUSD September 14, 20,22| BTCUSD September 14, 2022
Cryptocurrency: Why the Final Capitulation Could Still be Ahead
LMACD’s monthly histogram may indicate that momentum is still moving down. Relative Strength Index for monthly timeframes has dropped to its lowest point in Bitcoin’s history. The Ichimoku monthly signal on the Ichimoku shows what may have been a bullish sign, but it is looking more dour.
The Tenkan and Kijun-sen remain bullish, but they are on the verge of becoming bearish. The final capitulation of BTCUSD has always been AfterThis signal was fired.
If the monthly doesn’t close significantly higher, danger becomes much more imminent. Bulls may need to be careful not to cross the line at this time, even though Bitcoin is on fire. We don’t know how that will impact the price action.
Bitcoin’s final lows should come soon or already are past us. Keep your head up.Source: BTCUSD tradingview.com
Is capitulation coming? | Source: BTCUSD on TradingView.com
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Featured Image from iStockPhoto. Charts from TradingView.com