Bitcoin Bloody Monday នាំទៅរកញញួរបញ្ច្រាស

វីដេអូ៖ ការវិភាគតម្លៃ Bitcoin (BTCUSD): ថ្ងៃទី 19 ខែកញ្ញា ឆ្នាំ 2022

Last night, we had the weekly close in តម្លៃ Bitcoin, 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.

Bull Stop Bears Short With Hammer Time

Bitcoin price is forming a ញញួរ. 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 ក្រុមតន្ត្រី Bollinger 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 នៅលើ TradingView.com

Weakening Weekly Momentum Could Be Ready To Turn

Since today is the first day of the week, the weekly candle in Bitcoin currently is a hammer also. With several days remaining before the close, it is unlikely it will stay that way. The head of the hammer, or real candle body, is hanging on just above former all-time high resistance.

Zoomed in closely, you can see why this move was especially demoralizing for bulls. Any traders who entered on អានុភាព will have been stopped out after months of position building, leaving only those who entered on the wick to $17,500 remaining in a long position.

Given the macro situation and the extreme bearish sentiment, new lows appear to be a given. However, bearish momentum has been weakening on weekly timeframes, which is a bullish signal to go with a hammer candle. If bulls can close the weekly histogram in the green and complete a bullish crossover on the អិលអឹមឌីឌី, a sustained rally could materialize.

Comparing it with the 2018 bear market bottom, once crossed, Bitcoin never returned to those prices.

Bears expose weakness on weekly timeframes | Source: BTCUSD នៅលើ TradingView.com

ការអានដែលទាក់ទង: មើល៖ Ethereum Merge លក់ព្រឹត្តិការណ៍ព័ត៌មាន | ETHUSD ថ្ងៃទី 15 ខែកញ្ញា ឆ្នាំ 2022

Why Bitcoin Bulls Have 11 Days To Save September

There are only 11 days left in the monthly candle, and this is all the time bulls have left to prevent a much deeper selloff in BTC. 

Although the current candle looks ugly, compare it to past levels where a meaningful reversal began. A doji pattern to close September could be the beginning of a cluster of support forming that tells the market new lows won’t be happening.

The onus is on bulls to make a strong showing within the next 11 days to put bearish momentum on monthly timeframes to a stop. In the past, the histogram turning pink was the turning point that let the market know bulls were taking back control over crypto. 

How will September end?

Can bulls finally stop bearish momentum? | Source: BTCUSD នៅលើ TradingView.com

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