Home Latest News WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022...

WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022 – NewsBTC

In this episode of NewsBTC’s daily technical analysis videos, we provide a weekly wrap up on Bitcoin price action and look ahead into what might be a critical weekend for crypto.
Take a look at the video below:
Overall, there isn’t all that much more to report this week. Bitcoin is still struggling to maintain support and continues to creep lower and lower. We could get some sort of larger movement soon, however. The LMACD is close to crossing bearish on the daily.  Sometimes, although the crossover looks all but guaranteed, the two lines can diverge upward and prices begin to climb.
In fact, the bullish crossover reported earlier this week at the weekly open, has now been uncrossed by bears. The Relative Strength Index buy signal is also gone from weekly BTCUSD price charts. Bitcoin is also barely hanging onto horizontal weekly support. Losing it puts $14K in play.
There is also a potential diagonal trend line that might be demonstrating a flip of resistance turned support when drawn from the 2019 peak. The double-top then, could be a sign that a double bottom ultimately holds here. Or not.
BTCUSD_2022-09-16_14-54-02
On the two-week timeframe, both the LMACD and Relative Strength Index are at a level where BTC bottomed during past bear markets. While a third time isn’t guaranteed, it could also be the charm.
BTCUSD_2022-09-16_14-55-26
Related Reading: WATCH: Bitcoin Bear Market Corrective Patterns Examined | BTCUSD September 14, 2022
The monthly LMACD histogram could show that there is more room for momentum to move down. The Relative Strength Index on monthly timeframes is now the lowest in Bitcoin history. Finally, the Ichimoku on the monthly shows what might have been a bullish signal, that is now looking much more ominous instead. 
The Tenkan-sen and Kijun-sen are crossed bullish, but are about to cross bearish after all this time. Final capitulation in BTCUSD always occurred after this signal fired. 
If the monthly doesn’t close significantly higher, danger becomes much more imminent. It also may be too late at this point for bulls to avoid a crossover, even if Bitcoin skyrockets from here. How that may impact price action remains to be seen.
The final lows in Bitcoin should be due soon enough, or are already behind us, so stay sharp.
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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.
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.
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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.