1 year ago
In this occurrence of NewsBTC’s daily method investigation videos, we analyse however Bitcoin is trading against different currency pairs and not USD. We besides look astatine BTC against WTI Crude Oil and the S&P 500.
Take a look astatine the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022The marketplace continues to beryllium shaken up by the spot of the dollar. Following yesterday’s rally successful BTC that was immediately wiped out, traders are adjacent much hesitant to propulsion the trigger with the apical cryptocurrency rising again.
Bitcoin Daily Momentum Change Causes Chain ReactionBitcoin regular has flipped bullish connected the LMACD, mounting disconnected a concatenation absorption crossed a assortment of timeframes. In presumption of this concatenation reaction, we person a bullish crossover connected the 3-day and the play timeframe. Both, particularly the weekly, person been similar bait, snapping backmost astatine bulls each clip they effort to crook the tides of momentum.
Momentum causes a bullish concatenation absorption of crossovers | Source: BTCUSD connected TradingView.com How BTC Fares Against Other World Currencies
The DXY Dollar Currency Index is the dollar trading against a weighted handbasket of apical nationalist currencies. These currencies see the British lb sterling, the euro, the Canadian dollar, Japanese yen, Swedish krona, and Swiss franc.
Due to the tremendous shakeup and volatility successful planetary currency markets, we enactment Bitcoin up against different currencies and not the modular USD pair.
As you tin see, the pound, euro, river dollar, and Japanese yen each crossed bullish weeks prior, portion the USD brace struggles to bash so. Other beardown nationalist currencies similar the Swedish krona and Swiss franc person yet to transverse implicit overmuch similar the dollar.
Bitcoin could beryllium bottoming against respective apical currencies | Source: BTCUSD connected TradingView.comRelated Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022
Comparing The Top Crypto To The S&P 500 And WTI Crude OilContinuing the heavy dive into unorthodox Bitcoin charts, we’ve combined the charts of BTCUSD and the SPX. This unsocial illustration shows that Bitcoin ne'er made a higher high successful precocious 2021, and the downtrend began with the April peak. This illustration besides is flipping bullish and has a play adjacent confirming the crossover. Bullish momentum volition request to turn to prolong a rally.
Next, we’ve compared Bitcoin to what could beryllium the astir important macro plus globally: oil. In this comparison, overmuch similar the SPX example, we enactment BTCUSD up against WTI Crude Oil. WTI Crude lipid is American produced lipid from West Texas Intermediate.
In this oddball trading pair, Bitcoin besides had a little precocious and a overmuch steeper downtrend. However, Bitcoin flipped bullish against lipid respective weeks ago, but has yet to nutrient a meaningful upside move. Is specified a determination coming soon enough?
Bitcoin has crossed bullish against the SPX and WTI Crude Oil | Source: BTCUSD connected TradingView.comLearn crypto method investigation yourself with the NewsBTC Trading Course. Click here to entree the escaped acquisition program.
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