Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022
October 24 2022 - 3:13PM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
use the Fisher Transform and other tools to see how close Bitcoin
is to putting an end to crypto winter. Take a look at the video
below: VIDEO: Bitcoin Price (BTCUSD): October 24, 2022 Crypto
Winter Bitcoin continues to be boring, but the theme of this video
is all about what happens when the notoriously volatile
cryptocurrency gets dull. All downside and no rallies makes Bitcoin
a dull boy. Related Reading: Bitcoin Dominance To Regain Control
Over Crypto? | BTC.D Analysis October 20, 2022 “Here’s Johnny:”
What Happens When Bitcoin Becomes A Dull Boy The Bollinger Bands
are getting even tighter, showing that explosiveness is coming soon
enough and this ongoing lull is just the calm before the
storm. Daily Bollinger Band Width is now at the lowest point
since October 2020 right before the bull breakout in 2020. Prior to
that, the bands got that tight just ahead of the collapse to the
bear market bottom in 2018. On weekly timeframes, Bollinger Band
Width is the tightest since the November 2018 breakdown, where
Bitcoin dropped another 50% to its eventual bottom. All instances
before that when the bands got this tight led to an enormous rally.
The monthly timeframe shows a very unusual phenomenon. The
Bollinger Bands are actually now expanding after being some of
their tightest ever. Rising after such a lull in volatility has in
the past always triggered a trendmous bull run. Is the third time
the charm? The Bollinger Bands are some of the tightest ever |
Source: BTCUSD on TradingView.com Related Reading: Is The Final
Wave In Ethereum Up Next? | ETHUSD Analysis October 19, 2022 Why We
Could Have Several More Weeks Of Crypto Winter After this weekend’s
weekly close, Bitcoin bulls have now closed three full weeks with a
confirmed bullish crossover on the LMACD. Compared to the 2018 bear
market bottom, we would only be a week or so away from making a
larger move upward. However, a comparison with the 2015 bear market
bottom shows that although new lows might not arrive, there could
be twice as long to wait before the bottom is confirmed as in and
the range is left behind. Other possible signals on weekly
timeframes that could suggest we’ve seen the bottom already, is
that Heiken Ashi candles are starting to turn green. How much
longer will crypto winter last? | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Price Action Falls Flat | BTCUSD Analysis
October 18, 2022 Cyclical Timing Tools Suggest Spring Is Almost
Here The two-week Fisher Transform has also started to flip bullish
(pictured right). But it will take another 14 days to confirm the
signal. The Fisher Transform is used to find major turning points
in markets, but works best on the highest timeframes. Moving
to the monthly timeframe (pictured left), we can see that even
here the Fisher has very little room left and if Bitcoin hands
around here for another week or so, the monthly should begin to
flatten, signaling a possible turnaround in price action. The
Fisher Transform is based on a standard deviation formula, and with
Bitcoin monthly at a -3.0 standard deviation, there is only a
limited 0.1% chance the bear market will continue. Will the Fisher
flip and confirm the bottom? | Source: BTCUSD on TradingView.com
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education. Please note: Content is educational and should not
be considered investment advice. Featured image from
iStockPhoto, Charts from TradingView.com
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