{"id":8680,"date":"2022-09-28T18:53:10","date_gmt":"2022-09-28T22:53:10","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=8680"},"modified":"2022-09-28T18:53:10","modified_gmt":"2022-09-28T22:53:10","slug":"bitcoin-the-global-currency-meltdown-btcusd-september-28-2022","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/09\/28\/bitcoin-the-global-currency-meltdown-btcusd-september-28-2022\/","title":{"rendered":"Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022"},"content":{"rendered":"

In this episode of NewsBTC\u2019s daily technical analysis videos<\/a>, we examine how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 28, 2022<\/p>\n

The market continues to be shaken up by the strength of the dollar. Following yesterday\u2019s rally in BTC that was immediately wiped out<\/a>, traders are even more hesitant to pull the trigger with the top cryptocurrency rising again.<\/p>\n

Bitcoin Daily Momentum Change Causes Chain Reaction<\/p>\n

Bitcoin daily has flipped bullish on the LMACD,<\/a> setting off a chain reaction across a variety of timeframes.\u00a0In terms of this chain reaction, we have a bullish crossover on the 3-day and the weekly timeframe. Both, especially the weekly, have been like bait, snapping back at bulls each time they attempt to turn the tides of momentum.<\/p>\n

\u00a0<\/p>\n

Momentum causes a bullish chain reaction of crossovers | Source: BTCUSD on TradingView.com<\/a>
\nHow BTC Fares Against Other World Currencies<\/p>\n

The DXY Dollar Currency Index<\/a> is the dollar trading against a weighted basket of top national currencies. These currencies include the British pound sterling, the euro, the Canadian dollar, Japanese yen, Swedish krona, and Swiss franc.<\/p>\n

Due to the enormous shakeup and volatility in global currency markets, we put Bitcoin up against other currencies and not the standard USD pair.<\/p>\n

As you can see, the pound, euro, canadian dollar, and Japanese yen all crossed bullish weeks prior, while the USD pair struggles to do so. Other strong national currencies like the Swedish krona and Swiss franc have yet to cross over much like the dollar.\u00a0<\/p>\n\n

Bitcoin could be bottoming against several top currencies | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022<\/a><\/p>\n

Comparing The Top Crypto To The S&P 500 And WTI Crude Oil<\/p>\n

Continuing the deep dive into unorthodox Bitcoin charts, we\u2019ve combined the charts of BTCUSD and the SPX. This unique chart shows that Bitcoin never made a higher high<\/a> in late 2021, and the downtrend began with the April peak. This chart also is flipping bullish and has a weekly close confirming the crossover.\u00a0 Bullish momentum will need to grow to sustain a rally.<\/p>\n

Next, we\u2019ve compared Bitcoin to what could be the most important macro asset globally: oil. In this comparison, much like the SPX example, we put BTCUSD up against WTI Crude Oil. WTI Crude oil is American produced oil from West Texas Intermediate.\u00a0<\/p>\n

In this oddball trading pair, Bitcoin also had a lower high and a much steeper downtrend. However, Bitcoin flipped bullish against oil several weeks ago, but has yet to produce a meaningful upside move. Is such a move coming soon enough?<\/p>\n\n

Bitcoin has crossed bullish against the SPX and WTI Crude Oil | 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 how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0September 28, 2022<\/p>\n

The market continues to be shaken up by the strength of the dollar. Following yesterday\u2019s rally in BTC that was immediately wiped out<\/a>, traders are even more hesitant to pull the trigger with the top cryptocurrency rising again.<\/p>\n

Bitcoin Daily Momentum Change Causes Chain Reaction<\/p>\n

Bitcoin daily has flipped bullish on the LMACD,<\/a> setting off a chain reaction across a variety of timeframes.\u00a0In terms of this chain reaction, we have a bullish crossover on the 3-day and the weekly timeframe. Both, especially the weekly, have been like bait, snapping back at bulls each time they attempt to turn the tides of momentum.<\/p>\n

\u00a0<\/p>\n

Momentum causes a bullish chain reaction of crossovers | Source: BTCUSD on TradingView.com<\/a>
\nHow BTC Fares Against Other World Currencies<\/p>\n

The DXY Dollar Currency Index<\/a> is the dollar trading against a weighted basket of top national currencies. These currencies include the British pound sterling, the euro, the Canadian dollar, Japanese yen, Swedish krona, and Swiss franc.<\/p>\n

Due to the enormous shakeup and volatility in global currency markets, we put Bitcoin up against other currencies and not the standard USD pair.<\/p>\n

As you can see, the pound, euro, canadian dollar, and Japanese yen all crossed bullish weeks prior, while the USD pair struggles to do so. Other strong national currencies like the Swedish krona and Swiss franc have yet to cross over much like the dollar.\u00a0<\/p>\n

Bitcoin could be bottoming against several top currencies | Source: BTCUSD on TradingView.com<\/a><\/p>\n

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022<\/a><\/p>\n

Comparing The Top Crypto To The S&P 500 And WTI Crude Oil<\/p>\n

Continuing the deep dive into unorthodox Bitcoin charts, we\u2019ve combined the charts of BTCUSD and the SPX. This unique chart shows that Bitcoin never made a higher high<\/a> in late 2021, and the downtrend began with the April peak. This chart also is flipping bullish and has a weekly close confirming the crossover.\u00a0 Bullish momentum will need to grow to sustain a rally.<\/p>\n

Next, we\u2019ve compared Bitcoin to what could be the most important macro asset globally: oil. In this comparison, much like the SPX example, we put BTCUSD up against WTI Crude Oil. WTI Crude oil is American produced oil from West Texas Intermediate.\u00a0<\/p>\n

In this oddball trading pair, Bitcoin also had a lower high and a much steeper downtrend. However, Bitcoin flipped bullish against oil several weeks ago, but has yet to produce a meaningful upside move. Is such a move coming soon enough?<\/p>\n

Bitcoin has crossed bullish against the SPX and WTI Crude Oil | 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-8680","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\/8680","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=8680"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8680\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=8680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=8680"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=8680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}