The Inverted Bitcoin Chart Bears Don’t Wanna See | BTCUSD Analysis October 27, 2022
28 October 2022 - 7:13AM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
flip the Bitcoin price chart upside down to get a unique
perspective on the market. Take a look at the video below: VIDEO:
Bitcoin Price Analysis (BTCUSD): October 27, 2022 We also examine a
weekly buy signal on BTCUSD using the Relative Strength Index, and
show several examples of the signal’s effectiveness using Bitcoin
and other assets. Related Reading: Bitcoin Bollinger Band Breakout
Starts To Squeeze Shorts | BTCUSD Analysis October 26, 2022
Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over When
price action seems confusing, inverting the chart of any asset can
help to remove bias and provide a clearer picture. Looking at
BTCUSD from this perspective, it sure looks like a retest of
horizontal support turned resistance. There is also an ongoing
breakdown of an uptrend line. But remember, everything is upside
down. On higher timeframes, diagonal downtrend resistance remains
intact. We can also clearly see very similar price action across
the last major “top” which is actually the 2018 bear market
bottom. When you flip things right side up again, does Bitcoin
really look all that bearish? Bitcoin bulls can turn that frown
upside down | Source: BTCUSD on TradingView.com Related Reading:
Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25,
2022 BTCUSD Weekly RSI Buy Signal Days Away From Confirming Moving
along, we also have a potential buy signal on the weekly Relative
Strength Index. This one is particularly important, as this is how
the tool’s creator intended it to work. The buy signal happens
when a higher high is made on the RSI, after reaching oversold
conditions and holding above oversold territory on a subsequent
bounce. It does help that BTCUSD weekly is also working on
breaking out of downtrend RSI resistance also at the very same
time. Looking back at past Bitcoin bottoms, we can see that it
was this exact buy signal that put in each bottom on weekly
timeframes. We can also see there is a cyclical rhythm to when
each downtrend has come to its conclusion. Cyclical timing could
suggest crypto winter is over | Source: BTCUSD on TradingView.com
Related Reading: Can Bitcoin Bring An End To Crypto Winter? |
BTCUSD Analysis October 24, 2022 The End Of The Dollar Rally Could
Conclude Crypto Winter If that was a RSI buy signal on the BTCUSD
weekly, what we are about to see is a sell signal on the RSI via
the DXY weekly. The sell signal on the Dollar Currency Index
is beginning to break down from a diagonal RSI support line, and
break down from its ongoing parabola. Putting the DXY and
Bitcoin chart side to side, we can see that there are directly
opposing signals on each chart. Watch the full video for the
complete analysis and more comparisons. The dollar and BTC are
giving opposite signals | 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
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