Monthly market Breakdown for BitcoinWelcome fellow Tradingviewers,
This analyses is a follow-up from our previous BTC TA moments and are followed up every month.
Every month for the next 13 months we will release our monthly market breakdown. If you want to receive daily and weekly technical analyses you might want to check our website.
In our previous analyses we predicted that BTC would rise all the way to 16.300, after touching this level we went way beyond and extended the target in our daily analyses to the All time High.
We have now touched all time high and retested the 16.300 support, so what is next?
In this analyses we are going to show you our view on the current market situation for Bitcoin.
We will be analysing BTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- This close was the HIGHEST CLOSE EVER for Bitcoin.
- The monthly close was a bullish engulfing candle.
- We closed just below ATH.
- We are still above all moving averages.
- Volume keeps increasing.
- Higher High is confirmed.
- Bullish MACD.
Weekly:
- We closed the weekly as a bullish engulfing candle.
- The W formation that we saw is bearing its fruits now and this could be one of the factors that drives Bitcoin through its all time high.
- The MACD is bullish and shows strength.
- We are well above all MA's.
- Volume increasing.
- Higher high discussed in the previous analyses formed.
Daily:
- We saw a strong morning pattern being formed at the bottem when touching the 16.300 resistance.
- Just cleared the NOV 24th High.
- The MACD is bullish.
- We are well above all MA's.
- Volume increasing.
In summary:
In the last free monthly market breakdown we emphasized the big companies that are introducing more and more people to Bitcoin and as you guys can see we made an incredible jump of over 40% in a single month. We are now at ATH prices and it is important to not panic. While trading specific patterns and indicators might become more and more difficult we need to stay ahead of the game with a clear mind and without FOMO and GREED. Once Bitcoin breaks ATH we enter price discovery mode and as long as MSM is not widely broadcasting this Bitcoin pump we will probably stay in prrice discovery mode for a long time.
We have deleted the HL and HH cycle because we are not yet finding a new top, if you have not seen those make sure to check our previous analyses. The monthly candle was one of the most bullish once in Bitcoins lifecycle and we therefore have the conviction that price is more likely to rise than to decrease. However Bitcoin is a volatile asset and can jump up and down 30% in a single day as it has done in the past. We would suggest not to short this market and to take a look at the identifiable support zones, the first ones being 16.3 and 13.8 before going down to the next zones located in the charts. We will provide you guys with daily updates on the price discovery on our website!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
