Bitcoin is in Red Monthly Candle After 4 Green Months
This is 5th months, Bitcoin price is in red monthly candle after 4 green candles. We have seen this green candles series at the end of 2023. It may be so possible to see red monthly candle in this month in Bitcoin price chart.
Here you can see monthly candle Bitcoin price chart. 8-month moving average is the trend line of monthly candle. It is at 100K USD level. If we see price correction on Bitcoin price chart, we may see the deep of this correction at 100K. I may not be possible to see this monthle candles series more. We have seen 3 monthly candles at the end of 2024.
Here you can see the indicators on daily chart of Bitcoin price. Fisher Indicator has not reversed yet from the bottom. We may see another attack of price correction for short term.
MACD Indicator is still in price correction. It is still going down. It may be hard to reverse up in August before FED meeting.
There is also great downtrend line on RSI Indicator. We should follow this trend line. When it breaks up we will see bullish attacks on Bitcoin price chart.
So, we should see price correction on Bitcoin price chart for healty future. If we see this correction for a month or for two months, We may enter mega bullish season at the end of 2025.
We will see..
@chorock, excellent technical analysis on Bitcoin! I appreciate you diving deep into the monthly candle patterns and pointing out the potential for a red monthly candle after that strong run. The 8-month moving average at 100K USD is a critical level to watch – a potential floor for a correction is a valuable insight.
Your analysis of the Fisher, MACD, and RSI indicators on the daily chart adds a layer of short-term perspective, suggesting that further correction could be on the horizon before the next big bull run. It's refreshing to see such a comprehensive overview! I'm eager to hear other Steemians' thoughts on this. What are your predictions for the next few months? Thanks for sharing!