Bitcoin: Monthly Chart
Just look at the monthly chart! What do you see?
1. the price bounced from the $20 000 support
2. it was a false breakout
3. the market gave us a reversal candlestick pattern
Based on these 3 statements we have a strong bullish signal.
But what's next?
After the strong bullish candle the market gave us a doji = neutral or reversal candlestick pattern.
The doji candle tells us that buyers are not so strong to push the price higher. It sounds like a bearish signal.
This month will be important for the market.
IF we get a bearish candle, we should be ready to see a downward movement toward $20 000 and $14 000 and consolidation around these levels.
IF buyers can keep the bullish momentum, we may think about updating the local high around $25 000 and reaching the $30 000 resistance level.
If we talk about investing, it makes sense to build long positions between $20 000 and $14 000 using the DCA approach and the spot market.
It's just a matter of time when the price will retest the support zone between $20 000 and $14 000 levels.
1. the price bounced from the $20 000 support
2. it was a false breakout
3. the market gave us a reversal candlestick pattern
Based on these 3 statements we have a strong bullish signal.
But what's next?
After the strong bullish candle the market gave us a doji = neutral or reversal candlestick pattern.
The doji candle tells us that buyers are not so strong to push the price higher. It sounds like a bearish signal.
This month will be important for the market.
IF we get a bearish candle, we should be ready to see a downward movement toward $20 000 and $14 000 and consolidation around these levels.
IF buyers can keep the bullish momentum, we may think about updating the local high around $25 000 and reaching the $30 000 resistance level.
If we talk about investing, it makes sense to build long positions between $20 000 and $14 000 using the DCA approach and the spot market.
It's just a matter of time when the price will retest the support zone between $20 000 and $14 000 levels.
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