2 years ago
In this occurrence of NewsBTC’s daily method investigation videos, we comparison past Bitcoin bottoms and tops utilizing the Pi Cycle Bottom and Pi Cycle Top indicator. We besides dive into caller comments from John Bollinger, creator of the Bollinger Bands.
Take a look astatine the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 9, 2022This video provides a elaborate look astatine Bitcoin marketplace cycles utilizing the Pi Cycle Bottom indicator and different tools. A caller speech betwixt Tony “The Bull” and the creator of the Bollinger Bands is besides a taxable of treatment and corresponding analysis.
Are Bitcoin Bottoms As Easy As Pi?The Pi Cycle Bottom indicator fired backmost successful July, but terms enactment retested lows for a 2nd time. Looking backmost crossed history, it is visually wide that the instrumentality has been reasonably precise successful its apical and bottommost signals.
For further reassurance, we utilized method indicators similar the Relative Strength Index and LMACD. As a reminder, the LMACD is the logarithmic mentation of the MACD, which provides signals crossed precocious timeframes that let for amended examination from rhythm to cycle.
Bearish momentum ran retired of steam astatine the nonstop aforesaid constituent successful the past 2 marketplace cycles connected play timeframes, which conscionable truthful happened to coincide intimately with the pi rhythm bottommost indicator firing. RSI besides reached oversold levels some erstwhile instances. Layer successful immoderate cyclical tools, and we person what appears to beryllium a pattern.
A humanities look astatine past Pi rhythm Bottom and Top signals. | Source: BTCUSD connected TradingView.com
While everyone is incredibly bearish and expecting caller lows successful #Bitcoin, tools with 100% occurrence complaint suggest the worst is down america and are successful sync with past rhythm bottoms. pic.twitter.com/mrk0zJFFhK
— Tony "The Bull" Spilotro (@tonyspilotroBTC) September 9, 2022
Examining The Bollinger Bounce
The Bollinger Bands were precocious behaving arsenic akin setups, with the astir caller being the bottommost astatine $29K the archetypal time, earlier it yet breaking down aft it was revisited this year.
The past large bottommost besides had a similar, yet little pronounced bullish divergence connected the RSI. The setup besides looks akin to the October 2019 “China Pump” wherever Bitcoin climbed much than 40% successful nether 72 hours.
A akin determination of specified magnitude would instrumentality the starring cryptocurrency by marketplace headdress to much than $26,000 per coin by Monday afternoon. However, the tool’s creator, John Bollinger, warns that the existent setup lacks the indispensable “squeeze” for a “head fake” – terminology that is circumstantial to the question the Bollinger Bands behave.
Is this a akin setup? | Source: BTCUSD connected TradingView.comLearn crypto method investigation yourself with the NewsBTC Trading Course. Click here to entree the escaped acquisition program.
Follow @TonySpilotroBTC connected Twitter oregon join the TonyTradesBTC Telegram for exclusive regular marketplace insights and method investigation education. Please note: Content is educational and should not be considered concern advice.
Featured representation from iStockPhoto, Charts from TradingView.com
English (US) 