In this episode of NewsBTC’s daily technical analysis videos, we review a variety of technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022
The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation. Past monthly dojis have commonly preceded short- and long-term turning points in crypto. The September monthly candle was the first ever monthly close below Bitcoin’s former all time high set back in December of 2017.
Although Bitcoin was clearly overvalued back then, it is hard to imagine in today’s world that the top cryptocurrency is still overvalued a full five years later.
Bearish BTC Momentum Begins To Wane… Maybe
The October monthly candle opened with pink on the LMACD histogram. This signal in the past put bear markets back into hibernation mode for at least a year or more, and suggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart.
The monthly Relative Strength Index remains the lowest in Bitcoin history, but is grinding along the bottom of a downward sloping channel. The same downward slope has connected past RSI peaks.
Bitcoin bearish momentum might be weakening BTCUSD Analysis October 3, 2022″ />
Bitcoin Magazine Why Legendary Investor Bill Miller IV has “Never Been More Bullish on Bitcoin”…
Bitcoin Magazine Strategy CEO Phong Le: We Want to Be the JPMorgan of Bitcoin Strategy’s…
Bitcoin Magazine Coinbase Policy Chief: Strategic Bitcoin Reserve Bill Outlook The Clarity Act’s cloture vote…
Bitcoin Magazine T. Rowe Price’s Blue Macellari: Bitcoin is Now Core to the Debasement Conversation…
Bitcoin Magazine Move Over Housing – Bitcoin is Gen Z’s New Wealth Building Asset Gen…
Market experts view bitcoin’s price stability as evidence of its fundamental independence from Washington, maintaining…