In this episode of NewsBTC’s day by day technical evaluation movies, we’re as soon as once more inspecting a potential expanded flat correction in Bitcoin. Once the correction has accomplished, the bull market may resume.
Take a take a look at the video beneath:
VIDEO: Bitcoin Price Analysis (BTCUSD): October 18, 2022
In addition to the video highlights listed beneath the video, we additionally analyze BTCUSD utilizing the Ichimoku, Bollinger Bands, SuperTrend, TD Sequential, and different technical instruments.
Three Strikes: BTCUSD Rejected From 50-Day Moving Average
BTCUSD day by day value motion was as soon as once more rejected from the 50-day shifting common. This is the third rejection since September, making the 50MA a essential line within the sand to move earlier than any probability of additional upside.
Zooming out and evaluating the 50MA and its conduct across the 2018 bear market backside, we are able to see that breaking by it’s the key to bulls regaining management on day by day timeframes. Given the shut proximity of the 100-day shifting common in yellow, the subsequent goal can be the pink, 200-day shifting common situated at round $26K.
If Bitcoin can break the 50-MA and 100-MA, $26K is subsequent | Source: BTCUSD on TradingView.com
Bitcoin CME Futures Paints Near-Perfect Expanded Flat Pattern
The BTC CME Futures line chart causes the worth motion during the last 18 months to just about completely fill out an expanded flat sample. An expanded flat includes a greater excessive on the high of the B wave, adopted by a decrease low because the C wave terminates. The C wave is an impulse wave down made up of 5 whole sub-waves.
The BTC CME chart begins with a bear market. The main depend would counsel the expanded flat correction shaped in wave 4 and there’s nonetheless a wave 5 forward. In Elliott Wave Theory, one method to presumably undertaking the height of the place wave 5 will terminate, is to seek out the inverse Fibonacci extension of wave C.
At the 1.272 extension, Bitcoin would attain $90,000, whereas if the 1.618 golden ratio extension is tapped, the highest can be over $137,000 per BTC.
Will The Crypto Winter Conclude With A Touch Of The Log Growth Curve?
Although given the macro sentiment, the chance of recession, and the very fact every flooring in crypto has fallen out many times, this isn’t an uncommon place for Bitcoin to backside out.
Bitcoin value continues to grind alongside the logarithmic development curve. All value motion all through the whole historical past of cryptocurrencies has been contained inside this narrowing curvature. Why would it not all of a sudden cease now?
