2 years ago
In this occurrence of NewsBTC’s daily method investigation videos, we analyse a caller showing from bulls aft a bloody Monday greeting unfastened successful Bitcoin terms action.
Take a look astatine the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 19, 2022Last night, we had the play adjacent successful Bitcoin price, and overnight, determination was a heavy plunge to the debased $18K region. However, since the 9AM Monday greeting open, prices person climbed by much than 5% already leaving a agelong wick behind.
Bull Stop Bears Short With Hammer TimeBitcoin terms is forming a hammer. A hammer is simply a benignant of bullish reversal awesome successful Japanese candlesticks that represents a large, abrupt beingness from bulls erstwhile a cardinal terms nonsubjective was reached.
On regular timeframes, determination isn’t each that overmuch important going connected different to corroborate the signal. Price has erstwhile again touched the little Bollinger Bands wherever the absorption occurred. The RSI suggests that the spot down the determination was precise anemic contempt the depth.
Stochastic has besides fallen to the oversold line. Holding supra it leads to short-term rallies, but arsenic you tin spot successful the past terms tin autumn close backmost down.
Despite the plunge, determination wasn't overmuch spot from bears | Source: BTCUSD connected TradingView.com Weakening Weekly Momentum Could Be Ready To TurnSince contiguous is the archetypal time of the week, the play candle successful Bitcoin presently is simply a hammer also. With respective days remaining earlier the close, it is improbable it volition enactment that way. The caput of the hammer, oregon real candle body, is hanging connected conscionable supra erstwhile all-time precocious resistance.
Zoomed successful closely, you tin spot wherefore this determination was particularly demoralizing for bulls. Any traders who entered connected leverage volition person been stopped retired aft months of presumption building, leaving lone those who entered connected the wick to $17,500 remaining successful a agelong position.
Given the macro concern and the utmost bearish sentiment, caller lows look to beryllium a given. However, bearish momentum has been weakening connected play timeframes, which is simply a bullish awesome to spell with a hammer candle. If bulls tin adjacent the play histogram successful the greenish and implicit a bullish crossover connected the LMACD, a sustained rally could materialize.
Comparing it with the 2018 carnivore marketplace bottom, erstwhile crossed, Bitcoin ne'er returned to those prices.
Bears exposure weakness connected play timeframes | Source: BTCUSD connected TradingView.comRelated Reading: WATCH: Ethereum Merge Sell The News Event | ETHUSD September 15, 2022
Why Bitcoin Bulls Have 11 Days To Save SeptemberThere are lone 11 days near successful the monthly candle, and this is each the clip bulls person near to forestall a overmuch deeper selloff successful BTC.
Although the existent candle looks ugly, comparison it to past levels wherever a meaningful reversal began. A doji pattern to adjacent September could beryllium the opening of a clump of enactment forming that tells the marketplace caller lows won’t beryllium happening.
The onus is connected bulls to marque a beardown showing wrong the adjacent 11 days to enactment bearish momentum connected monthly timeframes to a stop. In the past, the histogram turning pinkish was the turning constituent that fto the marketplace cognize bulls were taking backmost power implicit crypto.
How volition September end?
Can bulls yet halt bearish momentum? | Source: BTCUSD connected TradingView.comLearn crypto method investigation yourself with the NewsBTC Trading Course. Click here to entree the escaped acquisition program.
Follow @TonySpilotroBTC connected Twitter oregon join the TonyTradesBTC Telegram for exclusive regular marketplace insights and method investigation education. Please note: Content is educational and should not be considered concern advice.
Featured representation from iStockPhoto, Charts from TradingView.com
English (US) 