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bitcoin inverted bear chart

The Inverted Bitcoin Chart Bears Don’t Wanna See | BTCUSD Analysis October 27, 2022

Tony Spilotro by Tony Spilotro
3 months ago
in Bitcoin
Reading Time: 4 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we flip the Bitcoin price chart upside down to get a unique perspective on the market.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 27, 2022

We also examine a weekly buy signal on BTCUSD using the Relative Strength Index, and show several examples of the signal’s effectiveness using Bitcoin and other assets.
Related Reading: Bitcoin Bollinger Band Breakout Starts To Squeeze Shorts | BTCUSD Analysis October 26, 2022

Inverted Bitcoin Price Chart Could Suggest Bear Market Is Over

When price action seems confusing, inverting the chart of any asset can help to remove bias and provide a clearer picture. Looking at BTCUSD from this perspective, it sure looks like a retest of horizontal support turned resistance. There is also an ongoing breakdown of an uptrend line. But remember, everything is upside down.

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On higher timeframes, diagonal downtrend resistance remains intact. We can also clearly see very similar price action across the last major “top” which is actually the 2018 bear market bottom. When you flip things right side up again, does Bitcoin really look all that bearish?

BTCUSD_2022-10-27_16-07-50

Bitcoin bulls can turn that frown upside down | Source: BTCUSD on TradingView.com

Related Reading: Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022

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BTCUSD Weekly RSI Buy Signal Days Away From Confirming

Moving along, we also have a potential buy signal on the weekly Relative Strength Index. This one is particularly important, as this is how the tool’s creator intended it to work. The buy signal happens when a higher high is made on the RSI, after reaching oversold conditions and holding above oversold territory on a subsequent bounce. 

It does help that BTCUSD weekly is also working on breaking out of downtrend RSI resistance also at the very same time. Looking back at past Bitcoin bottoms, we can see that it was this exact buy signal that put in each bottom on weekly timeframes. We can also see there is a cyclical rhythm to when each downtrend has come to its conclusion.

BTCUSD_2022-10-27_16-00-20

Cyclical timing could suggest crypto winter is over | Source: BTCUSD on TradingView.com

Related Reading: Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022

The End Of The Dollar Rally Could Conclude Crypto Winter

If that was a RSI buy signal on the BTCUSD weekly, what we are about to see is a sell signal on the RSI via the DXY weekly. The sell signal on the Dollar Currency Index is beginning to break down from a diagonal RSI support line, and break down from its ongoing parabola. 

Putting the DXY and Bitcoin chart side to side, we can see that there are directly opposing signals on each chart. Watch the full video for the complete analysis and more comparisons.

DXY_2022-10-27_16-01-02

The dollar and BTC are giving opposite signals | 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: bitcoinbtcbtcusdBTCUSDTcryptpxbtxbtusd
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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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