In this episode of NewsBTC’s daily technical analysis videos, we look at the latest move up in Bitcoin price using the Bollinger Bands across a variety of timeframes and explain why a close above the upper band could lead to a larger move to the upside. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022 Bitcoin price had another decent sized move up to above $20,000 after continuing to respect a rounded trendline. Related Reading: Bitcoin Bounce Coincides With Possible Macro Reversal | BTCUSD Analysis October 4, 2022 Biblical Bear Market Bottom Pattern Is Back The rounded bottom would be the second half of an Adam and Eve double bottom formation. This is the same pattern that resulted in the 2018 bear market bottom and is characterized as a V-shaped correction followed by a slower rounded bottom. Is another bear market bottom building? | Source: BTCUSD on TradingView.com Crypto Market Gears Up To Ride The Bands Bitcoin’s latest move up is particularly notable due to the daily close taking place outside of the upper Bollinger Band. As you can see from the last time this happened, it can lead to a strong rejection back to the mid-BB. Holding above this level could lead to a larger move to the upside. Expansions in volatility are most important and worth paying attention to, as the tool’s creator would probably say himself. When the Bollinger Bands squeeze, it is a sign of low ...
