WATCH: Bitcoin September To Remember: The Good, The Bad, & The Ugly | BTCUSD September 1, 2022
September 01 2022 - 1:16PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
are looking again at the Bitcoin BTCUSD monthly chart now that the
August monthly candle has closed and we finally have new data to
analyze. Take a look at the video below for the good, the bad, and
the ugly. VIDEO: Bitcoin Price Analysis (BTCUSD): September 1,
2022 In yesterday’s video, we focused on the nail-biter of a
monthly close we had last night, where bulls were just barely able
to hold onto support. With a new monthly candle open, today’s video
attempts to see where the crypto market is headed, if the bottom is
in, or if we’ll see an extended accumulation phase. Related
Reading: WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or
Soar? BTCUSD August 31, 2022 August Aftermath: How Did The Bitcoin
Monthly Candle Close? Bitcoin managed to close above former
all-time high resistance turned support. This is the good news of
the analysis, as you could imagine. The bad news is that Bitcoin
has lost what in the past has been referred to as the Coinbase
line. Trend lines are subjective to a point and there is a chance
that a longer-term trend line still held on by a hair. There are
several trend lines to watch currently | Source: BTCUSD on
TradingView.com Technical Update With Bollinger Bands, Ichimoku,
And More One hopeful note is that the monthly stayed within the
lower Bollinger Band. Closing outside it could have led to an
extended downmove – much like past uptrends continue to ride the
upper band after a strong breakout. The Ichimoku monthly is also
gives bulls more hope, or is simply a delayed look at the
inevitable. The tenkan-sen is still above the kijun-sen, and the
kijun-sen has started to move upward. However, the lines have
typically crossed on the monthly before Bitcoin has bottomed, which
could suggest the bottom isn’t it. Cloud twists are also especially
notable and have in the past indicated a trend change. We won’t see
a cloud twist until November 2022 the earliest, suggesting that
Bitcoin could spend more time trending down or sideways before we
see a greater recovery. We might not have found a bottom just yet |
Source: BTCUSD on TradingView.com Timing A Possible Turning Point
In Crypto Winter The monthly Fisher Transform has yet to flip
bullish. The tool is helpful for finding precise turning points in
market cycles. The tool continues to descend toward an upward
sloping trend line that is yet another signal that Bitcoin have a
lengthy bottom like the 2014 and 2015 bear market. The monthly
Relative Strength Index is at the lower boundary of an ongoing
downtrend channel. The 2018 bear market bottom barely touched the
bottom boundary, while the 2014 and 2015 bear market spent time
grinding along it. This monthly close gave us our second touch of
the line and could suggest similar behavior to Bitcoin’s first bear
market. Another potentially positive sign is that LMACD has reached
a possible upward trend line that could provide support for where
momentum begins to turn back upward. The month of September and
each month moving forward must turn pink on the histogram to
indicate weakening bearish momentum, and the bull trend would be
confirmed with the histogram crossing the zero line and turning
green. We also take a closer look at this cyclical behavior in
Bitcoin | Source: BTCUSD on TradingView.com Fundamental Case: Is It
Crazy To Buy Bitcoin Here? Even the monthly chart using Bitcoin
fundamental tools is looking rather ugly. On monthly timeframes,
the hash ribbons have yet to properly issue a buy signal despite
the signal triggering on the daily. Bitcoin is also above the
lowest point of the cost of production – a metric that analyzes the
cost miners incur to produce each BTC on average. The 2018
bear market closed a monthly candle below the lowest point of the
average. It is worth noting that although there was this key close
below it during the last crypto winter, the swing low was already
in when it happened. This could suggest that Bitcoin will trade
sideways and accumulate at such prices a while longer, but $17,500
could ultimately hold up as the bottom. We also take a closer look
at this cyclical behavior in Bitcoin | Source: BTCUSD on
TradingView.com Learn crypto technical analysis yourself with the
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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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