In this episode of NewsBTC’s daily technical analysis videos, we are looking again at the Bitcoin BTCUSD monthly chart now that the August monthly candle has closed and we finally have new data to analyze.
Take a look at the video below for the good, the bad, and the ugly.
VIDEO: Bitcoin Price Analysis (BTCUSD): September 1, 2022
In yesterday’s video, we focused on the nail-biter of a monthly close we had last night, where bulls were just barely able to hold onto support. With a new monthly candle open, today’s video attempts to see where the crypto market is headed, if the bottom is in, or if we’ll see an extended accumulation phase.
August Aftermath: How Did The Bitcoin Monthly Candle Close?
Bitcoin managed to close above former all-time high resistance turned support. This is the good news of the analysis, as you could imagine. The bad news is that Bitcoin has lost what in the past has been referred to as the Coinbase line.
Trend lines are subjective to a point and there is a chance that a longer-term trend line still held on by a hair.
There are several trend lines to watch currently Source: BTCUSD on TradingView.com
One hopeful note is that the monthly stayed within the lower Bollinger Band. Closing outside it could have led to an extended downmove – much like past uptrends continue to ride the upper band after a strong breakout.
The Ichimoku monthly is also gives bulls more hope, or is simply a delayed look at the inevitable. The tenkan-sen is still above the kijun-sen, and the kijun-sen has started to move upward.
However, the lines have typically crossed on the monthly before Bitcoin has bottomed, which could suggest the bottom isn’t it. Cloud twists are also especially notable and have in the past indicated a trend change. We won’t see a cloud twist until November 2022 the earliest, suggesting that Bitcoin could spend more time trending down or sideways before we see a greater recovery.
We might not have found a bottom just yet
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