Categories: Bitcoin Latest News

Bitcoin & The Hunt For A Green October BTCUSD September 27, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine the reason for today’s volatility and rally rejection. We also look ahead at the factors that could give Bitcoin price a green October.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 27, 2022

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.

Bears And Bulls Battle Over Control Of Momentum

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

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.

BTC compared to other asset classes Source: BTCUSD on TradingView.com
Today’s Rejection Resembles Crypto Winter Bottom

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.

Interestingly, the current weekly candle also closely resembles the corresponding candle that appeared at the bullish crossover at the 2018 bear market bottom. Once 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.

Several weekly indicators could suggest the bottom is in

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