This is an outlook on the monthly candles of Bitcoin and the most popular altcoins. Candles are very powerful, especially on the monthly chart.
I hope this analysis will help you with your trading decisions!
My verdict is that the candles look bearish. There is a higher chance to go down and continue in the downtrend.
If you want me to post monthly candlestick analysis every month, hit "like/boost", so I know I should continue!
BItcoin (BTC) -Bearish red engulfing candle. The monthly candle closed at the record low. The body is greater than the wick. Ethereum (ETH) - Bearish red engulfing candle. The monthly candle closed below the previous 2 candles. Aslo we made a new low. Looks bad. XRP (XRP) -Bearish red hanging-man candle. The candle on XRP is a little bit bullish, but not in this structure. It looks bad to me. Binance (BNB) -Bearish red spinning top engulfing candle. The monthly candle is a bearish "spinning top." Also, this candle is an engulfing candle. Looks bad. DOGE (DOGE) -Bearish red spinning top candle. This candle is red, and there was no continuationof the previous candle. Not the best. Cardano (ADA) -Very bearish red candle. The worst candle ever, this will go down. The previous reversal candle (hammer) was ignored. Polygon (MATIC) - Green doji/shooting star reversal candle with a long wick. The candle has a huge rejection wick. Not the best for the bulls. Solana (SOL) - Huge bearish red engulfing candle. Solana is freefalling. There are no signs of a trend reversal.
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Everyone is now extremely bullish on crypto and the stock market, which is not a good sign.
Thank you for your insights. It is indeed looks like this is the way it is going. Not sure about Matic but the others show very strong sign of weakness. Also, yesterday's fed discussion didn't do much to the market, just a little hiccup imo. It doesnt holds up which strengthens what you are saying.