Bitcoin

Bitcoin Barely Holds Onto $20,000 Support

On this episode of NewsBTC’s daily technical analysis videos, we offer a weekly wrap up on Bitcoin value motion and look forward into what is perhaps a essential weekend for crypto.

VIDEO: Bitcoin Worth Evaluation (BTCUSD): September 16, 2022

Total, there isn’t all that rather more to report this week. Bitcoin continues to be struggling to keep up assist and continues to creep decrease and decrease. We might get some kind of bigger motion quickly, nonetheless. The LMACD is near crossing bearish on the day by day.  Generally, though the crossover seems all however assured, the 2 strains can diverge upward and costs start to climb.

Bears Uncross Bullish Weekly Indicators, Bulls Have The Weekend To Counter

In actual fact, the bullish crossover reported earlier this week on the weekly open, has now been uncrossed by bears. The Relative Energy Index purchase sign can also be gone from weekly BTCUSD value charts. Bitcoin can also be barely hanging onto horizontal weekly assist. Dropping it places $14K in play.

There’s additionally a possible diagonal pattern line that is perhaps demonstrating a flip of resistance turned assist when drawn from the 2019 peak. The double-top then, may very well be an indication {that a} double backside finally holds right here. Or not.

BTCUSD_2022-09-16_14-54-02

Bears uncross bullish alerts from Monday's video | Supply: BTCUSD on TradingView.com

Is The Third Time The Allure For The Bitcoin Backside?

On the two-week timeframe, each the LMACD and Relative Energy Index are at a stage the place BTC bottomed throughout previous bear markets. Whereas a 3rd time isn’t assured, it may be the appeal.

BTCUSD_2022-09-16_14-55-26

May the third time be the appeal? | Supply: BTCUSD on TradingView.com

Associated Studying: WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022

Why Ultimate Capitulation In Crypto May Nonetheless Be Forward

The month-to-month LMACD histogram might present that there’s extra room for momentum to maneuver down. The Relative Energy Index on month-to-month timeframes is now the bottom in Bitcoin historical past. Lastly, the Ichimoku on the month-to-month exhibits what might need been a bullish sign, that’s now trying way more ominous as an alternative. 

The Tenkan-sen and Kijun-sen are crossed bullish, however are about to cross bearish in any case this time. Ultimate capitulation in BTCUSD at all times occurred after this sign fired. 

If the month-to-month doesn’t shut considerably greater, hazard turns into way more imminent. It additionally could also be too late at this level for bulls to keep away from a crossover, even when Bitcoin skyrockets from right here. How that will influence value motion stays to be seen.

The ultimate lows in Bitcoin needs to be due quickly sufficient, or are already behind us, so keep sharp.

BTCUSD_2022-09-16_14-56-58

Is capitulation coming? | Supply: BTCUSD on TradingView.com

Be taught crypto technical evaluation your self with the NewsBTC Buying and selling Course. Click on right here to entry the free academic program.

Comply with @TonySpilotroBTC on Twitter or be part of the TonyTradesBTC Telegram for unique day by day market insights and technical evaluation schooling. Please observe: Content material is academic and shouldn’t be thought of funding recommendation.

Featured picture from iStockPhoto, Charts from TradingView.com



Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button