{"id":504720,"date":"2022-10-03T20:25:52","date_gmt":"2022-10-03T20:25:52","guid":{"rendered":"https:\/\/ktsl888.com\/?p=504720"},"modified":"2024-06-11T12:14:34","modified_gmt":"2024-06-11T12:14:34","slug":"bitcoin-uptober-about-to-begin-btcusd","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-uptober-about-to-begin-btcusd\/","title":{"rendered":"Is Bitcoin &#8216;Uptober&#8217; About To Begin?  | BTCUSD Analysis October 3, 2022"},"content":{"rendered":"<p>In this episode of NewsBTC&#8217;s <a href=\"https:\/\/www.youtube.com\/watch?v=VXfyLKxyCCw&amp;list=PLcOfhdUALFaOXvxuoWoCWZoYXc7iq-brg\" target=\"_blank\" rel=\"noopener nofollow\">daily technical analysis videos<\/a>, 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.<\/p>\n<p>Take a look at the video below:<\/p>\n<div class=\"related-reading-shortcode\">\n<h2>VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022<\/h2>\n<\/div>\n<div class=\"related-reading-shortcode\">\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation.\u00a0<\/span><span style=\"font-weight: 400\">Past monthly dojis have commonly preceded short- and long-term turning points in crypto.\u00a0<\/span><span style=\"font-weight: 400\">The September monthly candle was the first ever monthly close below Bitcoin\u2019s former all time high set back in December of 2017.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Although Bitcoin was clearly overvalued back then, it is hard to imagine in today\u2019s world that the top cryptocurrency is still overvalued a full five years later.<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<\/div>\n<div>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-golden-ratio-bottom-btcusd\/\">Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022<\/a><\/div>\n<\/div>\n<\/div>\n<h3>Bearish BTC Momentum Begins To Wane&#8230; Maybe<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">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 s<\/span><span style=\"font-weight: 400\">uggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The monthly <a href=\"https:\/\/ktsl888.com\/topic\/relative-strength-index\/\">Relative Strength Index<\/a> 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.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-504721 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-03_16-13-27.png?resize=860%2C478\" alt=\"BTCUSD_2022-10-03_16-13-27\" width=\"860\" height=\"478\"><\/p>\n<pre style=\"text-align: center\">Bitcoin bearish momentum might be weakening | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h3>Bitcoin Investors Could Be Getting Over Their Loss<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The <a href=\"https:\/\/en.wikipedia.org\/wiki\/Coppock_curve\" target=\"_blank\" rel=\"noopener nofollow\">Coppock Curve<\/a> has also finally touched down at the same level where past bear market bottoms have occurred. Time cycle tools also suggest there could be some rhythmic behavior to Bitcoin that is about to unfold.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Coppock Curve was created by E.S.C. Coppock, who was asked by his church to identify long-term buying opportunities for investors.\u00a0<\/span><span style=\"font-weight: 400\">It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that\u2019s roughly how long it takes for a human to get over mourning a significant loss.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-504722 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-03_16-11-44.png?resize=860%2C478\" alt=\"BTCUSD_2022-10-03_16-11-44\" width=\"860\" height=\"478\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Bear markets take at minimum 14 months | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-global-currency-meltdown-btcusd\/\">Bitcoin &amp; The Global Currency Meltdown | BTCUSD September 28, 2022<\/a><\/p>\n<\/div>\n<h3>Did Satoshi Call The Bottom In Crypto?<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Another possible bottom signal isn\u2019t technical, but fundamental. Bitcoin price has now been in the lower range of the cost of production at about the same length of time as the 2018 bear market bottom.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">This is notable, because in commodities, prices bottom out near the cost of production. Even Bitcoin\u2019s creator, <a href=\"https:\/\/ktsl888.com\/news\/satoshi-nakamoto-may-have-considered-a-bitcoin-kill-switch\/\">Satoshi Nakamoto<\/a> spoke of this.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">\u201cThe price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-504723 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-03_16-09-47.png?resize=860%2C502\" alt=\"BTCUSD_2022-10-03_16-09-47\" width=\"860\" height=\"502\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Has Bitcoin bottomed at the cost of production? | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<\/div>\n<div class=\"related-reading-shortcode\">\n<p>Learn crypto technical analysis yourself with the NewsBTC Trading Course. <a href=\"https:\/\/ktsl888.com\/trading-courses\/\">Click here<\/a> to access the free educational program.<\/p>\n<p>https:\/\/twitter.com\/tonyspilotroBTC\/status\/37275137<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this episode of NewsBTC&#8217;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.\u00a0Past monthly dojis have commonly preceded short- and long-term turning points in crypto.\u00a0The September monthly candle was the first ever monthly close below Bitcoin\u2019s former all time high set back in December of 2017.\u00a0 Although Bitcoin was clearly overvalued back then, it is hard to imagine in today\u2019s world that the top cryptocurrency is still overvalued a full five years later. Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022 Bearish BTC Momentum Begins To Wane&#8230; 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 | Source: BTCUSD on TradingView.com Bitcoin Investors Could Be Getting Over Their Loss The Coppock Curve has also finally touched down at the same level where past bear market bottoms have occurred. Time cycle tools also suggest there could be some rhythmic behavior to Bitcoin that is about to unfold. The Coppock Curve was created by E.S.C. Coppock, who was asked by his church to identify long-term buying opportunities for investors.\u00a0It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that\u2019s roughly how long it takes for a human to get over mourning a significant loss. Bear markets take at minimum 14 months | Source: BTCUSD on TradingView.com Related Reading: Bitcoin &amp; The Global Currency Meltdown | BTCUSD September 28, 2022 Did Satoshi Call The Bottom In Crypto? Another possible bottom signal isn\u2019t technical, but fundamental. Bitcoin price has now been in the lower range of the cost of production at about the same length of time as the 2018 bear market bottom. This is notable, because in commodities, prices bottom out near the cost of production. Even Bitcoin\u2019s creator, Satoshi Nakamoto spoke of this. \u201cThe price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.\u201d Has Bitcoin bottomed at the cost of production? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. https:\/\/twitter.com\/tonyspilotroBTC\/status\/37275137 Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":504724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,6664,4524,76835],"class_list":["post-504720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Is Bitcoin &#039;Uptober&#039; About To Begin? | BTCUSD October 3, 2022<\/title>\n<meta name=\"description\" content=\"NewsBTC reviews technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-uptober-about-to-begin-btcusd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin &#039;Uptober&#039; About To Begin? 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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