WATCH: Weekend At Bitcoin’s: Will The Dead Crypto Make A Comeback? BTCUSD September 2, 2022
September 02 2022 - 3:35PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
are going to look at the weekly timeframe on Bitcoin BTCUSD in
anticipation of the weekend and weekly close. Take a look at the
video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September
2, 2022 With the monthly open now out of the way and Friday here,
we are looking ahead at the weekend close ahead of what could be an
interesting weekend in the crypto market. Related Reading: WATCH:
Bitcoin September To Remember: The Good, The Bad, & The Ugly |
BTCUSD September 1, 2022 Bitcoin Bear Market Bottom Fractal And Buy
Signals Bitcoin price has been following a fractal from the bear
market bottom. Interestingly, the Relative Strength Index has a
similar setup as back then well. Meanwhile, momentum is behaving
much differently according to the LMACD. For a buy signal to take
place on the Relative Strength Index, the RSI must make a higher
high and breach the drawn line in black. The RSI moving average has
also held after a retest, much like the last crypto winter. We are
also waiting for a bullish crossover on the weekly LMACD. Momentum
has fallen to the same level as the last bear market bottom, but
continues to track sideways. Price and both indicators are
potentially nearing a breakout of downtrend resistance which could
produce a bullish move. Could the same trend line give us another
bottom? | Source: BTCUSD on TradingView.com Bull’s Hidden Hope For
A Reversal If a bottom forms here, there is potential in an
important trend line holding. The trend line doesn’t seem very
important until zooming out on monthly timeframes. On the monthly,
it is currently supporting the entire trend since 2018 on a candle
close basis. The trend line would give us a potential hidden
bullish divergence on both the RSI and LMACD. Given the number of
bearish signals from yesterday’s video, this is bull’s best hope
for a reversal. Will this hidden bull div hold firm? | Source:
BTCUSD on TradingView.com Related Reading: WATCH: Waiting On The
Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022
Has Powell’s Downtrend Been Broken? To give us a feel for how the
next three days might perform which includes today and our weekend,
the below chart represents the 3-day. Taking a moment for
education, this is exactly how you would interpret various
timeframes. If you want to know how an asset may perform months
from now, pay closer attention to the monthly chart. The 3-day
appears ready to diverge upward according to the LMACD. The RSI
downtrend resistance continues to narrow, giving the indicator
little room but down, or right through it. A subjectively drawn
downtrend channel could suggest that we’ve broken out of the
downtrend, retested it, and are ready to move up. The 3-day LMACD
appears ready to push higher | Source: BTCUSD on TradingView.com
Cyclical Tools To Consider In Crypto Winter In times like these, we
can turn toward cyclical tools to see if there is any rhythm or
rhyme to where the market had bottomed in the past. Across price,
RSI, and LMACD, there is no denying the visible cyclical
behavior. Bitcoin is faced with its riskiest environment yet.
However, we could be looking at one of the most favorable setups in
terms of its reward in a very long time. 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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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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