In this episode of NewsBTC’s daily technical analysis videos, we take a look at the Bitcoin price rally to see if it can turn into something much bigger. Are bulls ready to stampede all over bears?
Take a look at the video below:
Finally, some action in Bitcoin, and so far it is to the upside. Bitcoin price is testing just below $20,000 currently.
This is particularly important for a variety of reasons, first and foremost being the daily Bollinger Bands. The tool is at the tightest levels since prior to the October 2020 bull impulse. Bitcoin price must close above the upper Bollinger Band on high enough volume to spark a sustainable trend. This is called riding the bands and volume should be roughly two thirds what it has been during the recent sideways phase.
Just above the upper Bollinger Band, is the Ichimoku cloud. The last time Bitcoin daily price action touched the cloud, it was rejected, but this time could be different. BTCUSD is also above the Tenkan-sen and Kijun-sen which are crossed bullish at the moment. At almost exactly the same levels, is the daily Parabolic SAR. The tool is used to set trailing stop losses, so a short squeeze could begin after pushing through there.
Dynamic indicator resistance is piled up ETHUSD Analysis October 19, 2022
At the moment, Bitcoin price on the daily timeframe is still struggling with an important resistance level –– perhaps one of the most important levels it has ever faced as resistance: Former all-time high resistance set nearly five years earlier.
In combination with all of the dynamic indicator resistance above, price action is taking a pause to struggle with this exact level, down to a one-pixel line of resistance.
Update: Bitcoin price has broke above this level and is now trading above $20,000.
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