Will Bitcoin Make A Weekend Comeback? BTCUSD September 2, 2022

In this episode of NewsBTC’s daily technical analysis videos, We will examine the Bitcoin USD weekly timeframe in preparation for the weekend and the close of business on the weekday.

Check out the video:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 2, 2022

We are now looking forward to Friday’s monthly close and the start of what might be an exciting weekend in crypto markets.

The Bitcoin price is following a fractal since the bottom of bear markets. The Relative Strength Index also has an interesting setup. According to the LMACD, momentum behaves very differently.

The Relative Strength Index must reach a higher level than the black drawn line for a buy signal. Like the previous crypto winter, RSI’s moving average also holds after a retest.

Also, we are waiting for a bullish crossover in the weekly LMACD. Although momentum is now at the level of the previous bear market bottom it has been trending sideways. Both price and the indicators could be nearing breaking of downtrend resistance, which could lead to a bullish movement.


Can the same trendline give rise to another bottom?Source: BTCUSD at TradingView.com | Source: BTCUSD on TradingView.com

Bull’s Hidden Hope For A Reversal

A bottom can form here. This is a sign that a trend line holds. The trend line doesn’t seem very important until zooming out on monthly timeframes. It is supporting the whole trend on a monthly basis since 2018, and it’s close to the candle. 

This trend line might indicate a hidden bullish divergence of the RSI or LMACD. Given the number of bearish signals from yesterday’s video, this is bull’s best hope for a reversal.


Is this hidden bull division going to hold?Source: BTCUSD at TradingView.com | Source: BTCUSD on TradingView.com

Similar Reading: WATCH: Waiting on the Bitcoin Monthly: Is Crypto Sinking Or Rising? BTCUSD August 31st, 2022

Has Powell’s Downtrend Been Broken?

Below is a 3-day chart that gives us an idea of how each day might go. This includes our weekend and today. This is how you might interpret different time periods. Pay closer attention to the monthly charts if you are interested in knowing how assets may perform over time.

According to LMACD, the 3-day looks ready to move upwards. According to the LMACD, the RSI downward trend resistance is continuing to shrink, leaving little room for it to move down or through. A subjectively drawn downtrend channel could suggest that we’ve broken out of the downtrend, retested it, and are ready to move up.


 Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com

Crypto Winter: Cyclical Tools

These times are difficult for anyone, so we turn to cyclical instruments to determine if the market has a rhythm or rhyme. The visible cyclical nature of the market is evident across price, RSI (and LMACD). 

Bitcoin faces the most risky environment. But, it is possible to see one of the most rewarding setups in Bitcoin’s history in terms of its rewards in a long time.


 Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com

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Featured image taken from iStockPhoto. Charts taken from TradingView.com

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