- After much effort, Bitcoin is still slipping down and down.
- Bitcoin is also hardly swinging onto horizontal weekly support.
As a whole, there is nothing much to disclose this week. Bitcoin is doing its best to hold support and carries on to slip down and down. We can still get a certain kind of larger action shortly. The Lmacd is very near to surpassing downbeat on a daily basis. Occasionally, though the crossover seems all but one hundred percent sure, the two lines can part away upward, and prices start to jump.
In reality, the bullish crossover registered at the beginning of this week has now been separated by bears. The Relative Strength Index purchase signal also vanished from the BTCUSD price chart per week. Bitcoin is also hardly swinging onto horizontal weekly support. Failing it puts $14K in the game.
The LMACD histogram.
There is also a possible diagonal trend that may be representing an overturn of defiance shifted support when pulled out from the 2019 peak. The double-top, then, can be a signal that a double bottom eventually retains here. Or not. In the two-week duration, both the LMACD and Relative Strength Index are at a position where Bitcoin bottomed in the last volatile markets. At the same time, a third time is not sure, and it may also be the appeal.
The LMACD histogram of every month could portray that there is more space for strength to glide down. The Relative Strength Index of a duration of one month is now the minimum in the history of Bitcoin. Eventually, the Ichimoku monthly represents what may have been a bullish sign that is now becoming even more threatening alternatively.
The Tenkan-sen and Kijun-sen are crossed bullish but are very close to cross bearish after being constant. Final capitulation in BTCUSD came every time after this sign was launched.
If the monthly does not shut outstandingly higher, the threat becomes much more approaching. It might also get late at this moment for bulls to ignore a crossover; even if Bitcoin jumps significantly high from here, how that might affect price action is left out to be witnessed.
The last lows in Bitcoin must be left near enough, or are at the back of us, so stay active.
Source: https://www.thecoinrepublic.com/2022/09/17/bitcoin-hardly-holds-onto-20000-support/