In this episode of NewsBTC’s every day technical evaluation videos, we flip the Bitcoin cost chart upside down to get a exclusive point of view on the market place.
Take a appear at the video under:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 27, 2022
Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over
When cost action appears confusing, inverting the chart of any asset can support to eliminate bias and supply a clearer image. Looking at BTCUSD from this point of view, it positive appears like a retest of horizontal help turned resistance. There is also an ongoing breakdown of an uptrend line. But bear in mind, almost everything is upside down.
On larger timeframes, diagonal downtrend resistance remains intact. We can also clearly see incredibly comparable cost action across the final key “top” which is essentially the 2018 bear market place bottom. When you flip factors proper side up once more, does Bitcoin actually appear all that bearish?
Bitcoin bulls can turn that frown upside down | Source: BTCUSD on TradingView.com
Related Reading: Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022
BTCUSD Weekly RSI Buy Signal Days Away From Confirming
Moving along, we also have a prospective get signal on the weekly Relative Strength Index. This one particular is specifically essential, as this is how the tool’s creator intended it to perform. The get signal takes place when a larger higher is produced on the RSI, just after reaching oversold circumstances and holding above oversold territory on a subsequent bounce.
It does support that BTCUSD weekly is also operating on breaking out of downtrend RSI resistance also at the incredibly exact same time. Looking back at previous Bitcoin bottoms, we can see that it was this precise get signal that place in every bottom on weekly timeframes. We can also see there is a cyclical rhythm to when every downtrend has come to its conclusion.
The End Of The Dollar Rally Could Conclude Crypto Winter
If that was a RSI get signal on the BTCUSD weekly, what we are about to see is a sell signal on the RSI through the DXY weekly. The sell signal on the Dollar Currency Index is starting to break down from a diagonal RSI help line, and break down from its ongoing parabola.
Putting the DXY and Bitcoin chart side to side, we can see that there are straight opposing signals on every chart. Watch the complete video for the comprehensive evaluation and additional comparisons.
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