Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022

In this episode of NewsBTC’s daily technical analysis videos, we are once again examining a possible expanded flat correction in Bitcoin. Once the correction has completed, the bull market could resume. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 18, 2022 In addition to the video highlights listed below the video, we also analyze BTCUSD using the Ichimoku, Bollinger Bands, SuperTrend, TD Sequential, and other technical tools. Related Reading: A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022 Three Strikes: BTCUSD Rejected From 50-Day Moving Average BTCUSD daily price action was once again rejected from the 50-day moving average. This is the third rejection since September, making the 50MA a critical line in the sand to pass before any chance of further upside. Zooming out and comparing the 50MA and its behavior around the 2018 bear market bottom, we can see that breaking through it is the key to bulls regaining control on daily timeframes. Given the close proximity of the 100-day moving average in yellow, the next target would be the red, 200-day moving average located at around $26K. If Bitcoin can break the 50-MA and 100-MA, $26K is next | Source: BTCUSD on TradingView.com Bitcoin CME Futures Paints Near-Perfect Expanded Flat Pattern The BTC CME Futures line chart causes the price action over the last 18 months to nearly perfectly fill out an expanded flat pattern. An expanded flat features a higher high at the top of the B wave, followed by a lower low as the C wave terminates. The C wave is an impulse wave down made up of 5 total sub-waves. The BTC CME chart begins with a bear market. The primary count would suggest the expanded flat correction formed in wave 4 and there is still a wave 5 ahead. In Elliott Wave Theory, one way to possibly project the peak of where wave 5 will terminate, is to find the inverse Fibonacci extension of wave C.  At the 1.272 extension, Bitcoin would reach $90,000, while if the 1.618 golden ratio extension is tapped, the top would be over $137,000 per BTC. Could this be the correction that has cut down crypto prices? | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022 Will The Crypto Winter Conclude With A Touch Of The Log Growth Curve? Although given the macro sentiment, the risk of recession, and the fact each floor in crypto has fallen out again and again, this is not an unusual place for Bitcoin to bottom out. Bitcoin price continues to grind along the logarithmic growth curve. All price action throughout the entire history of cryptocurrencies has been contained within this narrowing curvature. Why would it suddenly stop now? BTC is brushing against the bottom of the log curve | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. 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