Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022

In this episode of NewsBTC’s daily technical analysis videos, we take a look at the Bitcoin price rally to see if it can turn into something much bigger. Are bulls ready to stampede all over bears? Take a look at the video below: VIDEO: Bitcoin Price (BTCUSD): October 25, 2022 Crypto Winter Finally, some action in Bitcoin, and so far it is to the upside. Bitcoin price is testing just below $20,000 currently. Related Reading: Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022 BTCUSD Daily Begins Potential Bollinger Band Squeeze This is particularly important for a variety of reasons, first and foremost being the daily Bollinger Bands. The tool is at the tightest levels since prior to the October 2020 bull impulse. Bitcoin price must close above the upper Bollinger Band on high enough volume to spark a sustainable trend. This is called riding the bands and volume should be roughly two thirds what it has been during the recent sideways phase. Just above the upper Bollinger Band, is the Ichimoku cloud. The last time Bitcoin daily price action touched the cloud, it was rejected, but this time could be different. BTCUSD is also above the Tenkan-sen and Kijun-sen which are crossed bullish at the moment. At almost exactly the same levels, is the daily Parabolic SAR. The tool is used to set trailing stop losses, so a short squeeze could begin after pushing through there. Dynamic indicator resistance is piled up | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022 Bitcoin Price Targets $21K And $25K Next Bitcoin price action has also made it through the 50-day moving average, making the 100-day and 200-day moving averages the next logical price targets. These targets are located at roughly $21,000 and $25,000 give or take a couple hundred dollars. All of the bullish signals are occurring just as momentum begins to approach the zero line on the LMACD. Passing through it could confirm a change in the trend in the short term. The medium term trend could also be about to chance, according to the same tool on the weekly timeframe. Momentum is beginning to turn upward and strengthen after reaching levels from the last bear market bottom. The 100-day and 200-day moving averages could be next targets | Source: BTCUSD on TradingView.com Related Reading: Is The Final Wave In Ethereum Up Next? | ETHUSD Analysis October 19, 2022 The Pixel Perfect Line For Crypto To Cross At the moment, Bitcoin price on the daily timeframe is still struggling with an important resistance level –– perhaps one of the most important levels it has ever faced as resistance: Former all-time high resistance set nearly five years earlier.  In combination with all of the dynamic indicator resistance above, price action is taking a pause to struggle with this exact level, down to a one-pixel line of resistance. Update: Bitcoin price has broke above this level and is now trading above $20,000. Bitcoin price is stuck at former ATH resistance | 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 the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis 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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