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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

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

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
4 mins read
Bitcoin green oct

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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.

Related Reading

Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022

1 year ago

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.

BTCUSD_2022-09-27_15-43-17

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.

BTCUSD_2022-09-27_15-44-27

Several weekly indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com

Related Reading: Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022

Why Bitcoin Could Close October In The Green

Finally, on monthly timeframes, although we are far away from any type of a bull cross, bears must maintain momentum or risk allowing bulls to take back control over crypto. 

With only three days left in the monthly timeframe, and bullish crossovers on the daily, 3-day, and weekly, the hunt for a green October is on. Out of the last twelve Octobers, Bitcoin closed only four of them red. 

Currently, no monthly candles have closed below the former all-time high set back in 2017, but this is what bears are salivating over. If bulls can prevent a close below this level, they could send bears back into hibernation for at least another three months.

Even if bulls close below the critical support level, the resulting candle will look just like the monthly candle where the tides did ultimately turn, and a new uptrend began.

BTCUSD_2022-09-27_15-47-29

Is the Bitcoin forming an Adam and Eve bottom? | 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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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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