Bullish capitulation on the monthly chart

September has come to an end and the monthly chart shows us: the Bears are in charge.

In the last 4 months the candles has showed long upper wicks, what is a sign for bullish weakness.
The buyers can´t neither hold the levels, nor push the price more forward.
With each months they even lost more positions, meaning that they could not achieve higher levels.

Yet, the price still above the 30 EMA, what gives us a feeling to be in a Bull market, but in a market anything can happen.

So for me the price zone at 7714 USD is very important.
If the price moves below and manages to close there, it will confirms my bearishness.

All in all it seems, that the Bears want a price dump.
Some people out there are not happy enough with the amount of BTC they acquired in past winter.


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