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Home»Bitcoin»Bitcoin Price Action Falls Flat
Bitcoin

Bitcoin Price Action Falls Flat

2022-10-19No Comments3 Mins Read
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On this episode of NewsBTC’s every day technical evaluation movies, we’re as soon as once more analyzing a doable expanded flat correction in Bitcoin. As soon as the correction has accomplished, the bull market may resume.

Check out the video beneath:

VIDEO: Bitcoin Worth Evaluation (BTCUSD): October 18, 2022

Along with the video highlights listed beneath the video, we additionally analyze BTCUSD utilizing the Ichimoku, Bollinger Bands, SuperTrend, TD Sequential, and different technical instruments.

Three Strikes: BTCUSD Rejected From 50-Day Shifting Common

BTCUSD every day worth motion was as soon as once more rejected from the 50-day transferring common. That is the third rejection since September, making the 50MA a crucial line within the sand to go earlier than any likelihood of additional upside.

Zooming out and evaluating the 50MA and its conduct across the 2018 bear market backside, we will see that breaking by it’s the key to bulls regaining management on every day timeframes. Given the shut proximity of the 100-day transferring common in yellow, the following goal could be the purple, 200-day transferring common positioned at round $26K.

BTCUSD_2022-10-18_17-17-55

If Bitcoin can break the 50-MA and 100-MA, $26K is subsequent | Supply: BTCUSD on TradingView.com

Bitcoin CME Futures Paints Close to-Excellent Expanded Flat Sample

The BTC CME Futures line chart causes the worth motion during the last 18 months to almost completely fill out an expanded flat sample. An expanded flat incorporates a larger excessive on the high of the B wave, adopted by a decrease low because the C wave terminates. The C wave is an impulse wave down made up of 5 complete sub-waves.

See also  Billionaire Mike Novogratz Predicts Bitcoin Will Explode by Over 2,800% – But There’s a Catch

The BTC CME chart begins with a bear market. The first rely would recommend the expanded flat correction shaped in wave 4 and there may be nonetheless a wave 5 forward. In Elliott Wave Theory, one solution to probably mission the height of the place wave 5 will terminate, is to seek out the inverse Fibonacci extension of wave C. 

On the 1.272 extension, Bitcoin would attain $90,000, whereas if the 1.618 golden ratio extension is tapped, the highest could be over $137,000 per BTC.

BTC1!_2022-10-18_17-16-40

Will The Crypto Winter Conclude With A Contact Of The Log Progress Curve?

Though given the macro sentiment, the danger of recession, and the actual fact every ground in crypto has fallen out repeatedly, this isn’t an uncommon place for Bitcoin to backside out.

Bitcoin worth continues to grind alongside the logarithmic progress curve. All worth motion all through your entire historical past of cryptocurrencies has been contained inside this narrowing curvature. Why would it not abruptly cease now?

BTCUSD_2022-10-18_17-17-14

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