In this episode of NewsBTC’s daily technical analysis videoswe provide a weekly recap of Bitcoin price action and look ahead into what could be a critical weekend for crypto..
VIDEO: Bitcoin (BTCUSD) Price Analysis: September 16, 2022
Overall, not much else to report this week. Bitcoin is still struggling to maintain support and continues to crawl lower and lower. We might get some bigger movement soon though. The LMACD is close to a bearish crossover on a daily basis. Sometimes, even though the crossover looks almost guaranteed, the two lines can diverge upwards and prices start to climb.
Bears Uncross Bullish Weekly Signals, Bulls Have The Weekend To Strike Back
In fact, the bullish crossover reported earlier this week at the weekly open, has now been uncrossed by bears. The Relative Strength Index buy signal has also disappeared from BTCUSD weekly prices. Bitcoin is also barely hanging on to horizontal weekly support. Losing it puts $14K at stake.
There is also a possible diagonal trend line that could prove resistance turned support when pulled from the peak of 2019. The double top could therefore be a sign that a double bottom is finally holding here. Or not.
Bears uncross bullish signals from Monday's video | Source: BTCUSD on TradingView.com
Is The Third Time The Charm For The Bitcoin Bottom?
In the two-week time frame, both the LMACD and Relative Strength Index are at a level where BTC bottomed during past bear markets. Although third time is not guaranteed, it might as well be the charm.
Could the third time be the charm? | Source: BTCUSD on TradingView.com
Related Reading: WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD on September 14, 2022
Why Final Capitulation In Crypto Could Still Be Ahead
The monthly LMACD histogram could show that there is more room for a move down. The Relative Strength Index on monthly timeframes is now the lowest in Bitcoin history. Finally, the Ichimoku on the monthly shows what could have been a bullish signal, which now looks much more ominous instead.
The Tenkan-sen and Kijun-sen are crossed bullish, but are about to cross after this time. Final surrender in BTCUSD has always happened after this signal fired.
If the monthly doesn’t close significantly higher, danger becomes much more imminent. It may also be too late at this point for bulls to avoid a crossover, even if Bitcoin breaks out from here. How that may affect pricing remains to be seen.
The final lows in Bitcoin should be pretty soon, or already behind us, so stay sharp.
Is capitulation coming? | Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.com