{"id":8609,"date":"2022-09-27T21:53:04","date_gmt":"2022-09-28T01:53:04","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=8609"},"modified":"2022-09-27T21:53:04","modified_gmt":"2022-09-28T01:53:04","slug":"bitcoin-the-hunt-for-a-green-october-btcusd-september-27-2022","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/09\/27\/bitcoin-the-hunt-for-a-green-october-btcusd-september-27-2022\/","title":{"rendered":"Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022"},"content":{"rendered":"

In this episode of NewsBTC\u2019s daily technical analysis videos<\/a>, we examine the reason for today\u2019s volatility and rally rejection. We also look ahead at the factors that could give Bitcoin price a green October.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 27, 2022<\/p>\n

This morning, Bitcoin began with a large, more than 5% move to the upside, taking the top cryptocurrency to back over $20,000. Before bulls could at all breath a sigh of relief, bears swatted the rally back down a full thousand plus dollars to just under $19,000.<\/p>\n

Bears And Bulls Battle Over Control Of Momentum<\/p>\n

The strong showing by both bears and bulls makes sense, given the potential for a bullish crossover in daily momentum on the LMACD<\/a>. Crossovers in the past have been used as bait to liquidate over-eager traders and it has happened once again.<\/p>\n

The severity of the showdown is due to the same situation happening across several timeframes. The 3-Day LMACD also shows momentum teetering between bear and bull along the zero line.<\/p>\n\n

BTC compared to other asset classes | Source: BTCUSD on TradingView.com<\/a>
\nToday\u2019s Rejection Resembles Crypto Winter Bottom<\/p>\n

On weekly timeframes, there is also such a potential bullish crossover on the LMACD. Bears have repeatedly defended this signal. Before the rejection today, Bitcoin was back in the green and beyond the zero-line.<\/p>\n

Interestingly, the current weekly candle also closely resembles the corresponding candle that appeared at the bullish crossover at the 2018 bear market bottom<\/a>.\u00a0Once again, there is a long upside wick coinciding with the crossover. The crossover was ultimately confirmed despite being defended by bears, and a bottom of the last major crypto winter was in.<\/p>\n\n

Several weekly indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022<\/a><\/p>\n

Why Bitcoin Could Close October In The Green<\/p>\n

Finally, on monthly timeframes, although we are far away from any type of a bull cross, bears must maintain momentum or risk allowing bulls to take back control over crypto.\u00a0<\/p>\n

With only three days left in the monthly timeframe, and bullish crossovers on the daily, 3-day, and weekly, the hunt for a green October is on. Out of the last twelve Octobers, Bitcoin closed only four of them red.\u00a0<\/p>\n

Currently, no monthly candles have closed below the former all-time high set back in 2017<\/a>, but this is what bears are salivating over. If bulls can prevent a close below this level, they could send bears back into hibernation for at least another three months.<\/p>\n

Even if bulls close below the critical support level, the resulting candle will look just like the monthly candle where the tides did ultimately turn, and a new uptrend began.<\/p>\n\n

Is the Bitcoin forming an Adam and Eve bottom? | 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<\/a>, we examine the reason for today\u2019s volatility and rally rejection. We also look ahead at the factors that could give Bitcoin price a green October.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 27, 2022<\/p>\n

This morning, Bitcoin began with a large, more than 5% move to the upside, taking the top cryptocurrency to back over $20,000. Before bulls could at all breath a sigh of relief, bears swatted the rally back down a full thousand plus dollars to just under $19,000.<\/p>\n

Bears And Bulls Battle Over Control Of Momentum<\/p>\n

The strong showing by both bears and bulls makes sense, given the potential for a bullish crossover in daily momentum on the LMACD<\/a>. Crossovers in the past have been used as bait to liquidate over-eager traders and it has happened once again.<\/p>\n

The severity of the showdown is due to the same situation happening across several timeframes. The 3-Day LMACD also shows momentum teetering between bear and bull along the zero line.<\/p>\n

BTC compared to other asset classes | Source: BTCUSD on TradingView.com<\/a>
\nToday\u2019s Rejection Resembles Crypto Winter Bottom<\/p>\n

On weekly timeframes, there is also such a potential bullish crossover on the LMACD. Bears have repeatedly defended this signal. Before the rejection today, Bitcoin was back in the green and beyond the zero-line.<\/p>\n

Interestingly, the current weekly candle also closely resembles the corresponding candle that appeared at the bullish crossover at the 2018 bear market bottom<\/a>.\u00a0Once again, there is a long upside wick coinciding with the crossover. The crossover was ultimately confirmed despite being defended by bears, and a bottom of the last major crypto winter was in.<\/p>\n

Several weekly indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022<\/a><\/p>\n

Why Bitcoin Could Close October In The Green<\/p>\n

Finally, on monthly timeframes, although we are far away from any type of a bull cross, bears must maintain momentum or risk allowing bulls to take back control over crypto.\u00a0<\/p>\n

With only three days left in the monthly timeframe, and bullish crossovers on the daily, 3-day, and weekly, the hunt for a green October is on. Out of the last twelve Octobers, Bitcoin closed only four of them red.\u00a0<\/p>\n

Currently, no monthly candles have closed below the former all-time high set back in 2017<\/a>, but this is what bears are salivating over. If bulls can prevent a close below this level, they could send bears back into hibernation for at least another three months.<\/p>\n

Even if bulls close below the critical support level, the resulting candle will look just like the monthly candle where the tides did ultimately turn, and a new uptrend began.<\/p>\n

Is the Bitcoin forming an Adam and Eve bottom? | 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-8609","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\/8609","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=8609"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8609\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=8609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=8609"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=8609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}