{"id":506710,"date":"2022-10-17T19:15:13","date_gmt":"2022-10-17T19:15:13","guid":{"rendered":"https:\/\/wncen.com\/?p=506710"},"modified":"2024-06-11T14:27:37","modified_gmt":"2024-06-11T14:27:37","slug":"a-bullish-week-in-bitcoin-on-the-way-btcusd-analysis-october-17-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/a-bullish-week-in-bitcoin-on-the-way-btcusd-analysis-october-17-2022\/","title":{"rendered":"A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022"},"content":{"rendered":"<p>In this episode of NewsBTC&#8217;s daily technical analysis videos,\u00a0we are looking at the best chance <a href=\"https:\/\/wncen.com\/news\/bitcoin\/why-these-bitcoin-long-term-metrics-show-possible-bear-market-turnaround\/\">Bitcoin<\/a> and the rest of crypto has had for a bullish week in a long time.<\/p>\n<p>Take a look at the video below:<\/p>\n<h2>VIDEO: Bitcoin Price Analysis (BTCUSD): October 17, 2022<\/h2>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">There continues to be not much movement in crypto, with Bitcoin trading at around $19,500 currently. But the lack of movement is welcome after nearly a year of falling prices.<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bounces-after-cpi-dump\/\">Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022<\/a><\/div>\n<\/div>\n<\/div>\n<h3>Bitcoin Gears Up For Big Move, But Which Direction?<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Despite the lack of price action, daily timeframes are showing some signs of an impending breakout, possibly to the upside. The <a href=\"https:\/\/wncen.com\/topic\/bollinger-bands\/\">Bollinger Bands<\/a> are once again tight as can be, which is a signal a big move is on the way. Bitcoin price is trying to push above the middle-BB which would increase the probability of upside if the bands begin to lift.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The daily LMACD is also just below the zero line. Pushing above it turns Bitcoin fully bullish on the daily timeframe.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-506721 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-17_15-10-12.png?resize=860%2C500\" alt=\"BTCUSD_2022-10-17_15-10-12\" width=\"860\" height=\"500\"><\/p>\n<pre style=\"text-align: center\">The Bollinger Bands suggest a big move is coming | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h3>BTCUSD Downtrend Line Broken As Weekly Momentum Strengthens<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Weekly momentum has also closed bullish for the second week in a row, opening with green momentum strengthening on the <a href=\"https:\/\/wncen.com\/topic\/macd\/\">LMACD<\/a> histogram. If bulls can close a third week in a row, a new uptrend should materialize. Note how during the last, failed attempt to break out, BTCUSD had weakening momentum and didn\u2019t close beyond three bullish ticks.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bitcoin price is also working on a breakout of weekly downtrend resistance. This is not the final downtrend resistance on log scale, but there is still significance here.\u00a0<\/span><span style=\"font-weight: 400\">The Relative Strength Index on weekly timeframes could be signaling an early breakout of multiple downtrend lines, which could soon lead to crypto making a move.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-506722 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-17_15-09-07.png?resize=860%2C500\" alt=\"BTCUSD_2022-10-17_15-09-07\" width=\"860\" height=\"500\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Is BTCUSD ready for a big breakout? | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/total-crypto-market-cap-meltdown\/\">Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022<\/a><\/p>\n<\/div>\n<h3>Why A Reversing Dollar Means Upside For Crypto<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">A potential reversal could be in progress on the DXY Dollar Currency Index. The strength of the dollar has been what has beat up the stock market and crypto over the last several months.\u00a0<\/span><span style=\"font-weight: 400\">With the dollar losing a <a href=\"https:\/\/wncen.com\/topic\/relative-strength-index\/\">Relative Strength Index<\/a> support line and confirming it as resistance just as a potential high timeframe evening star reversal forms on the DXY 2-week, Bitcoin has a chance at reversing as well.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Upon layering in BTCUSD behind the DXY, we can see immediately why a reversal in the DXY could be beneficial for Bitcoin. All while the DXY is potentially topping out, the 2-week Bitcoin line chart is breaking out from a falling wedge pattern.\u00a0<\/span><span style=\"font-weight: 400\">With less than 7 days left to go on the 2-week timeframe for both BTC and the DXY, the next week could prove to be bullish for cryptocurrencies and other risk assets as the dollar finally corrects. <\/span><\/p>\n<p>\u00a0 <img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-506723 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/DXY_2022-10-17_15-08-01.png?resize=860%2C500\" alt=\"DXY_2022-10-17_15-08-01\" width=\"860\" height=\"500\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">The dollar breaking down could benefit crypto | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<\/div>\n<div class=\"related-reading-shortcode\">\n<p>Learn crypto technical analysis yourself with the NewsBTC Trading Course. <a href=\"https:\/\/wncen.com\/trading-courses\/\">Click here<\/a> to access the free educational program.<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In this episode of NewsBTC&#8217;s daily technical analysis videos,\u00a0we are looking at the best chance Bitcoin and the rest of crypto has had for a bullish week in a long time. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 17, 2022 There continues to be not much movement in crypto, with Bitcoin trading at around $19,500 currently. But the lack of movement is welcome after nearly a year of falling prices. Related Reading: Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022 Bitcoin Gears Up For Big Move, But Which Direction? Despite the lack of price action, daily timeframes are showing some signs of an impending breakout, possibly to the upside. The Bollinger Bands are once again tight as can be, which is a signal a big move is on the way. Bitcoin price is trying to push above the middle-BB which would increase the probability of upside if the bands begin to lift. The daily LMACD is also just below the zero line. Pushing above it turns Bitcoin fully bullish on the daily timeframe.\u00a0 The Bollinger Bands suggest a big move is coming | Source: BTCUSD on TradingView.com BTCUSD Downtrend Line Broken As Weekly Momentum Strengthens Weekly momentum has also closed bullish for the second week in a row, opening with green momentum strengthening on the LMACD histogram. If bulls can close a third week in a row, a new uptrend should materialize. Note how during the last, failed attempt to break out, BTCUSD had weakening momentum and didn\u2019t close beyond three bullish ticks. Bitcoin price is also working on a breakout of weekly downtrend resistance. This is not the final downtrend resistance on log scale, but there is still significance here.\u00a0The Relative Strength Index on weekly timeframes could be signaling an early breakout of multiple downtrend lines, which could soon lead to crypto making a move. Is BTCUSD ready for a big breakout? | Source: BTCUSD on TradingView.com Related Reading: Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022 Why A Reversing Dollar Means Upside For Crypto A potential reversal could be in progress on the DXY Dollar Currency Index. The strength of the dollar has been what has beat up the stock market and crypto over the last several months.\u00a0With the dollar losing a Relative Strength Index support line and confirming it as resistance just as a potential high timeframe evening star reversal forms on the DXY 2-week, Bitcoin has a chance at reversing as well. Upon layering in BTCUSD behind the DXY, we can see immediately why a reversal in the DXY could be beneficial for Bitcoin. All while the DXY is potentially topping out, the 2-week Bitcoin line chart is breaking out from a falling wedge pattern.\u00a0With less than 7 days left to go on the 2-week timeframe for both BTC and the DXY, the next week could prove to be bullish for cryptocurrencies and other risk assets as the dollar finally corrects. \u00a0 The dollar breaking down could benefit crypto | 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":506718,"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-506710","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":"\n<title>A Bullish Week In Bitcoin On The Way? 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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. 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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\/\"}]}<\/script>\n","yoast_head_json":{"title":"A Bullish Week In Bitcoin On The Way? 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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. 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