{"id":505063,"date":"2022-10-05T20:19:08","date_gmt":"2022-10-05T20:19:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=505063"},"modified":"2024-06-11T14:27:09","modified_gmt":"2024-06-11T14:27:09","slug":"bitcoin-bulls-bollinger-bands-btcusd-october-5-2022","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bulls-bollinger-bands-btcusd-october-5-2022\/","title":{"rendered":"Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022"},"content":{"rendered":"<p>In this episode of NewsBTC&#8217;s <a href=\"https:\/\/www.youtube.com\/watch?v=VXfyLKxyCCw&amp;list=PLcOfhdUALFaOXvxuoWoCWZoYXc7iq-brg\" target=\"_blank\" rel=\"noopener nofollow\">daily technical analysis videos<\/a>,\u00a0we look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside.<\/p>\n<p>Take a look at the video below:<\/p>\n<div class=\"related-reading-shortcode\">\n<h2>VIDEO: Bitcoin Price Analysis (BTCUSD): October 5, 2022<\/h2>\n<\/div>\n<div class=\"related-reading-shortcode\">\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline.\u00a0<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<\/div>\n<div>\n<div class=\"related-reading-shortcode\">\n<div>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-macro-reversal-btcusd-analysis-october-4-2022\/\">Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3>Biblical Bear Market Bottom Pattern Is Back<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The rounded bottom would be the second half of an <a href=\"https:\/\/uniquehot.com\/topic\/tops-and-bottoms\/\">Adam and Eve double bottom formation<\/a>. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-505065 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-05_16-10-05.png?resize=860%2C478\" alt=\"BTCUSD_2022-10-05_16-10-05\" width=\"860\" height=\"478\"><\/p>\n<pre style=\"text-align: center\">Is another bear market bottom building? | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h3>Crypto Market Gears Up To Ride The Bands<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bitcoin\u2019s latest move up is particularly notable due to the daily close taking place outside of the upper Bollinger Band. As you can see from the last time this happened, it can lead to a strong rejection back to the mid-BB. Holding above this level could lead to a larger move to the upside.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Expansions in volatility are most important and worth paying attention to, as the tool\u2019s creator would probably say himself. When the <a href=\"https:\/\/uniquehot.com\/topic\/bollinger-bands\/\">Bollinger Bands<\/a> squeeze, it is a sign of low volatility \u2013 a short-lived phase that always ends with a bang and large move.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">Closing today\u2019s daily above around $20,350 should do the trick and keep Bitcoin above the upper band. If not, the next logical target is likely the middle-band at $19,400.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-505066 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-05_16-12-29.png?resize=860%2C478\" alt=\"BTCUSD_2022-10-05_16-12-29\" width=\"860\" height=\"478\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Will Bitcoin ride the bands higher?  | 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:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-uptober-about-to-begin-btcusd\/\">Is Bitcoin &#8216;Uptober&#8217; About To Begin? | BTCUSD Analysis October 3, 2022<\/a><\/p>\n<\/div>\n<h3>Monthly Bollinger Bands Give Two Possible Targets<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The monthly <a href=\"https:\/\/www.bollingerbands.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Bollinger Bands<\/a> were tapped for the first time in Bitcoin history during this bear market. This suggests that Bitcoin price is extremely low relative to monthly price action historically and it could imply a buying opportunity.\u00a0<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">The lower band is drifting downward, which means if Bitcoin continues downward also, the next target could be as low as $12,000 before more dynamic support is found. If Bitcoin heads back toward the upper band, $60,000 BTC is the target instead, making the setup decent in terms of risk versus reward.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">However, if Bitcoin can maintain upward momentum, a new uptrend could confirm. The TD Sequential isn\u2019t just helpful for finding potential turning points when the series reaches a 9 or 13, a new 1 can often signify the start of a new uptrend and is yet another important signal.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-505067 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-05_16-14-30.png?resize=860%2C478\" alt=\"BTCUSD_2022-10-05_16-14-30\" width=\"860\" height=\"478\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Does the 1 signify a new uptrend forming? | 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<h3>Bitcoin And Nasdaq Form Potentially Bullish Q3 Candle<\/h3>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">When the September monthly candle closed it also closed the third quarter of the year. Q3 left a doji on the Bitcoin price chart. Doji show a point of indecision and because of this, they are often found prior to a reversal, or prior to strong continuation.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">A high timeframe <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/this-bitcoin-morning-star-could-brighten-the-bullish-narrative-in-a-flash\/\">morning star doji<\/a> could bring the reversal bulls need and would support a monthly push to $60,000 within the next three months. Whether BTC can hold above that level or not remains to be seen.