🅱️ Bitcoins First Negative Month In 4 Months! (Targets 26K/22K)
Updated
This is the first time Bitcoin is showing a negative bias in the past four months.
The same dynamic: First half of the month green = second half of the month red.
This monthly session has a long upper wick and the action is now moving toward the lower end of the session as the month enters its second part.
While this can be a strange signal, unconventional, it tends to work.
Just like major hyped up events normally work as sell signal; When a bullish event is about to take place prices drop before the event, rise when the event happens.
When a major bearish event is about to take place prices rise before the event, drop when the event happens. This is a common theme.
But what does the chart say?
We have four months of growth in a recovery year, 2023.
2024 Is the bull-market year and some of 2025.
In a bull-market, we can see month after month after month of green, always after the halving, never before. It is easy for Bitcoin to produce a correction after four straight months of going up.
At one point buyers become exhausted and sellers start to show up...
Notice the trading volume, quite revealing... Very low in the last 9 months.
This bullish wave is near its end... We enjoyed/tracked the entire ride to the upside, everything is the same but in reverse. People are in denial and the sentiment goes from: "Great!", "Thanks", "Love you!", to: "#$%@", "#$%@", "#$%@"!
Why the change in just a few days?
👉 Between EMA50 and 0.786 Fib. retracement we have a 26,000 to 22,000 price range.
The last time EMA50 was tested as support was March 2023. This is a major level to consider on the monthly timeframe. Anything lover would have to happen on a wick.
Namaste.
The same dynamic: First half of the month green = second half of the month red.
This monthly session has a long upper wick and the action is now moving toward the lower end of the session as the month enters its second part.
While this can be a strange signal, unconventional, it tends to work.
Just like major hyped up events normally work as sell signal; When a bullish event is about to take place prices drop before the event, rise when the event happens.
When a major bearish event is about to take place prices rise before the event, drop when the event happens. This is a common theme.
But what does the chart say?
We have four months of growth in a recovery year, 2023.
2024 Is the bull-market year and some of 2025.
In a bull-market, we can see month after month after month of green, always after the halving, never before. It is easy for Bitcoin to produce a correction after four straight months of going up.
At one point buyers become exhausted and sellers start to show up...
Notice the trading volume, quite revealing... Very low in the last 9 months.
This bullish wave is near its end... We enjoyed/tracked the entire ride to the upside, everything is the same but in reverse. People are in denial and the sentiment goes from: "Great!", "Thanks", "Love you!", to: "#$%@", "#$%@", "#$%@"!
Why the change in just a few days?
👉 Between EMA50 and 0.786 Fib. retracement we have a 26,000 to 22,000 price range.
The last time EMA50 was tested as support was March 2023. This is a major level to consider on the monthly timeframe. Anything lover would have to happen on a wick.
Namaste.
Note
The monthly session/candle is now red; First half green, second half red.The month has 12 days left before closing... The session can end up much lower.
EMA10 at 33895 is the minimum.
EMA50 expect at 26000 but can go lower... We will have to wait and see the strength of the correction.
The range is between 28,000 and 22,000.
A wick can push prices lower but this part is just speculation.
Thank you for reading.
Namaste.
Note
Less than four days left before the monthly session close and yes, we are still red.I will do a full update once the month closes because the close price gives the most important information.
Make sure to boost and activate notifications to receive an update when the update is published.
Enjoy your weekend.
Note
It won't be necessary to wait for the monthly session close; Bearish bias confirmed.Bitcoin produced four months green in early 2023, then we get some sideways but start the next month red, green, red, etc.
Then again we get four months green to close 2023, this is all happening pre-halving, and to start next month (February 2024) also red...
The current month will be the first red month in five months, and this is the revealing part.
We are set to experience the halving and 2023 was the recovery year, we call it "recovery year" because of the relief rally that tends to happen after the bear market bottom.
Bitcoin never grows five, six consecutive months green unless in a full bull-market, which is what we get after the halving event.
We are approaching the halving and bearish signals are starting to show all across.
Here is why we don't need to wait for the monthly close...
If Bitcoin were to close January green, it would be five consecutive months green, in order to move to hit new highs, say 58k, 64k and 70k, it would need to follow up with a sixth month green and more but the halving is not yet in so we cannot expect such ultra-strong growth.
Instead, it is already turning red and even if for any reason it closes green this month (above 42,300) this would put even more pressure on February to produce a correction, because the market moves in waves.
The bullish potential has been exhausted and volume since January 2023 has been dropping.
It doesn't really matter anymore how the month closes, everything is pointing down rather than up.
Prepare for the correction. It is the last one before the 2024/25 bull-market.
Secure profits & stay safe.
Thank you for reading.
Namaste.
🔝 Daily Cryptocurrency Technical Analysis
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
followalan.com
🔥 PREMIUM Trade-Numbers (6-In-1 Offer Now Live!)
lamatrades.com (Since 2017)
🚨 Free PREMIUM Trade-Numbers
alansantanatrades.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.