I haven't looked at the monthly chart in a while, but it tells us quite a bit. The most red months in a row we have ever had in bitcoin has been 10. By then, the low for the year was in at around $100 from $1,000. We then went up to $20,000.
Well, if $6,000 is the bottom, I will be expecting a Bitcoin price of at least $60,000 in about a year's time.
So, based on that monthly data, it is very likely we will have a green month soon enough which should last a few months - even if it isn't the end of the bear market. Add to that we are bullish on the daily timeframe and about to test the wedge we are in, I am far more bullish than bearish on bitcoin.
I've also pointed out the decrease in the volume. We hit $6,000 in February, and yet, we still haven't really been able to clearly drop lower. It's because there simply aren't as many sellers as before. The selling pressure is getting weaker every month.
Add to this, cryptos like XRP and DOGE have been taking out previous highs and are in bull markets. I am therefore expecting that euphoria to stumble into Bitcoin. Keep in mind XRP fell about 95% and investor's are gaining confidence in it again. I don't even think Bitcoin fell 80%. It won't take much to start another prolonged bull run and indeed, I think that is happening now.
Thanks for reading, please follow me if I help you.
Sooner or later peoples BTC will be open to institutional money. If you want to stake your claim on this block chain now is the time. This kind of value cannot be eaten away by inflation and will end up being a massive hedge against the money printing of the central bankers in Europe, US and ASIA. you will kick yourself very shortly when you see what happens to the price. 7 billion people into 22m bitcoins doesn't go. do the math and make your choice.
s-kgrs
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What monthly chart are you looking at, because mine has February, April and July as green months. The selling volume has gone down but so has the buying volume. Bitcoin is struggling to break $6800 but it's "very bullish." Sure, man.
CantorTechnologies
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@stkag, I am using ashi candles, perhaps that is why our charts are different. Can we be precise and state exactly what you find not bullish about what I have posted. I agree not immediately breaking $6800 is not as bullish as immediately breaking $6800. That is a obvious statement. But,we can be more scientific about our conclusions. To what extent is bitcoin bullish or bearish? All I said was that I believe bitcoin is more likely to be bullish than bearish at these prices. Translation: you should make more money buying at 6k than shorting at 6k. Hope this helps. Love to have criticism. Thank you for your comment.
Netromforlife
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We will know the direction soon for sure. Right now it’s just guessing. To
many signals pointing in different directions.
CantorTechnologies
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@Netromforlife, I think it is possible we could retest 5.8k, but I am about 65% sure the bottom is in or will be in the region of 5.8k and coming soon.
Technical-Difficulties
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nice monthly perspective
cryptoezvip
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Bitcoin's correction may continue lower over the near term before a potential continuation to the upside could be seen. Here are the key levels to watch out for:
KassandrA_dotcom
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LTC could turn BULLISH too. You can look the update under the chart :