Bitcoin fear keeps price from lighting up Halloween night
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 some tricks or treats.
Check out the video below:
VIDEO: Bitcoin (BTCUSD) Price Analysis: October 31, 2022
Bulls face resistance, but bears have yet to panic
Last night saw a weekly close in Bitcoin, but the top cryptocurrency narrowly missed closing above the middle of the Bollinger band – a sign that a bullish trend could be coming which is now in danger of being rejected.
During the 2018 bear market, closing just below the middle of the BB led to further consolidation before a major 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 Begins to Squeeze Shorts | BTCUSD Analysis October 26, 2022
Bitcoin prepares final nail in crypto winter coffin
Bitcoin managed to escape outside the Tenkan-sen using Ichimoku, which during the last bear market was enough to put the last nail in the bears’ coffins.
If crypto bulls are truly out for blood, pushing prices to the Kijun-sen near $30,000 will cause serious pain on the short side of the market – which is currently a crowded trade.
Will BTC Survive All Hallows’ Eve?
Only hours remain before the October month candle closes with a potential tweezers bottom – similar to the candle structure from back in December 2018.
Bitcoin will also end the month with weakened bearish monthly momentum for the first time in almost a full year. While the LMACD histogram has been bearish for its 14th month, momentum shows it will remain so for at least another couple of months.
We also look ahead to next month for the Fisher Transform to cross. The tool is used to find precise turning points in markets, and has previously accurately predicted tops and bottoms on the highest timeframes. Cyclical tools show that the turning point may come before the end of the year, but it is not quite here yet.
