Categories: Bitcoin Latest News

Bitcoin Bulls Snap Back With The Bollinger Bands BTCUSD Analysis October 5, 2022

In this episode of NewsBTC’s daily technical analysis videos, we look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022

Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline. 

Biblical Bear Market Bottom Pattern Is Back

The rounded bottom would be the second half of an Adam and Eve double bottom formation. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom.

Is another bear market bottom building? Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd

NewsBTCRead More<img src="https://www.newsbtc.com/wp-content/uploads/2022/10/shadow-of-a-bull-on-a-blue-background-picture-id1409541251-460×307.jpg" title="Bitcoin Bulls Snap Back With The Bollinger Bands

Recent Posts

The Protocol: Bitcoin Bridged Trustlessly to L2; Ethereum’s Blob Mob

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…

31 minutes ago

Bitcoin Pumps Above $97K, Then Dumps, as Ether, XRP Surge 7%

Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…

32 minutes ago

Looking to Earn More on Dogecoin? This Bitcoin Layer-2 Will Use DOGE for Yields

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…

32 minutes ago

UltraShort Bitcoin ETF Offering 2x Inverse Returns Sees Record Volume as BTC Holds Above $90K

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…

32 minutes ago

Bitcoin Miners Approach $40B Market Cap as Difficulty Set for Fifth Straight Increase

Publicly traded bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) miners are approaching the milestone of an aggregated…

32 minutes ago

Bitcoin to Overcome $100K Despite Pullback, Has Plenty of More Room Before Topping: CryptoQuant

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs…

32 minutes ago