WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022
August 31 2022 - 12:26PM
NEWSBTC
In this episode of NewsBTC’s all-new daily technical analysis
videos, we are once again looking at the Bitcoin price monthly
chart as well as the monthly chart on Ethereum, and major stock
market indexes that have a high correlation with crypto. Take a
look at the video below. VIDEO: Bitcoin Price Analysis
(BTCUSD): August 31, 2022 There isn’t much to report on since
yesterday’s video, so all eyes remain on the pivotal monthly close
in Bitcoin and other risk assets. As you learned in yesterday’s
video, the BTCUSD monthly is on a TD9 buy setup, and could risk a
lower low which could perfect the series. In the next video, we
take one last look at monthly timeframes ahead of tonight’s close.
Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9
Setup | Daily TA August 30, 2022 One Last Look At The Bitcoin
Monthly Support Line (And Other Cryptocurrencies) Tonight’s August
monthly close is critical across all risk assets – cryptocurrencies
and stocks included. After staging an attempt at a recovery,
Bitcoin, Ethereum, and major stock indices have been rejected back
to support. Holding at this support level is the first step in a
recovery, while losing it is a clearer sign of additional downside.
In the chart below, we can see that all that is separating BTCUSD
from disastrous new lows is one horizontal line – former all-time
high resistance turned support. If the level fails to hold firm as
support, crypto could see and extended bear market. The S&P 500
and Nasdaq losing their support levels has even more dangerous
implications, possibly adding fuel to a recession in the United
States. Bitcoin hangs on by a thread at a key resistance turned
support level | Source: BTCUSD on TradingView.com Cyclical Tools
Give Hope For A Bottom There is no denying that things look
negative for Bitcoin and other risk assets at this point in time,
cyclical behavior dating back to the first major bear drawdown in
BTCUSD could provide hope that the worst is over and a new bullish
phase could begin. In the video, we compare past cycles using the
LMACD, Relative Strength Index, Stochastic, and the Average
Directional Index. The fact that these tools could indicate a
bottom is in might provide a clue to how the monthly candle will
close tonight. With less than hours remaining in the monthly
candle, it will be a nail-biter. We also take a closer look at this
cyclical behavior in Bitcoin | Source: BTCUSD on TradingView.com
Learn crypto technical analysis yourself with the NewsBTC Trading
Course. Click here to access the free educational program. Follow
@TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram
for exclusive daily market insights and technical analysis
education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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