{"id":505828,"date":"2022-10-11T19:51:48","date_gmt":"2022-10-11T19:51:48","guid":{"rendered":"https:\/\/wncen.com\/?p=505828"},"modified":"2024-06-11T12:49:14","modified_gmt":"2024-06-11T12:49:14","slug":"bitcoin-woes-btcusd-analysis-october-11-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-woes-btcusd-analysis-october-11-2022\/","title":{"rendered":"The End of Bitcoin Woes? BTCUSD Analysis October 11, 2022"},"content":{"rendered":"

In this episode of NewsBTC’s daily technical analysis videos<\/a>,\u00a0we examine a possible bottoming scenario in Bitcoin price based on a potential expanded flat correction and an ending diagonal.<\/p>\n

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

VIDEO: Bitcoin Price Analysis (BTCUSD): October 11, 2022<\/h2>\n

Bears and bulls are battling it out once again, each side trying to take control over daily momentum.\u00a0<\/span>Cycling through indicators like the Bollinger Bands and the Ichimoku show that Bitcoin isn\u2019t looking very great at the moment. Only the Parabolic SAR is currently showing any type of indicator support below daily price action.<\/span><\/p>\n

<\/iframe><\/div>\n

Why Bitcoin Could Spend Much More Time Moving Sideways<\/h2>\n

The LMACD<\/a> shows that bulls still have the upper hand on the 3-day timeframe, and the last weekly candle closed with a confirmed bullish crossover on the same tool.\u00a0The LMACD turning green from this level has put in the bottom during past bear markets.<\/p>\n

But on monthly timeframes, bears have turned the histogram red after opening pink. Pink is a sign that bearish momentum is weakening.\u00a0Unless Bitcoin stages an extremely fast reversal like 2018, there could be many more months of sideways ahead.<\/p>\n

Comparing past bear market bottoms we can see that it took another 9 months after turning pink to flip green during the 2015 bear market, while it only took half that time during the 2018 bear market.\u00a0With Bitcoin monthly momentum not even confirmed pink yet, the top cryptocurrency could have anywhere between 120 days and 275 days to go before things begin to turn around. Ouch.<\/p>\n

