Hello, I want to analyze bitcoin completely for you.
On a monthly timeframe, each of these candles represents the movement of bitcoin over one month. In the sections I have numbered, you can see that Bitcoin has been declining for three consecutive months, which is, in fact, a model of correction of the rising price of its previous months.
The green candle (February) can be a rest candle and the correct part of this movement. The $ 46,350 and $ 38,350 points are very important because they are the ceiling and bottom price of Bitcoin last month and the previous candle. These points have a psychological effect on the market as a whole. When it reaches a high price, the selling pressure increases, and when it reaches a low price, the buying pressure rises.
If it breaks the upper shadow of the previous candle ($ 48,000), it will compete with the previous candle. So if it breaks the $ 48,000 and stabilizes its high price, we will see a good climb. But now it's too early to talk about $ 48,000 because Bitcoin is currently engaged in many reactions, especially at lower timeframes, which I will analyze.