WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:26 pm

3 mins read

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In this episode of NewsBTC’s daily technical analysis videos, we provide a weekly wrap up on Bitcoin price action and look ahead into what might be a critical weekend for crypto.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 16, 2022

Overall, there isn’t all that much more to report this week. Bitcoin is still struggling to maintain support and continues to creep lower and lower. We could get some sort of larger movement soon, however. The LMACD is close to crossing bearish on the daily. Sometimes, although the crossover looks all but guaranteed, the two lines can diverge upward and prices begin to climb.

Bears Uncross Bullish Weekly Signals, Bulls Have The Weekend To Counter

In fact, the bullish crossover reported earlier this week at the weekly open, has now been uncrossed by bears. The Relative Strength Index buy signal is also gone from weekly BTCUSD price charts. Bitcoin is also barely hanging onto horizontal weekly support. Losing it puts $14K in play.

There is also a potential diagonal trend line that might be demonstrating a flip of resistance turned support when drawn from the 2019 peak. The double-top then, could be a sign that a double bottom ultimately holds here. Or not.

BTCUSD_2022-09-16_14-54-02

Bears uncross bullish signals from Monday's video | Source: BTCUSD on TradingView.com

Is The Third Time The Charm For The Bitcoin Bottom?

On the two-week timeframe, both the LMACD and Relative Strength Index are at a level where BTC bottomed during past bear markets. While a third time isn’t guaranteed, it could also be the charm.

BTCUSD_2022-09-16_14-55-26

Could the third time be the charm? | Source: BTCUSD on TradingView.com

Why Final Capitulation In Crypto Could Still Be Ahead

The monthly LMACD histogram could show that there is more room for momentum to move down. The Relative Strength Index on monthly timeframes is now the lowest in Bitcoin history. Finally, the Ichimoku on the monthly shows what might have been a bullish signal, that is now looking much more ominous instead.

The Tenkan-sen and Kijun-sen are crossed bullish, but are about to cross bearish after all this time. Final capitulation in BTCUSD always occurred after this signal fired.

If the monthly doesn’t close significantly higher, danger becomes much more imminent. It also may be too late at this point for bulls to avoid a crossover, even if Bitcoin skyrockets from here. How that may impact price action remains to be seen.

The final lows in Bitcoin should be due soon enough, or are already behind us, so stay sharp.

BTCUSD_2022-09-16_14-56-58

Is capitulation coming? | Source: BTCUSD on TradingView.com

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Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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’s 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’s expertise to guide their trading strategies.

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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’s 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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.