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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin flat

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In this episode of NewsBTC’s daily technical analysis videos, we are once again examining a possible expanded flat correction in Bitcoin. Once the correction has completed, the bull market could resume.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 18, 2022

In addition to the video highlights listed below the video, we also analyze BTCUSD using the Ichimoku, Bollinger Bands, SuperTrend, TD Sequential, and other technical tools.

Related Reading

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A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022

1 year ago

Three Strikes: BTCUSD Rejected From 50-Day Moving Average

BTCUSD daily price action was once again rejected from the 50-day moving average. This is the third rejection since September, making the 50MA a critical line in the sand to pass before any chance of further upside.

Zooming out and comparing the 50MA and its behavior around the 2018 bear market bottom, we can see that breaking through it is the key to bulls regaining control on daily timeframes. Given the close proximity of the 100-day moving average in yellow, the next target would be the red, 200-day moving average located at around $26K.

BTCUSD_2022-10-18_17-17-55

If Bitcoin can break the 50-MA and 100-MA, $26K is next | Source: BTCUSD on TradingView.com

Bitcoin CME Futures Paints Near-Perfect Expanded Flat Pattern

The BTC CME Futures line chart causes the price action over the last 18 months to nearly perfectly fill out an expanded flat pattern. An expanded flat features a higher high at the top of the B wave, followed by a lower low as the C wave terminates. The C wave is an impulse wave down made up of 5 total sub-waves.

The BTC CME chart begins with a bear market. The primary count would suggest the expanded flat correction formed in wave 4 and there is still a wave 5 ahead. In Elliott Wave Theory, one way to possibly project the peak of where wave 5 will terminate, is to find the inverse Fibonacci extension of wave C. 

At the 1.272 extension, Bitcoin would reach $90,000, while if the 1.618 golden ratio extension is tapped, the top would be over $137,000 per BTC.

BTC1!_2022-10-18_17-16-40

Could this be the correction that has cut down crypto prices? | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022

Will The Crypto Winter Conclude With A Touch Of The Log Growth Curve?

Although given the macro sentiment, the risk of recession, and the fact each floor in crypto has fallen out again and again, this is not an unusual place for Bitcoin to bottom out.

Bitcoin price continues to grind along the logarithmic growth curve. All price action throughout the entire history of cryptocurrencies has been contained within this narrowing curvature. Why would it suddenly stop now?

BTCUSD_2022-10-18_17-17-14

BTC is brushing against the bottom of the log curve | 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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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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’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.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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

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.

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