{"id":10725,"date":"2022-10-27T20:53:37","date_gmt":"2022-10-28T00:53:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=10725"},"modified":"2022-10-27T20:53:37","modified_gmt":"2022-10-28T00:53:37","slug":"the-inverted-bitcoin-chart-bears-dont-wanna-see-btcusd-analysis-october-27-2022","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/27\/the-inverted-bitcoin-chart-bears-dont-wanna-see-btcusd-analysis-october-27-2022\/","title":{"rendered":"The Inverted Bitcoin Chart Bears Don\u2019t Wanna See | BTCUSD Analysis October 27, 2022"},"content":{"rendered":"

In this episode of NewsBTC\u2019s daily technical analysis videos, we flip the Bitcoin price<\/a> chart upside down to get a unique perspective on the market.<\/p>\n

Take a look at the video below:<\/p>\n

VIDEO: Bitcoin Price Analysis (BTCUSD): October 27, 2022<\/h2>\n

Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over<\/p>\n

When price action seems confusing, inverting the chart of any asset can help to remove bias and provide a clearer picture.\u00a0Looking at BTCUSD from this perspective, it sure looks like a retest of horizontal support turned resistance. There is also an ongoing breakdown of an uptrend line. But remember, everything is upside down.<\/p>\n

On higher timeframes, diagonal downtrend resistance remains intact. We can also clearly see very similar price action across the last major \u201ctop\u201d which is actually the 2018 bear market bottom.\u00a0When you flip things right side up again, does Bitcoin really look all that bearish?<\/p>\n\n

Bitcoin bulls can turn that frown upside down | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022<\/a><\/p>\n

BTCUSD Weekly RSI Buy Signal Days Away From Confirming<\/p>\n

Moving along, we also have a potential buy signal on the weekly Relative Strength Index<\/a>. This one is particularly important, as this is how the tool\u2019s creator intended it to work.\u00a0The buy signal happens when a higher high is made on the RSI, after reaching oversold conditions and holding above oversold territory on a subsequent bounce.\u00a0<\/p>\n

It does help that BTCUSD weekly is also working on breaking out of downtrend RSI resistance also at the very same time.\u00a0Looking back at past Bitcoin bottoms, we can see that it was this exact buy signal that put in each bottom on weekly timeframes.\u00a0We can also see there is a cyclical rhythm to when each downtrend has come to its conclusion.<\/p>\n\n

Cyclical timing could suggest crypto winter is over | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022<\/a><\/p>\n

The End Of The Dollar Rally Could Conclude Crypto Winter<\/p>\n

If that was a RSI buy signal on the BTCUSD weekly, what we are about to see is a sell signal on the RSI via the DXY weekly.\u00a0The sell signal on the Dollar Currency Index<\/a> is beginning to break down from a diagonal RSI support line, and break down from its ongoing parabola.\u00a0<\/p>\n

Putting the DXY and Bitcoin chart side to side, we can see that there are directly opposing signals on each chart. Watch the full video for the complete analysis and more comparisons.<\/p>\n\n

The dollar and BTC are giving opposite signals | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here<\/a> to access the free educational program.<\/p>\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In this episode of NewsBTC\u2019s daily technical analysis videos, we flip the Bitcoin price<\/a> chart upside down to get a unique perspective on the market.<\/p>\n

Take a look at the video below:<\/p>\n

VIDEO: Bitcoin Price Analysis (BTCUSD): October 27, 2022<\/h2>\n

Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over<\/p>\n

When price action seems confusing, inverting the chart of any asset can help to remove bias and provide a clearer picture.\u00a0Looking at BTCUSD from this perspective, it sure looks like a retest of horizontal support turned resistance. There is also an ongoing breakdown of an uptrend line. But remember, everything is upside down.<\/p>\n

On higher timeframes, diagonal downtrend resistance remains intact. We can also clearly see very similar price action across the last major \u201ctop\u201d which is actually the 2018 bear market bottom.\u00a0When you flip things right side up again, does Bitcoin really look all that bearish?<\/p>\n

Bitcoin bulls can turn that frown upside down | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022<\/a><\/p>\n

BTCUSD Weekly RSI Buy Signal Days Away From Confirming<\/p>\n

Moving along, we also have a potential buy signal on the weekly Relative Strength Index<\/a>. This one is particularly important, as this is how the tool\u2019s creator intended it to work.\u00a0The buy signal happens when a higher high is made on the RSI, after reaching oversold conditions and holding above oversold territory on a subsequent bounce.\u00a0<\/p>\n

It does help that BTCUSD weekly is also working on breaking out of downtrend RSI resistance also at the very same time.\u00a0Looking back at past Bitcoin bottoms, we can see that it was this exact buy signal that put in each bottom on weekly timeframes.\u00a0We can also see there is a cyclical rhythm to when each downtrend has come to its conclusion.<\/p>\n

Cyclical timing could suggest crypto winter is over | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022<\/a><\/p>\n

The End Of The Dollar Rally Could Conclude Crypto Winter<\/p>\n

If that was a RSI buy signal on the BTCUSD weekly, what we are about to see is a sell signal on the RSI via the DXY weekly.\u00a0The sell signal on the Dollar Currency Index<\/a> is beginning to break down from a diagonal RSI support line, and break down from its ongoing parabola.\u00a0<\/p>\n

Putting the DXY and Bitcoin chart side to side, we can see that there are directly opposing signals on each chart. Watch the full video for the complete analysis and more comparisons.<\/p>\n

The dollar and BTC are giving opposite signals | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here<\/a> to access the free educational program.<\/p>\n

Follow @TonySpilotroBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-10725","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=10725"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/10725\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=10725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=10725"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=10725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}