Bitcoin prints 5 consecutive red months. Where do we stand?
Bitcoin has closed 5 bearish monthly candles in a row for the first time (and historically second) since November 2011. That streak was the end of Bitcoin's first bear cycle and signaled the parabolic rise to the April 2013 Highs of 266.
So where do we stand on the parabolic curve at the moment? We have done numerous studies on that matter but there is no better time to look at it again as based on the comparisons with the 2011 bear market, the completion of the 5 red month streak indicates that BTC has reached a bottom. The extension of the parabolic curve and a comparison with the previous bear cycle in 2014 shows that the price has one last drop to give before the new bull market starts (orange parabolic curves). For long term traders this is insignificant and will look to start building up long positions now. Moreover, since it is historically unlikely to see a 6 monthly candle bearish streak, it is reasonable to say that Bitcoin will start seeing Higher Highs on the 1D chart soon and is slowly entering into bullish territory (although the consolidation period can last up to 6 months).
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So where do we stand on the parabolic curve at the moment? We have done numerous studies on that matter but there is no better time to look at it again as based on the comparisons with the 2011 bear market, the completion of the 5 red month streak indicates that BTC has reached a bottom. The extension of the parabolic curve and a comparison with the previous bear cycle in 2014 shows that the price has one last drop to give before the new bull market starts (orange parabolic curves). For long term traders this is insignificant and will look to start building up long positions now. Moreover, since it is historically unlikely to see a 6 monthly candle bearish streak, it is reasonable to say that Bitcoin will start seeing Higher Highs on the 1D chart soon and is slowly entering into bullish territory (although the consolidation period can last up to 6 months).
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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