\"BTCUSD_2022-10-11_15-44-19\"<\/p>\n

Linear scale breakout leaves room leftover in log scale | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The End of The Expanded Flat Correction Is Near<\/h3>\n
In terms of a bottom, it could be near. Bitcoin appears to be finishing the last leg of an expanded flat correction<\/a>. An expanded flat is an ABC correction with a higher high during the B wave, and a lower low at the C wave.<\/p>\n
Expanded flats form in a 3-3-5 pattern, with two zig-zags and an impulse wave down. The C wave serves as the impulse wave with 5 sub-waves. Expanded flats typically terminate in the C wave at the 1.618 Fibonacci extension of the A wave. Taking the Fibonacci retracement tool set for the golden ratio extension, and the final wave five could be ending at the exact target.<\/p>\n
Expanded flats commonly terminate with an ending diagonal in the fifth wave of the structure. An ending diagonal has five sub-waves itself, and looks like a falling wedge \u2013 a pattern that could be presently forming in Bitcoin if you turn on the line chart and remove wicks.\u00a0With wicks removed, Bitcoin has made a new low below the wave 3 low, and could be in the midst of an ending diagonal before reversing.<\/p>\n
The supplied diagrams show how the wave counts match up well enough, but is missing the final blow to bulls before the bottom is finally in.\u00a0Don\u2019t believe in such a thing as an ending diagonal? Check out how the same thing ended the bull market in 2021.<\/p>\n
\"BTCUSD_2022-10-11_15-40-12\"<\/p>\n
\n
The MACD and linear scale (left) versus the LMACD and log scale (right)  | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022<\/a><\/p>\n<\/div>\n
Where In The Overall Crypto Cycle Are We?<\/h3>\n
Finally, the last piece of the diagram we are comparing, is the placement of the expanded flat correction. Expanded flats appear either at a wave 2 or wave 4 during a larger impulse wave cycle. This means that either wave 5 is still left, or possibly waves 3, 4, and 5 remain.<\/p>\n
In one scenario, Bitcoin bottomed in 2018, and the 2019 peak was wave 1, followed by wave 2 on Black Thursday. Then, wave 3 began in 2020 into 2021, and we\u2019ve spent all of 2022 in wave 4 so far.<\/p>\n
The alternate scenario makes the 2021 rally wave 1 of 5, and this current correction wave 2. The only way this is possible is if the entire 2018 bear market was part of a larger Elliott Wave triangle pattern. A triangle can be drawn, but it doesn\u2019t quite fit the rules of Elliott Wave Theory<\/a>.<\/p>\n
\"BTCUSD_2022-10-11_15-32-50\"<\/p>\n
\n
Bitcoin probably has a lot more to go before a viable breakout | Source: BTCUSD on TradingView.com<\/a><\/pre>\n<\/div>\n
\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<\/div>\n","protected":false},"excerpt":{"rendered":"
In this episode of NewsBTC’s daily technical analysis videos,\u00a0we examine a possible bottoming scenario in Bitcoin price based on a potential expanded flat correction and an ending diagonal. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 11, 2022 Bears and bulls are battling it out once again, each side trying to take control over daily momentum.\u00a0Cycling through indicators like the Bollinger Bands and the Ichimoku show that Bitcoin isn\u2019t looking very great at the moment. Only the Parabolic SAR is currently showing any type of indicator support below daily price action. Why Bitcoin Could Spend Much More Time Moving Sideways The LMACD shows that bulls still have the upper hand on the 3-day timeframe, and the last weekly candle closed with a confirmed bullish crossover on the same tool.\u00a0The LMACD turning green from this level has put in the bottom during past bear markets. But on monthly timeframes, bears have turned the histogram red after opening pink. Pink is a sign that bearish momentum is weakening.\u00a0Unless Bitcoin stages an extremely fast reversal like 2018, there could be many more months of sideways ahead. Comparing past bear market bottoms we can see that it took another 9 months after turning pink to flip green during the 2015 bear market, while it only took half that time during the 2018 bear market.\u00a0With Bitcoin monthly momentum not even confirmed pink yet, the top cryptocurrency could have anywhere between 120 days and 275 days to go before things begin to turn around. Ouch. Linear scale breakout leaves room leftover in log scale | Source: BTCUSD on TradingView.com The End of The Expanded Flat Correction Is Near In terms of a bottom, it could be near. Bitcoin appears to be finishing the last leg of an expanded flat correction. An expanded flat is an ABC correction with a higher high during the B wave, and a lower low at the C wave. Expanded flats form in a 3-3-5 pattern, with two zig-zags and an impulse wave down. The C wave serves as the impulse wave with 5 sub-waves. Expanded flats typically terminate in the C wave at the 1.618 Fibonacci extension of the A wave. Taking the Fibonacci retracement tool set for the golden ratio extension, and the final wave five could be ending at the exact target. Expanded flats commonly terminate with an ending diagonal in the fifth wave of the structure. An ending diagonal has five sub-waves itself, and looks like a falling wedge \u2013 a pattern that could be presently forming in Bitcoin if you turn on the line chart and remove wicks.\u00a0With wicks removed, Bitcoin has made a new low below the wave 3 low, and could be in the midst of an ending diagonal before reversing. The supplied diagrams show how the wave counts match up well enough, but is missing the final blow to bulls before the bottom is finally in.\u00a0Don\u2019t believe in such a thing as an ending diagonal? Check out how the same thing ended the bull market in 2021. The MACD and linear scale (left) versus the LMACD and log scale (right) | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022 Where In The Overall Crypto Cycle Are We? Finally, the last piece of the diagram we are comparing, is the placement of the expanded flat correction. Expanded flats appear either at a wave 2 or wave 4 during a larger impulse wave cycle. This means that either wave 5 is still left, or possibly waves 3, 4, and 5 remain. In one scenario, Bitcoin bottomed in 2018, and the 2019 peak was wave 1, followed by wave 2 on Black Thursday. Then, wave 3 began in 2020 into 2021, and we\u2019ve spent all of 2022 in wave 4 so far. The alternate scenario makes the 2021 rally wave 1 of 5, and this current correction wave 2. The only way this is possible is if the entire 2018 bear market was part of a larger Elliott Wave triangle pattern. A triangle can be drawn, but it doesn\u2019t quite fit the rules of Elliott Wave Theory. Bitcoin probably has a lot more to go before a viable breakout | 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":505843,"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":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-505828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nThe End of Bitcoin Woes? 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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":"The End of Bitcoin Woes? 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