By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: WATCH: Daily Crypto Technical Analysis August 22, 2022: Bitcoin Price (BTCUSD)
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > crypto > WATCH: Daily Crypto Technical Analysis August 22, 2022: Bitcoin Price (BTCUSD)
crypto

WATCH: Daily Crypto Technical Analysis August 22, 2022: Bitcoin Price (BTCUSD)

admin Published August 22, 2022
Last updated: 2022/08/22 at 7:26 PM
Share
SHARE

[ad_1]

Welcome to the first episode of NewsBTC’s all-new daily technical analysis videos. In the first episode, we are looking at Bitcoin price action using the weekly BTCUSD price chart.

Contents
VIDEO: Bitcoin Price Analysis (BTCUSD): August 22, 2022All About The Hash RibbonsMeasuring Momentum With LMACDThe Ten Year Trend Line

Specifically, this episode looks at Bitcoin’s “most profitable buy signal” in its entire history: the hash ribbons. In addition, we analyze weekly momentum using the logarithmic MACD to try to understand if a bottom could be in. Take a look at the video below.

VIDEO: Bitcoin Price Analysis (BTCUSD): August 22, 2022

 

All About The Hash Ribbons

The Hash Ribbons were created by Bitcoin analyst Charles Edwards. They are a pair of moving averages based on the Bitcoin hash rate and mining difficulty, and signal when miners are capitulating. When this phase ends, a buy signal is issued. In fact, its buy signal has been called Bitcoin’s most profitable buy signal producing several thousand percent ROI on average each time it triggers. The signal is even more profitable when it appears prior to a Bitcoin halving

The hash ribbons have triggered a buy signal | Source: BTCUSD on TradingView.com

With the hash ribbons buy signal on the daily, weekly timeframes become more interesting in anticipation of a possible bottom. Although a bottom could be in already, the market has historically continued to draw down even after the hash ribbons buy signal.

Measuring Momentum With LMACD

Yesterday gave us a fresh weekly close in BTCUSD. In particular, we will be using the Logarithmic MACD in our analysis. The log version of the MACD provides better comparative analysis across past cycles.

Although the MACD had opened green the week prior, the late-week selloff uncrossed the bullish crossover and has forced momentum sideways. The weekly MACD is at historical bear market readings. Diverging down further would be unprecedented and likely take Bitcoin down below $17K.

BTCUSD_2022-08-22_09-35-35

Will momentum cross upward? | Source: BTCUSD on TradingView.com

However, if bulls can complete the bull cross, in previous cycles the change in momentum was enough to kickstart a bullish impulse. The MACD is currently one of the most important indicators to watch on weekly timeframes. Although a bullish crossover could confirm the bottom, the MACD gets a reputation for being a lagging indicator and therefore the bottom could be in long before the bull crossover confirms.

The Ten Year Trend Line

Adding credence to a potential bottom, Bitcoin weekly is sitting at a long-term trend line lasting over a decade long. The long term trend line has been touched on 5 separate occasions including the 2014 bear market bottom and Black Thursday in March 2020. Losing this trend line could be disastrous for the cryptocurrency market.

BTCUSD_2022-08-22_09-36-12

Will this nearly ten year long trend line hold? | Source: BTCUSD on TradingView.com

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com



[ad_2]

You Might Also Like

How to earn bitcoins fast

How to Tell If a Cryptocurrency is a Scam or Not

Tips to Avoid Losing In Cryptocurrency Trading

How to Sell Products Online with Bitcoins – The Ultimate Guide

Get a Cryptocurrency Trader Certification to Get Ready For The Big Game!

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin August 22, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article TA: Weekly Top 5 Crypto To Watch – BTC, ETH, BNB, TRB, EOS
Next Article What’s a crypto exchange worth? – TechCrunch

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

earn bitcoins fast
crypto

How to earn bitcoins fast

4 Min Read
Cryptocurrency is a Scam or Not
crypto

How to Tell If a Cryptocurrency is a Scam or Not

8 Min Read
Losing In Cryptocurrency Trading
crypto

Tips to Avoid Losing In Cryptocurrency Trading

6 Min Read
Sell Products Online with Bitcoins
crypto

How to Sell Products Online with Bitcoins – The Ultimate Guide

5 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?