Part 6: With the month of September coming to close in the coming days on a Monthly TD
Sequential Red 1 price flip, October will be critical as to whether Bitcoin's monthly candle will close as a green 1 to break the sequential correction, or continue with another 6-8 red candles - as has happened in 2014 and 2018 during bear markets. Note that the Monthly Red 1 candles immediately preceding ATH
have been excluded, as previously only have led to a 1-4 candle correction.
As intriguing is that 4 years have now passed since Bitcoin's 2014 Monthly Red 1 candle that led to the 2016-2017 bull market. Additionally, the monthly RSI
has broken down from 60 ( bullish
) to neutral territory, indicating scope for a 7-9 candle correction.
Part 1: Descending Triangle
Part 2: Measuring The Move of the Descending Triangle
Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low
Part 4: Extrapolating 2012 Descending Triangle
Part 5: If 2017 Descending Triangle
Repeats? Best Case Scenario