<\/span><\/p>\n<p style=\"font-weight: 400\"><span style=\"font-weight: 400\">It is worth noting that larger hedge funds and institutional investors take positions based on a quarterly basis, which could explain why markets sharply reversed to start the month of October. On the right, the Nasdaq also formed a bullish inverted hammer on the quarterly, which also could be a sign that Q4 is profitable for risk assets like crypto and tech stocks.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-505068 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/NDX_2022-10-05_16-17-07.png?resize=860%2C478\" alt=\"NDX_2022-10-05_16-17-07\" width=\"860\" height=\"478\"><\/p>\n<div class=\"related-reading-shortcode\">\n<pre style=\"text-align: center\">Are these reversal signals on the BTC and NDX quarterlies? | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<\/div>\n<p>Learn crypto technical analysis yourself with the NewsBTC Trading Course. <a href=\"https:\/\/uniquehot.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 look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 5, 2022 Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline.\u00a0 Related Reading: Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022 Biblical Bear Market Bottom Pattern Is Back The rounded bottom would be the second half of an Adam and Eve double bottom formation. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom. Is another bear market bottom building? | Source: BTCUSD on TradingView.com Crypto Market Gears Up To Ride The Bands Bitcoin\u2019s latest move up is particularly notable due to the daily close taking place outside of the upper Bollinger Band. As you can see from the last time this happened, it can lead to a strong rejection back to the mid-BB. Holding above this level could lead to a larger move to the upside. Expansions in volatility are most important and worth paying attention to, as the tool\u2019s creator would probably say himself. When the Bollinger Bands squeeze, it is a sign of low volatility \u2013 a short-lived phase that always ends with a bang and large move. Closing today\u2019s daily above around $20,350 should do the trick and keep Bitcoin above the upper band. If not, the next logical target is likely the middle-band at $19,400.\u00a0 Will Bitcoin ride the bands higher? | Source: BTCUSD on TradingView.com Related Reading: Is Bitcoin &#8216;Uptober&#8217; About To Begin? | BTCUSD Analysis October 3, 2022 Monthly Bollinger Bands Give Two Possible Targets The monthly Bollinger Bands were tapped for the first time in Bitcoin history during this bear market. This suggests that Bitcoin price is extremely low relative to monthly price action historically and it could imply a buying opportunity.\u00a0 The lower band is drifting downward, which means if Bitcoin continues downward also, the next target could be as low as $12,000 before more dynamic support is found. If Bitcoin heads back toward the upper band, $60,000 BTC is the target instead, making the setup decent in terms of risk versus reward. However, if Bitcoin can maintain upward momentum, a new uptrend could confirm. The TD Sequential isn\u2019t just helpful for finding potential turning points when the series reaches a 9 or 13, a new 1 can often signify the start of a new uptrend and is yet another important signal. Does the 1 signify a new uptrend forming? | Source: BTCUSD on TradingView.com Bitcoin And Nasdaq Form Potentially Bullish Q3 Candle When the September monthly candle closed it also closed the third quarter of the year. Q3 left a doji on the Bitcoin price chart. Doji show a point of indecision and because of this, they are often found prior to a reversal, or prior to strong continuation. A high timeframe morning star doji could bring the reversal bulls need and would support a monthly push to $60,000 within the next three months. Whether BTC can hold above that level or not remains to be seen. It is worth noting that larger hedge funds and institutional investors take positions based on a quarterly basis, which could explain why markets sharply reversed to start the month of October. On the right, the Nasdaq also formed a bullish inverted hammer on the quarterly, which also could be a sign that Q4 is profitable for risk assets like crypto and tech stocks. Are these reversal signals on the BTC and NDX quarterlies? | 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":505064,"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-505063","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>Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD<\/title>\n<meta name=\"description\" content=\"NewsBTC examines the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-bulls-bollinger-bands-btcusd-october-5-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD\" \/>\n<meta property=\"og:description\" content=\"NewsBTC examines the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-bulls-bollinger-bands-btcusd-october-5-2022\/\" \/>\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=\"2022-10-05T20:19:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:27:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/shadow-of-a-bull-on-a-blue-background-picture-id1409541251.jpg?fit=1024%2C683\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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:\/\/uniquehot.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD","description":"NewsBTC examines the latest move up in Bitcoin price using the Bollinger Bands across a variety of 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