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    HomeBitcoinBitcoin Barely Holds Onto $20,000 Support

    Bitcoin Barely Holds Onto $20,000 Support

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    On this episode of NewsBTC’s daily technical analysis videos, we offer a weekly wrap up on Bitcoin value motion and look forward into what is perhaps a essential weekend for crypto.

    VIDEO: Bitcoin Value Evaluation (BTCUSD): September 16, 2022

    General, there isn’t all that rather more to report this week. Bitcoin remains to be struggling to take care of assist and continues to creep decrease and decrease. We may get some type of bigger motion quickly, nonetheless. The LMACD is near crossing bearish on the each day.  Generally, though the crossover seems all however assured, the 2 strains can diverge upward and costs start to climb.

    Bears Uncross Bullish Weekly Alerts, Bulls Have The Weekend To Counter

    Actually, the bullish crossover reported earlier this week on the weekly open, has now been uncrossed by bears. The Relative Energy Index purchase sign can also be gone from weekly BTCUSD value charts. Bitcoin can also be barely hanging onto horizontal weekly assist. Dropping it places $14K in play.

    There’s additionally a possible diagonal pattern line that is perhaps demonstrating a flip of resistance turned assist when drawn from the 2019 peak. The double-top then, might be an indication {that a} double backside in the end holds right here. Or not.

    BTCUSD_2022-09-16_14-54-02

    Bears uncross bullish indicators from Monday's video | Supply: BTCUSD on TradingView.com

    Is The Third Time The Appeal For The Bitcoin Backside?

    On the two-week timeframe, each the LMACD and Relative Energy Index are at a degree the place BTC bottomed throughout previous bear markets. Whereas a 3rd time isn’t assured, it is also the appeal.

    BTCUSD_2022-09-16_14-55-26

    May the third time be the appeal? | Supply: BTCUSD on TradingView.com

    Associated Studying: WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022

    Why Ultimate Capitulation In Crypto May Nonetheless Be Forward

    The month-to-month LMACD histogram may present that there’s extra room for momentum to maneuver down. The Relative Energy Index on month-to-month timeframes is now the bottom in Bitcoin historical past. Lastly, the Ichimoku on the month-to-month reveals what might need been a bullish sign, that’s now trying far more ominous as a substitute. 

    The Tenkan-sen and Kijun-sen are crossed bullish, however are about to cross bearish in any case this time. Ultimate capitulation in BTCUSD at all times occurred after this sign fired. 

    If the month-to-month doesn’t shut considerably larger, hazard turns into far more imminent. It additionally could also be too late at this level for bulls to keep away from a crossover, even when Bitcoin skyrockets from right here. How that will influence value motion stays to be seen.

    The ultimate lows in Bitcoin must be due quickly sufficient, or are already behind us, so keep sharp.

    BTCUSD_2022-09-16_14-56-58

    Is capitulation coming? | Supply: BTCUSD on TradingView.com

    Be taught crypto technical evaluation your self with the NewsBTC Buying and selling Course. Click here to entry the free academic program.

    Observe @TonySpilotroBTC on Twitter or be part of the TonyTradesBTC Telegram for unique each day market insights and technical evaluation schooling. Please notice: Content material is academic and shouldn’t be thought-about funding recommendation.

    Featured picture from iStockPhoto, Charts from TradingView.com





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