In this episode of NewsBTC’s daily technical analysis videos, we are looking at the best chance Bitcoin and the rest of crypto has had for a bullish week in a long time.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 17, 2022
There continues to be not much movement in crypto, with Bitcoin trading at around $19,500 currently. But the lack of movement is welcome after nearly a year of falling prices.
Bitcoin Gears Up For Big Move, But Which Direction?
Despite the lack of price action, daily timeframes are showing some signs of an impending breakout, possibly to the upside. The Bollinger Bands are once again tight as can be, which is a signal a big move is on the way. Bitcoin price is trying to push above the middle-BB which would increase the probability of upside if the bands begin to lift.
The daily LMACD is also just below the zero line. Pushing above it turns Bitcoin fully bullish on the daily timeframe.
The Bollinger Bands suggest a big move is coming Source: BTCUSD on TradingView.com
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