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

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Featured image from iStockPhoto, Charts from TradingView.com

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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