Categories: Bitcoin Latest News

Bitcoin Bulls Snap Back With The Bollinger Bands BTCUSD Analysis October 5, 2022

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

Recent Posts

Bitcoin Eyes MId-$80,000s As Peter Brandt Flags ‘Horn’ Pattern

Veteran trader Peter Brandt sparked a fresh round of chart debate around Bitcoin after posting…

27 minutes ago

Bitcoin briefly tops $74,000 as ether, sol, ada gains as much as 6% in Monday surge

Majors posted broad gains on Monday as oil eased from highs, two tankers sailed through…

4 hours ago

XRP climbs 3% past $1.47 as breakout extends on broad bitcoin-led move

Volume jumped more than 250% during the move, with traders watching whether former resistance now…

4 hours ago

Bitcoin’s price trades above its 50-day average as bullish move gathers pace

Bitcoin's convincing move above its key average indicates a strengthening of the bullish momentum.Read MoreCoinDesk:…

5 hours ago

Bitcoin Price Climbs Again — Bulls Aim for New Monthly High

Bitcoin price started a steady increase above the $72,000 zone. BTC is now consolidating and…

5 hours ago

Big Players Return: Bitcoin Whales Scoop Up BTC At $71K

The crypto market’s fear gauge hit 15 — deep inside “Extreme Fear” territory — yet…

16 hours ago