Trick Or Treat For Bitcoin On Halloween Night? | BTCUSD Analysis October 31, 2022
October 31 2022 - 03:32PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
examine Bitcoin price action on Halloween night to see if the
market is in for any tricks or treats. Take a look at the video
below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 31, 2022 The
forecast for Halloween night is cloudy with a chance of
consolidation, according to the Ichimoku. As long as BTCUSD remains
inside the cloud we shouldn’t expect many tricks, nor
treats. The most recent rally took pause at the 100-moving
average and could return to the 50-day MA for a retest before
moving further. Losing both moving averages would send Bitcoin to
goblin town. Related Reading: The Inverted Bitcoin Chart Bears
Don’t Wanna See | BTCUSD Analysis October 27, 2022 Bulls Run Into
Resistance, But Bears Have Yet To Scare Last night was a weekly
close in Bitcoin, but the top cryptocurrency narrowly missed
closing above the mid-Bollinger Band –– a sign that a bullish
trend might be brewing that is now at risk of rejection. During the
2018 bear market, closing directly below the mid-BB led to further
consolidation before a larger breakout and it could happen again.
Rejection would lead to nightmarish results. Bitcoin bulls could be
in danger | Source: BTCUSD on TradingView.com Related Reading:
Bitcoin Bollinger Band Breakout Starts To Squeeze Shorts | BTCUSD
Analysis October 26, 2022 Bitcoin Readies Final Nail In Crypto
Winter Coffin Bitcoin did manage to escape beyond the Tenkan-sen
using the Ichimoku, which during the last bear market was enough to
put the final nail in bear’s coffins. If crypto bulls are
indeed out for blood, pushing prices to the Kijun-sen near $30,000
would inflict serious pain on the short side of the market
–– which is currently a crowded trade. Will Bitcoin price make
shorts bleed? | Source: BTCUSD on TradingView.com Related Reading:
Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25,
2022 Will BTC Survive All Hallows’ Eve? Only hours remain for
the October month candle to close with a potential tweezer bottom
–– similar to the candle structure from back in December 2018.
Bitcoin will also close the month with weakening bearish monthly
momentum for the first time in nearly one full year. While the
LMACD histogram has been bearish for its 14th month, momentum shows
it will stay that way for at least a couple more months. We are
also looking ahead toward next month for the Fisher Transform to
cross. The tool is used for finding precise turning points in
markets, and in the past has accurately predicted tops and bottoms
on the highest timeframes. Cyclical tools show that the
turning point could arrive before the end of the year, but it isn’t
quite here yet. Is this the turning point in the bear market?
| Source: BTCUSD on TradingView.com Learn crypto technical analysis
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free educational program. Follow @TonySpilotroBTC on Twitter or
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insights and technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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