In this episode of NewsBTC’s daily technical analysis videos, we review a variety of technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022
The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation. Past monthly dojis have commonly preceded short- and long-term turning points in crypto. The September monthly candle was the first ever monthly close below Bitcoin’s former all time high set back in December of 2017.
Although Bitcoin was clearly overvalued back then, it is hard to imagine in today’s world that the top cryptocurrency is still overvalued a full five years later.
Bearish BTC Momentum Begins To Wane… Maybe
The October monthly candle opened with pink on the LMACD histogram. This signal in the past put bear markets back into hibernation mode for at least a year or more, and suggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart.
The monthly Relative Strength Index remains the lowest in Bitcoin history, but is grinding along the bottom of a downward sloping channel. The same downward slope has connected past RSI peaks.
Bitcoin bearish momentum might be weakening BTCUSD Analysis October 3, 2022″ />
