In this episode of NewsBTC’s daily technical analysis videos, we examine the reason for today’s volatility and rally rejection. The factors that might give Bitcoin prices a greener October are also discussed.
Have a look below at the video.
VIDEO: Bitcoin Price Analysis (BTCUSD): September 27, 2022
Bitcoin started this morning with an impressive, over 5% rise to the upside. This took the cryptocurrency’s top spot to more than $20,000. The rally was stopped by bears, who wiped out the rallies for a total of $19,000 and a thousand dollars respectively.
There is also a bullish crossover possible on LMACD for weekly timeframes. This signal has been repeatedly supported by bears. Bitcoin had been in the green before today’s rejection.
The current weekly candle is very similar to the one that was at the bear market bottom’s bullish crossover in 2018. There is once again a long upside candle that coincides with the crossover. Although the crossover was defended by bears and was confirmed, there was a low point in crypto-winter.
Bitcoin May Close October In The Green
Finally, bears need to maintain momentum on monthly timeframes. Bulls may not cross the horizon, but we’re still far from a bull-cross.
There are only three more days in the month, with bullish crossovers occurring on the daily and 3-day and weekly levels. The hunt for a green Oct is underway. Only four out of twelve previous Octobers were closed by Bitcoin, and they all ended red.
Although no monthly candle has closed lower than the 2017 all-time record, this is something bears love to see. Bulls could prevent bears from closing below the 2017 all-time high and send them back to hibernation for three more months.
Bulls closing below critical support levels will result in a candle that looks exactly like the monthly candle when the tides turned and an uptrend started.