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NewsBTC 2022-10-06 21:30:45

Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine a possible breakout of Bitcoin price on linear scale. We also compare the breakout on logarithmic scale to determine if the signal might be a reliable sign the bottom could be in. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 6, 2022 Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022 Is This The Bitcoin Breakout We’ve Been Waiting For? Bitcoin price has broken out of an important downtrend line on linear scale. The downtrend line connects the peak at $68K, the top in March at $48K, and several recent rejections. On the lowest timeframes, Bitcoin has pushed outside of this diagonal sloping trend line. Before bulls begin to celebrate, BTCUSD is best charted on logarithmic scale. Switching to log scale immediately makes the trend line seem obsolete. Moving the trend line across the same turning points in the market, produces a lot less steep of a downtrend line. Linear scale breakout leaves room leftover in log scale | Source: BTCUSD on TradingView.com BTCUSD Momentum Comparison Using The MACD And LMACD The standard MACD tool also makes sense to use with a linear scale chart. But if you want more direct comparisons of momentum across larger time scales, you also need to use a logarithm version of the tool. Using the regular MACD to compare past price acti...

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