In this episode of NewsBTC’s daily technical analysis videos, we examine a recent showing from bulls after a bloody Monday morning open in Bitcoin price action. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 19, 2022 Last night, we had the weekly close in Bitcoin price, and overnight, there was a deep plunge to the low $18K region. However, since the 9AM Monday morning open, prices have climbed by more than 5% already leaving a long wick behind. Related Reading: WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022 Bull Stop Bears Short With Hammer Time Bitcoin price is forming a hammer. A hammer is a type of bullish reversal signal in Japanese candlesticks that represents a large, sudden presence from bulls once a key price objective was reached. On daily timeframes, there isn’t all that much significant going on otherwise to confirm the signal. Price has once again touched the lower Bollinger Bands where the reaction occurred. The RSI suggests that the strength behind the move was very weak despite the depth. Stochastic has also fallen to the oversold line. Holding above it leads to short-term rallies, but as you can see in the past price can fall right back down. Despite the plunge, there wasn't much strength from bears | Source: BTCUSD on TradingView.com Weakening Weekly Momentum Could Be Ready To Turn Since today is the first day of the week, the we...
Why Bitcoin Price is Up Today?
