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
A volunteer group running AI models against bitcoin codebases says it is averaging roughly one…
Trump’s comments on jobs, inflation and a possible Strait of Hormuz deal have helped risk…
The S&P 500 just added roughly the entire crypto market's value this month. Bitcoin has…
Korea's Kospi fell 4.4% as the AI trade wobbled, and $101 billion of SpaceX stock…
Bitcoin Magazine Bitcoin Red Team Finds 85 Critical Flaws Across 390 Open Source Repos After…
In a follow-up to his essay on sizing crypto risk, Lionsoul Global's Gregory Mall backtests…