In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500.
Check out the video:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022
The dollar’s strength continues to cause market turmoil. Following yesterday’s rally in BTC that was immediately wiped out, traders are even more hesitant to pull the trigger with the top cryptocurrency rising again.
Bitcoin Daily Momentum Increase Causes Chain Reaction
Bitcoin Daily has become bullish about the LMACD and set off a chain reaction that spans a range of time frames. We have bullish crossovers on both the 3 day and weekly timesframes in terms of the chain reaction. The weekly and the 3-day have been like bait. They snap back at bulls when they try to reverse the trend.
Source: TradingView.com, BTCUSD| Source: BTCUSD on TradingView.com
Comparison of BTC and Other World Currencies
DXY Dollar Currency Index shows the exchange rate of the dollar against top-ranked national currencies. These currencies are: the British Pound Sterling, the Euro, the Canadian Dollar, Japanese yen and Swedish Krona.
Because of the volatility and huge shakingups in international currency markets, Bitcoin was not used to compare with the USD standard pair.
You can see that the USD pair is struggling to cross the bullish mark while the euro, pound and canadian dollars have crossed over in bullish weeks. Others strong currencies such as the Swedish krona, Swiss franc and the Canadian dollar have not crossed over quite like the US dollar.
Comparing The Top Crypto To The S&P 500 And WTI Crude Oil
Continuing the deep dive into unorthodox Bitcoin charts, we’ve combined the charts of BTCUSD and the SPX. The unique chart shows Bitcoin has never reached a higher peak in the late 2021 and that the downtrend started with April’s peak. The weekly close confirms the crossover. This chart is also turning bullish. For a rally to be sustained, the bullish momentum needs to increase.
Next, we’ve compared Bitcoin to what could be the most important macro asset globally: oil. Similar to the SPX example above, in this comparison we compare BTCUSD against WTI Crude Oil. WTI Crude Oil is American-produced oil from West Texas Intermediate.
This odd trading pair also saw Bitcoin have a higher high and steeper downtrend. Bitcoin is bullish on oil, however, the move hasn’t been significant. Could such an event be imminent?
