• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin uptober

Is Bitcoin ‘Uptober’ About To Begin? | BTCUSD Analysis October 3, 2022

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

In this episode of NewsBTC’s daily technical analysis videos, we review a variety of technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022

The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation. Past monthly dojis have commonly preceded short- and long-term turning points in crypto. The September monthly candle was the first ever monthly close below Bitcoin’s former all time high set back in December of 2017. 

Although Bitcoin was clearly overvalued back then, it is hard to imagine in today’s world that the top cryptocurrency is still overvalued a full five years later.

Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022

Bearish BTC Momentum Begins To Wane… Maybe

The October monthly candle opened with pink on the LMACD histogram. This signal in the past put bear markets back into hibernation mode for at least a year or more, and suggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The monthly Relative Strength Index remains the lowest in Bitcoin history, but is grinding along the bottom of a downward sloping channel. The same downward slope has connected past RSI peaks.

BTCUSD_2022-10-03_16-13-27

Bitcoin bearish momentum might be weakening | Source: BTCUSD on TradingView.com

Bitcoin Investors Could Be Getting Over Their Loss

The Coppock Curve has also finally touched down at the same level where past bear market bottoms have occurred. Time cycle tools also suggest there could be some rhythmic behavior to Bitcoin that is about to unfold.

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

The Coppock Curve was created by E.S.C. Coppock, who was asked by his church to identify long-term buying opportunities for investors. It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that’s roughly how long it takes for a human to get over mourning a significant loss.

BTCUSD_2022-10-03_16-11-44

Bear markets take at minimum 14 months | Source: BTCUSD on TradingView.com

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

Did Satoshi Call The Bottom In Crypto?

Another possible bottom signal isn’t technical, but fundamental. Bitcoin price has now been in the lower range of the cost of production at about the same length of time as the 2018 bear market bottom.

This is notable, because in commodities, prices bottom out near the cost of production. Even Bitcoin’s creator, Satoshi Nakamoto spoke of this.

“The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.”

BTCUSD_2022-10-03_16-09-47

Has Bitcoin bottomed at the cost of production? | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Here is a $49 discount pass to 21 Days To Better Crypto Trading by @elliottwaveintl. It gets you instant access to 3 learning resources on how to trade crypto using EW, the Crypto Trader’s Classroom service, & on Oct.5, access to the Crypto Pro Service

➡️https://t.co/ICKzvNnvG5 pic.twitter.com/gAyKxTdQNl

— Tony "The Bull" Spilotro (@tonyspilotroBTC) September 28, 2022

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: bitcoinbtcusdBTCUSDTcryptoxbtxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Bitcoin Network

Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork

12 hours ago
Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

1 day ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

1 day ago
Bitcoin

Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

3 days ago
Bitcoin crypto liquidations

Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

3 days ago
Nigerians buying bitcoin

Are Nigerians Really Buying Bitcoin For As High As $34,000?

3 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Dogecoin (DOGE) And Fantom (FTM) Make Appreciable Profits As Orbeon Protocol (ORBN) Moves Closer To 700%

February 5, 2023

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.