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In this episode of NewsBTC’s each day technical evaluation movies, we’re as soon as once more inspecting a potential expanded flat correction in Bitcoin. Once the correction has accomplished, the bull market might resume.

Take a take a look at the video beneath:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 18, 2022

In addition to the video highlights listed beneath the video, we additionally analyze BTCUSD utilizing the Ichimoku, Bollinger Bands, SuperTrend, TD Sequential, and different technical instruments.

Three Strikes: BTCUSD Rejected From 50-Day Moving Average

BTCUSD each day worth motion was as soon as once more rejected from the 50-day moving average. This is the third rejection since September, making the 50MA a crucial line within the sand to cross earlier than any probability of additional upside.

Zooming out and evaluating the 50MA and its habits across the 2018 bear market backside, we will see that breaking by way of it’s the key to bulls regaining management on each day timeframes. Given the shut proximity of the 100-day transferring common in yellow, the subsequent goal could be the pink, 200-day transferring common positioned at round $26K.

If Bitcoin can break the 50-MA and 100-MA, $26K is subsequent | Source: BTCUSD on TradingView.com

Bitcoin CME Futures Paints Near-Perfect Expanded Flat Pattern

The BTC CME Futures line chart causes the worth motion over the past 18 months to just about completely fill out an expanded flat sample. An expanded flat contains a greater excessive on the prime of the B wave, adopted by a decrease low because the C wave terminates. The C wave is an impulse wave down made up of 5 whole sub-waves.

The BTC CME chart begins with a bear market. The main rely would recommend the expanded flat correction shaped in wave 4 and there may be nonetheless a wave 5 forward. In Elliott Wave Theory, one method to probably challenge the height of the place wave 5 will terminate, is to seek out the inverse Fibonacci extension of wave C. 

At the 1.272 extension, Bitcoin would attain $90,000, whereas if the 1.618 golden ratio extension is tapped, the highest could be over $137,000 per BTC.

Will The Crypto Winter Conclude With A Touch Of The Log Growth Curve?

Although given the macro sentiment, the chance of recession, and the actual fact every flooring in crypto has fallen out many times, this isn’t an uncommon place for Bitcoin to backside out.

Bitcoin worth continues to grind alongside the logarithmic growth curve. All worth motion all through your entire historical past of cryptocurrencies has been contained inside this narrowing curvature. Why wouldn’t it abruptly cease now?