In this episode of NewsBTC’s daily technical analysis videos, we examine a recent showing from bulls after a bloody Monday morning open in Bitcoin price action.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 19, 2022
Last night, we had the weekly close in Bitcoin price, and overnight, there was a deep plunge to the low $18K region. However, since the 9AM Monday morning open, prices have climbed by more than 5% already leaving a long wick behind.
Bull Stop Bears Short With Hammer Time
Bitcoin price is forming a hammer. A hammer is a type of bullish reversal signal in Japanese candlesticks that represents a large, sudden presence from bulls once a key price objective was reached.
On daily timeframes, there isn’t all that much significant going on otherwise to confirm the signal. Price has once again touched the lower Bollinger Bands where the reaction occurred. The RSI suggests that the strength behind the move was very weak despite the depth.
Stochastic has also fallen to the oversold line. Holding above it leads to short-term rallies, but as you can see in the past price can fall right back down.
Despite the plunge, there wasn’t much strength from bears ETHUSD September 15, 2022
Why Bitcoin Bulls Have 11 Days To Save September
There are only 11 days left in the monthly candle, and this is all the time bulls have left to prevent a much deeper selloff in BTC.
Although the current candle looks ugly, compare it to past levels where a meaningful reversal began. A doji pattern to close September could be the beginning of a cluster of support forming that tells the market new lows won’t be happening.
The onus is on bulls to make a strong showing within the next 11 days to put bearish momentum on monthly timeframes to a stop. In the past, the histogram turning pink was the turning point that let the market know bulls were taking back control over crypto.
How will September end?
Can bulls finally stop bearish momentum?
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