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Bitcoin currency meltdown

Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin
Reading Time: 4 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022

The market continues to be shaken up by the strength of the dollar. Following yesterday’s rally in BTC that was immediately wiped out, traders are even more hesitant to pull the trigger with the top cryptocurrency rising again.

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Related Reading: Bitcoin & The Hunt For A Green October | BTCUSD September 27, 2022

Bitcoin Daily Momentum Change Causes Chain Reaction

Bitcoin daily has flipped bullish on the LMACD, setting off a chain reaction across a variety of timeframes. In terms of this chain reaction, we have a bullish crossover on the 3-day and the weekly timeframe. Both, especially the weekly, have been like bait, snapping back at bulls each time they attempt to turn the tides of momentum.

 BTCUSD_2022-09-28_14-20-31

Momentum causes a bullish chain reaction of crossovers | Source: BTCUSD on TradingView.com

How BTC Fares Against Other World Currencies

The DXY Dollar Currency Index is the dollar trading against a weighted basket of top national currencies. These currencies include the British pound sterling, the euro, the Canadian dollar, Japanese yen, Swedish krona, and Swiss franc.

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Due to the enormous shakeup and volatility in global currency markets, we put Bitcoin up against other currencies and not the standard USD pair.

As you can see, the pound, euro, canadian dollar, and Japanese yen all crossed bullish weeks prior, while the USD pair struggles to do so. Other strong national currencies like the Swedish krona and Swiss franc have yet to cross over much like the dollar. 

BTCCAD_2022-09-28_14-23-54

Bitcoin could be bottoming against several top currencies | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022

Comparing The Top Crypto To The S&P 500 And WTI Crude Oil

Continuing the deep dive into unorthodox Bitcoin charts, we’ve combined the charts of BTCUSD and the SPX. This unique chart shows that Bitcoin never made a higher high in late 2021, and the downtrend began with the April peak. This chart also is flipping bullish and has a weekly close confirming the crossover.  Bullish momentum will need to grow to sustain a rally.

Next, we’ve compared Bitcoin to what could be the most important macro asset globally: oil. In this comparison, much like the SPX example, we put BTCUSD up against WTI Crude Oil. WTI Crude oil is American produced oil from West Texas Intermediate. 

In this oddball trading pair, Bitcoin also had a lower high and a much steeper downtrend. However, Bitcoin flipped bullish against oil several weeks ago, but has yet to produce a meaningful upside move. Is such a move coming soon enough?

BTCUSD_USOIL_2022-09-28_14-24-47

Bitcoin has crossed bullish against the SPX and WTI Crude Oil | 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
Tags: bitcoinbtccadbtcchfbtcgbpbtcjypbtcsekbtcusdcadchfdollarEUReurogbpJPYoilS&P 500sekspxusdYen
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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