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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

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

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin
Reading Time: 4 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we examine the recent resilience in Bitcoin compared to traditional assets like gold, oil, and the S&P 500. We also compare BTC to the DXY Dollar Currency Index and past crypto bear market bottoms.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 26, 2022

After last Friday’s market close and extreme bearish sentiment last week following the Fed meeting, most investors and traders braced for a very bloody Monday open. But Bitcoin continues to show resilience compared to other markets. In this video, we put BTC head-to-head with traditional markets and more.

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

Comparing Bitcoin With Gold, Oil, S&P 500, And DXY

Here we can see that Bitcoin peaked before other asset classes, and has held up better in recent days compared to gold, oil, and the S&P 500.

Considering how strong the dollar has been, Bitcoin standing up this strong here is significant. Through the DXY comparison, we can also see that BTC held up well against the USD side of its trading pair compared to other top world currencies like the pound, euro, and yen that make up the DXY index.

BTCUSD_2022-09-26_15-29-01

BTC compared to other asset classes | Source: BTCUSD on TradingView.com

Bottom Signals Stack Up As Former Resistance Holds As Support

Last night we also had a weekly close in Bitcoin, which has caused the Relative Strength Index-based moving average to slightly turn upward. In the past, this was all that was necessary to change the tide in the overall trend from bear to bull.

Weekly momentum continues to get shockingly close to a bullish crossover. The repeated failure to cross bullish, yet no new lows being made is also notable. Price continues to grind and test former all-time high resistance turned support. 

BTCUSD_2022-09-26_15-31-34

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

Related Reading: Bitcoin Reacts To 75 Basis Point Fed Rate Hike | BTCUSD September 21, 2022

The Return Of Adam & Eve In Crypto Market

Bitcoin price action could be working on forming an Adam and Eve double bottom. The same bottom formation put in the 2018 bear market bottom. 

The lead into the pattern, volume trend, and various conditions of validating the formation are present, and the only thing that is missing is confirmation with a close above $25K.

BTCUSD_2022-09-26_12-44-48

Is the Bitcoin forming an Adam and Eve bottom? | Source: BTCUSD on TradingView.com

How Far Will The Unstoppable Dollar Trend Extend?

A bottom being in has more to do with the dollar at this point, but even the DXY is showing some signs of being overextended. The DXY has essentially went completely vertical. Such trends aren’t sustainable at this angle, and are bound to correct sharply. 

Superimposing Bitcoin behind the DXY and the DXY behind the 2017 BTCUSD chart could provide some clues to what might happen next. On the right, the DXY made a higher high, before collapsing. The DXY bottom turned out to be the top in the 2017 Bitcoin bull run.

Looking at the DXY chart with BTC behind it, the same sort of higher high setup ultimately resulted in a rejection and breakdown. The first level of support was swept, and at the second level, a bottom was found. If the anti-correlation continues between the dollar and Bitcoin, then if the DXY tops out, the next crypto bull run could follow.

DXY_2022-09-26_15-36-49

Is the DXY forming an ending diagonal? | 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 Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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