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Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
bitcoin flat

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

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin
Reading Time: 3 mins read
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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.

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

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

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
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
Tags: bitcoinbtcbtcusdBTCUSDTxbt
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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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