Bitcoin Weekly Chart Fires Bottom Signals At Open

In this episode of NewsBTC’s daily technical analysis videos, We take a look at several bullish signals for Bitcoin, which fired during the latest weekly open. However, the cryptocurrency market isn’t out of the woods, as this week must confirm the signals with a strong close.

Have a look below at the video.

VIDEO: Bitcoin Price Analysis (BTCUSD): September 12, 2022

Last night we had a weekly close in Bitcoin and have already added nearly 3% on top of around 16% from the lows swept during last week’s candle. Many bullish signals are now firing on the candle opening as a consequence. To confirm these signals, it is important that BTCUSD stays above the current levels.

Review of the BTCUSD Weekly Purchase Signals

A bullish crossover occurred of LMACD and opened the weekly. As we saw in the BTCUSD weekly charts, even an open candle and confirmed crossover could be dangerous. It is from this point that the crossover occurs which is most notable.

The bullish crossovers at the LMACD in bear markets past have led to a sustained bottom and bull run. The 2018 and 2014 bear markets saw similar levels of momentum.

BTCUSD weekly is also working on a buy signal on the Relative Strength Index, according to the tool’s creator, J. Welles Wilder Jr. When the RSI drops below oversold levels, the buy signal activates. The threshold is then reached. 

If at the next pullback, the RSI doesn’t revisit oversold conditions, we have one important factor in generating the buy signal. The RSI needs to make a higher peak. This behavior is similar to the bear market bottom in 2018.


Comparison of past Bitcoin bear-market buy signals| Source: BTCUSD on

Reversal targets Retest of $32,000 Support, Turned Resistance

If Bitcoin bottoms out, the next goal would be to move above the middle Bollinger Band and then push for the opposite band at $32,000.

Kijun-sen, on the Ichimoku, is at about the same level with the upper Bollinger Band. This highlights the clear importance given to weekly timeframes. Similar to the bear market that ended in 2008, Bitcoin just took the Tenkan-sen. A cloud twist happened after the bottom had already been reached.


The target for the indicator dynamic resistance is $32K. Source:| Source: BTCUSD on

BTCUSD September 8, 2022| BTCUSD September 8, 2022

Is a 3-Month, 30% Rally Possible for Bitcoin?

Since the condition from the 2018 bear market bottom appears so similar currently, let’s use the bars pattern to project the 2019 rally from where we are currently. 

It is now back at all-time heights. It took just three months for BTC’s 2019 rally to reach 300%. It didn’t set a new high until almost another 18 months later.


 Source:, BTCUSD| Source: BTCUSD on

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