{"id":500655,"date":"2022-08-31T16:26:24","date_gmt":"2022-08-31T16:26:24","guid":{"rendered":"https:\/\/wncen.com\/?p=500655"},"modified":"2024-06-11T07:43:56","modified_gmt":"2024-06-11T07:43:56","slug":"bitcoin-monthly-btcusd-august-31-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-monthly-btcusd-august-31-2022\/","title":{"rendered":"WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022"},"content":{"rendered":"

In this episode of NewsBTC’s all-new daily technical analysis videos, we are once again looking at the Bitcoin price<\/a> monthly chart as well as the monthly chart on Ethereum, and major stock market indexes that have a high correlation with crypto.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0August 31, 2022<\/h2>\n

There isn’t much to report on since yesterday’s video<\/a>, so all eyes remain on the pivotal monthly close in Bitcoin and other risk assets. As you learned in yesterday’s video, the BTCUSD monthly is on a TD9 buy setup, and could risk a lower low which could perfect the series. In the next video<\/a>, we take one last look at monthly timeframes ahead of tonight’s close.<\/p>\n

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Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

One Last Look At The Bitcoin Monthly Support Line (And Other Cryptocurrencies)<\/h3>\n

Tonight’s August monthly close is critical across all risk assets \u2013 cryptocurrencies and stocks included. After staging an attempt at a recovery, Bitcoin, Ethereum, and major stock indices have been rejected back to support<\/a>. Holding at this support level is the first step in a recovery, while losing it is a clearer sign of additional downside.<\/p>\n

In the chart below, we can see that all that is separating BTCUSD from disastrous new lows is one horizontal line \u2013 former all-time high resistance turned support. If the level fails to hold firm as support, crypto could see and extended bear market.<\/p>\n

The S&P 500 and Nasdaq losing their support levels has even more dangerous implications, possibly adding fuel to a recession in the United States.<\/p>\n

\"BTCUSD_2022-08-31_12-22-19\"<\/p>\n

Bitcoin hangs on by a thread at a key resistance turned support level | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Cyclical Tools Give Hope For A Bottom<\/h3>\n
There is no denying that things look negative for Bitcoin and other risk assets at this point in time, cyclical behavior dating back to the first major bear drawdown in BTCUSD could provide hope that the worst is over and a new bullish phase could begin.<\/p>\n
In the video, we compare past cycles using the LMACD, Relative Strength Index<\/a>, Stochastic, and the Average Directional Index. The fact that these tools could indicate a bottom is in might provide a clue to how the monthly candle will close tonight. With less than hours remaining in the monthly candle, it will be a nail-biter.<\/p>\n
\"BTCUSD_2022-08-31_12-24-41\"<\/p>\n
We also take a closer look at this cyclical behavior in Bitcoin | Source: BTCUSD on TradingView.com<\/a><\/pre>\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","protected":false},"excerpt":{"rendered":"
In this episode of NewsBTC’s all-new daily technical analysis videos, we are once again looking at the Bitcoin price monthly chart as well as the monthly chart on Ethereum, and major stock market indexes that have a high correlation with crypto. Take a look at the video below. VIDEO: Bitcoin Price Analysis (BTCUSD):\u00a0August 31, 2022 There isn’t much to report on since yesterday’s video, so all eyes remain on the pivotal monthly close in Bitcoin and other risk assets. As you learned in yesterday’s video, the BTCUSD monthly is on a TD9 buy setup, and could risk a lower low which could perfect the series. In the next video, we take one last look at monthly timeframes ahead of tonight’s close. Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022 One Last Look At The Bitcoin Monthly Support Line (And Other Cryptocurrencies) Tonight’s August monthly close is critical across all risk assets \u2013 cryptocurrencies and stocks included. After staging an attempt at a recovery, Bitcoin, Ethereum, and major stock indices have been rejected back to support. Holding at this support level is the first step in a recovery, while losing it is a clearer sign of additional downside. In the chart below, we can see that all that is separating BTCUSD from disastrous new lows is one horizontal line \u2013 former all-time high resistance turned support. If the level fails to hold firm as support, crypto could see and extended bear market. The S&P 500 and Nasdaq losing their support levels has even more dangerous implications, possibly adding fuel to a recession in the United States. Bitcoin hangs on by a thread at a key resistance turned support level | Source: BTCUSD on TradingView.com Cyclical Tools Give Hope For A Bottom There is no denying that things look negative for Bitcoin and other risk assets at this point in time, cyclical behavior dating back to the first major bear drawdown in BTCUSD could provide hope that the worst is over and a new bullish phase could begin. In the video, we compare past cycles using the LMACD, Relative Strength Index, Stochastic, and the Average Directional Index. The fact that these tools could indicate a bottom is in might provide a clue to how the monthly candle will close tonight. With less than hours remaining in the monthly candle, it will be a nail-biter. We also take a closer look at this cyclical behavior in Bitcoin | 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":500660,"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":[428,1119,1144,78790,6664,8323,1946,8686,76532,56431,75142,4524,76835],"class_list":["post-500655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-eth","tag-ethereum","tag-ethusd","tag-ndx","tag-spx","tag-total","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nWaiting On The Bitcoin Monthly: Will Crypto Sink Or Soar?<\/title>\n<meta name=\"description\" content=\"This episode of NewsBTC's daily technical analysis looks at the Bitcoin monthly chart and stock market indexes that have a high correlation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-monthly-btcusd-august-31-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar?\" \/>\n<meta property=\"og:description\" content=\"This episode of NewsBTC's daily technical analysis looks at the Bitcoin monthly chart and stock market indexes that have a high correlation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-monthly-btcusd-august-31-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T16:26:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Screen-Shot-2022-08-31-at-11.56.23-AM.png?fit=2342%2C1666\" \/>\n\t<meta property=\"og:image:width\" content=\"2342\" \/>\n\t<meta property=\"og:image:height\" content=\"1666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Tony "El Toro" Severino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/tonythebullBTC\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tony "El Toro" Severino\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-monthly-btcusd-august-31-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-monthly-btcusd-august-31-2022\/\"},\"author\":{\"name\":\"Tony \\\"El Toro\\\" Severino\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d\"},\"headline\":\"WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? 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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. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? 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