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Bitcoin monthly

WATCH: Waiting On The Bitcoin Monthly: Will Crypto Sink Or Soar? BTCUSD August 31, 2022

Tony Spilotro by Tony Spilotro
5 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

In this episode of NewsBTC’s all-new daily technical analysis videos, we are once again looking at the Bitcoin price monthly chart as well as the monthly chart on Ethereum, and major stock market indexes that have a high correlation with crypto.

Take a look at the video below.

VIDEO: Bitcoin Price Analysis (BTCUSD): August 31, 2022

There isn’t much to report on since yesterday’s video, so all eyes remain on the pivotal monthly close in Bitcoin and other risk assets. As you learned in yesterday’s video, the BTCUSD monthly is on a TD9 buy setup, and could risk a lower low which could perfect the series. In the next video, we take one last look at monthly timeframes ahead of tonight’s close.

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Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022

One Last Look At The Bitcoin Monthly Support Line (And Other Cryptocurrencies)

Tonight’s August monthly close is critical across all risk assets – cryptocurrencies and stocks included. After staging an attempt at a recovery, Bitcoin, Ethereum, and major stock indices have been rejected back to support. Holding at this support level is the first step in a recovery, while losing it is a clearer sign of additional downside.

In the chart below, we can see that all that is separating BTCUSD from disastrous new lows is one horizontal line – former all-time high resistance turned support. If the level fails to hold firm as support, crypto could see and extended bear market.

The S&P 500 and Nasdaq losing their support levels has even more dangerous implications, possibly adding fuel to a recession in the United States.

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BTCUSD_2022-08-31_12-22-19

Bitcoin hangs on by a thread at a key resistance turned support level | Source: BTCUSD on TradingView.com

Cyclical Tools Give Hope For A Bottom

There is no denying that things look negative for Bitcoin and other risk assets at this point in time, cyclical behavior dating back to the first major bear drawdown in BTCUSD could provide hope that the worst is over and a new bullish phase could begin.

In the video, we compare past cycles using the LMACD, Relative Strength Index, Stochastic, and the Average Directional Index. The fact that these tools could indicate a bottom is in might provide a clue to how the monthly candle will close tonight. With less than hours remaining in the monthly candle, it will be a nail-biter.

BTCUSD_2022-08-31_12-24-41

We also take a closer look at this cyclical behavior in Bitcoin | 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: bitcoinbtcbtcusdBTCUSDTcryptoETHethereumethusdndxspxtotalxbtxbtusd
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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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