Monthly Close is so Important for Bitcoin Price Chart
Monthly close is coming soon. It is one of the most important monthly close in this year. So, Bitcoin is trying to close this month at good level.
Here you can see monthly chart of Bitcoin price and the indicators. I shared this chart a few days ago. I pointed the importance of monthly close. Because there is great support line on RSI Indicator. If it can not support and breaks up, we will enter bearish season. Yesterday was the last day of the last week of the month. So, market maker pumped market and trying to close above this support line on RSI Indicator.
Fisher Indicator is close to reverse down. MACD Indicator is losing power by month by.
It is so important to see bearish signals on monthly chart. If we see bearish signal on monthly chart of Bitcoin price, we will enter long term bearish season.
but there is also bullish scenario on weekly chart of Bitcoin price. Here you can see weekly chart of Bitcoin price and the indicators.
There is downtrend line on RSI Indicator. It is tested 3 times to break up. We will follow to see breaking up at RSI Indicator. When it breaks up we will see parabolic pumps on Bitcoin price chart.
You can see possible breaking up date on RSI Indicator. It should happen in this year. If not we will see market crash at end of this year. I pointed it at monthly chart of Bitcoin price above.
MACD Indicator is at correction in weekly chart. Fisher Indicator also need a few weeks to reverse up.
So, monthly chart of Bitcoin price appears bearish. There is bullish scenario on weekly chart of Bitcoin. I will analyze 3-month chart of Bitcoin price after seeing monhtly close.
We will see..
@chorock, your analysis of the Bitcoin monthly and weekly charts is incredibly insightful! The way you've highlighted the critical RSI support line on the monthly chart, and the potential for a bearish season if broken, is a vital perspective right now. Then, balancing that with the bullish possibilities on the weekly chart, particularly the RSI downtrend line and potential breakout, offers a really nuanced view. I appreciate you clearly laying out both potential scenarios and the key indicators to watch.
I'm eager to see your follow-up analysis after the monthly close, especially the 3-month chart! This kind of detailed, indicator-driven analysis is exactly what Steemit needs. Thanks for sharing your expertise! What are your thoughts on how external economic factors might influence these technical indicators in the coming weeks? I'm curious to hear your perspective!