{"id":506710,"date":"2022-10-17T19:15:13","date_gmt":"2022-10-17T19:15:13","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=506710"},"modified":"2024-06-11T14:27:37","modified_gmt":"2024-06-11T14:27:37","slug":"a-bullish-week-in-bitcoin-on-the-way-btcusd-analysis-october-17-2022","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/a-bullish-week-in-bitcoin-on-the-way-btcusd-analysis-october-17-2022\/","title":{"rendered":"A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022"},"content":{"rendered":"

In this episode of NewsBTC’s daily technical analysis videos,\u00a0we are looking at the best chance Bitcoin<\/a> and the rest of crypto has had for a bullish week in a long time.<\/p>\n

Take a look at the video below:<\/p>\n

VIDEO: Bitcoin Price Analysis (BTCUSD): October 17, 2022<\/h2>\n

There continues to be not much movement in crypto, with Bitcoin trading at around $19,500 currently. But the lack of movement is welcome after nearly a year of falling prices.<\/span><\/p>\n

<\/iframe><\/div>\n
\n
\n
Related Reading: Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022<\/a><\/div>\n<\/div>\n<\/div>\n

Bitcoin Gears Up For Big Move, But Which Direction?<\/h3>\n

Despite the lack of price action, daily timeframes are showing some signs of an impending breakout, possibly to the upside. The Bollinger Bands<\/a> are once again tight as can be, which is a signal a big move is on the way. Bitcoin price is trying to push above the middle-BB which would increase the probability of upside if the bands begin to lift.<\/span><\/p>\n

The daily LMACD is also just below the zero line. Pushing above it turns Bitcoin fully bullish on the daily timeframe.\u00a0<\/span><\/p>\n

\"BTCUSD_2022-10-17_15-10-12\"<\/p>\n

The Bollinger Bands suggest a big move is coming | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
BTCUSD Downtrend Line Broken As Weekly Momentum Strengthens<\/h3>\n
Weekly momentum has also closed bullish for the second week in a row, opening with green momentum strengthening on the LMACD<\/a> histogram. If bulls can close a third week in a row, a new uptrend should materialize. Note how during the last, failed attempt to break out, BTCUSD had weakening momentum and didn\u2019t close beyond three bullish ticks.<\/span><\/p>\n
Bitcoin price is also working on a breakout of weekly downtrend resistance. This is not the final downtrend resistance on log scale, but there is still significance here.\u00a0<\/span>The Relative Strength Index on weekly timeframes could be signaling an early breakout of multiple downtrend lines, which could soon lead to crypto making a move.<\/span><\/p>\n
\"BTCUSD_2022-10-17_15-09-07\"<\/p>\n
\n
Is BTCUSD ready for a big breakout? | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Related Reading: Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022<\/a><\/p>\n<\/div>\n
Why A Reversing Dollar Means Upside For Crypto<\/h3>\n
A potential reversal could be in progress on the DXY Dollar Currency Index. The strength of the dollar has been what has beat up the stock market and crypto over the last several months.\u00a0<\/span>With the dollar losing a Relative Strength Index<\/a> support line and confirming it as resistance just as a potential high timeframe evening star reversal forms on the DXY 2-week, Bitcoin has a chance at reversing as well.<\/span><\/p>\n
Upon layering in BTCUSD behind the DXY, we can see immediately why a reversal in the DXY could be beneficial for Bitcoin. All while the DXY is potentially topping out, the 2-week Bitcoin line chart is breaking out from a falling wedge pattern.\u00a0<\/span>With less than 7 days left to go on the 2-week timeframe for both BTC and the DXY, the next week could prove to be bullish for cryptocurrencies and other risk assets as the dollar finally corrects. <\/span><\/p>\n
\u00a0 \"DXY_2022-10-17_15-08-01\"<\/p>\n
\n
The dollar breaking down could benefit crypto | Source: BTCUSD on TradingView.com<\/a><\/pre>\n<\/div>\n
\n
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here<\/a> to access the free educational program.<\/p>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or join\u00a0<\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a> for exclusive daily market insights and technical analysis education<\/i><\/b>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
In this episode of NewsBTC’s daily technical analysis videos,\u00a0we are looking at the best chance Bitcoin and the rest of crypto has had for a bullish week in a long time. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 17, 2022 There continues to be not much movement in crypto, with Bitcoin trading at around $19,500 currently. But the lack of movement is welcome after nearly a year of falling prices. Related Reading: Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022 Bitcoin Gears Up For Big Move, But Which Direction? Despite the lack of price action, daily timeframes are showing some signs of an impending breakout, possibly to the upside. The Bollinger Bands are once again tight as can be, which is a signal a big move is on the way. Bitcoin price is trying to push above the middle-BB which would increase the probability of upside if the bands begin to lift. The daily LMACD is also just below the zero line. Pushing above it turns Bitcoin fully bullish on the daily timeframe.\u00a0 The Bollinger Bands suggest a big move is coming | Source: BTCUSD on TradingView.com BTCUSD Downtrend Line Broken As Weekly Momentum Strengthens Weekly momentum has also closed bullish for the second week in a row, opening with green momentum strengthening on the LMACD histogram. If bulls can close a third week in a row, a new uptrend should materialize. Note how during the last, failed attempt to break out, BTCUSD had weakening momentum and didn\u2019t close beyond three bullish ticks. Bitcoin price is also working on a breakout of weekly downtrend resistance. This is not the final downtrend resistance on log scale, but there is still significance here.\u00a0The Relative Strength Index on weekly timeframes could be signaling an early breakout of multiple downtrend lines, which could soon lead to crypto making a move. Is BTCUSD ready for a big breakout? | Source: BTCUSD on TradingView.com Related Reading: Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022 Why A Reversing Dollar Means Upside For Crypto A potential reversal could be in progress on the DXY Dollar Currency Index. The strength of the dollar has been what has beat up the stock market and crypto over the last several months.\u00a0With the dollar losing a Relative Strength Index support line and confirming it as resistance just as a potential high timeframe evening star reversal forms on the DXY 2-week, Bitcoin has a chance at reversing as well. Upon layering in BTCUSD behind the DXY, we can see immediately why a reversal in the DXY could be beneficial for Bitcoin. All while the DXY is potentially topping out, the 2-week Bitcoin line chart is breaking out from a falling wedge pattern.\u00a0With less than 7 days left to go on the 2-week timeframe for both BTC and the DXY, the next week could prove to be bullish for cryptocurrencies and other risk assets as the dollar finally corrects. \u00a0 The dollar breaking down could benefit crypto | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. 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":506718,"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":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-506710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nA Bullish Week In Bitcoin On The Way? 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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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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