In this episode of NewsBTC’s daily technical analysis videos, we look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022
Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline.
Biblical Bear Market Bottom Pattern Is Back
The rounded bottom would be the second half of an Adam and Eve double bottom formation. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom.
Is another bear market bottom building? 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
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
NewsBTCRead More<img src="https://www.newsbtc.com/wp-content/uploads/2022/10/shadow-of-a-bull-on-a-blue-background-picture-id1409541251-460×307.jpg" title="Bitcoin Bulls Snap Back With The Bollinger Bands
Bitcoin blasted back through the psychologically charged $100,000 threshold for only the second time in…
Bitcoin Magazine Hut 8 Posts $134M Q1 Loss Amid Strategic Shift Toward Energy Infrastructure and…
Bitcoin Magazine Matador Technologies Raising C$1 Million to Invest in Bitcoin Matador Technologies Inc. (“Matador”…
Bitcoin Magazine Coinbase Launches 24/7 Bitcoin Futures Trading in the U.S. Coinbase has made a…
Bitcoin miner MARA Holdings (MARA) stock outperformed peers on Friday, even after its first quarter…
Bitcoin Magazine Bitcoin Price Hits $104,000 As Demand Increases The price of Bitcoin has surged…