coinedict

Bitcoin Steadies above 100 SMA, Here’s How BTC Could Start Fresh Increase

Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term. Bitcoin is holding a couple of important supports near the $36,000 zone. The price is currently trading nicely above $36,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if it breaks the $37,000 resistance zone. Bitcoin Price Remains Supported Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average. However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high. The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair. The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone. Downside Break in BTC? If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level. The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the stated case, the price is likely to dive towards the $35,000 support. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,000, $38,000 and $40,000.

Read More

Market Timing: Why Bitcoin Could Sweep Lows Before A Bounce

Bitcoin price is consolidating above $35,000, trying to build enough support to make an attempt at returning to local highs. Once there, if or not the bull run is still on will become a lot clearer. But before that happens, there could be one more deep sweep of lows, according to a highly accurate market timing indicator. Here’s what the TD Sequential indicator – created by market timing wizard Thomas Demark – says about the current price action and what to expect in the days ahead. Why Bitcoin Price Could Sweep Lows Before A Bounce Is Here The top cryptocurrency by market cap just saw the close of one of the worst monthly candles on record, calling into question if the bull run market structure is in tact, or if the cycle has fizzled out long before anyone anticipated. Each market cycle has been lengthening thus far, yet this recent cycle would be capped off at only 26 months since the bottom. Most signs suggest it just isn’t yet time for the greater underlying trend to have ended. Related Reading | Five Signs That The Bitcoin Bottom Is In Bitcoin price is now building support after a vicious selloff that wiped more than $30,000 out from the price per coin.  Surely that’s enough downside – right? According to the TD Sequential indicator on multiple timeframes, price action could take the first ever cryptocurrency another level lower, sweeping lows before a meaningful bounce. There is an 8 count on most timeframes on the TD Sequential | Source: BTCUSD on TradingView.com The Wizard Of Market Timing: All About The TD Sequential The TD Sequential indicator is a market timing indicator created by Thomas Demark. All of Demark’s highly regarded tools are focused on timing, and less-so the price of Bitcoin or other assets. The timing is based on a sequence of candles resulting in a buy or sell signal when a nine count is reached. An eight count can sometimes produce the bounce that crypto holders are hopeful for, however, a “perfected” nine setup is what they really want. Related Reading | Lack Of “Capitulation” Volume Suggests Bitcoin Is Doomed To More Downside The reason why crypto investors won’t like the setup that’s to come, is because for the nine candle to “perfect” the candle must fall deeper than the lows of the previous candles. Eight counts can also perfect and prompt a reversal, but because there’s so many eight counts across multiple timeframes on Bitcoin price, the probability of more downside and one of these candles perfecting is just too high to ignore. Aside from the buy signal that’s to come, technicals are extremely bullish on Bitcoin. Is this the “perfect” opportunity to buy one last time? Featured image from iStockPhoto, Charts from TradingView.com

Read More
coinedict

Bitcoin Grinds Higher, Here’s Why Dips Turned Attractive

Bitcoin price started a steady increase above the $36,000 resistance against the US Dollar. BTC even broke $37,000 and it is now showing positive signs. Bitcoin gained bullish momentum above the $35,000 and $36,000 resistance levels. The price is currently trading well above $36,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls are likely to remain active near $36,000. Bitcoin Price Gains Pace Bitcoin formed a base above the $34,000 zone and it started a steady increase. BTC broke the $35,000 and $36,000 resistance levels to move into a positive zone. There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low. The price even broke the $37,000 resistance zone. However, the bears are fighting near the $38,000 level. It seems like the 61.8% Fib retracement level of the key decline from the $40,420 swing high to $33,630 low is acting as a resistance. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $37,500 level. The first major resistance is near the $38,000 level and the recent high. A clear break above the $38,000 zone could set the pace for a larger increase. The next major resistance is near the $40,000 level. An intermediate resistance could be near the $38,800 level. Dips Supported in BTC? If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $36,500 level. The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could decline towards the $35,200 support zone in the coming sessions. Any more losses could clear the path for a retest of the $34,000 level. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding towards the 50 level. Major Support Levels – $36,000, followed by $35,500. Major Resistance Levels – $37,500, $38,000 and $40,000.

Read More
coinedict

Five Signs That The Bitcoin Bottom Is In

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record. Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon. The Signals Showing The Bitcoin Bottom Is Near Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite. A hidden bull div has formed on daily support | Source: BTCUSD on TradingView.com Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in. Related Reading | Building The Case That The Bitcoin Bottom Is In Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels. The logarithmic MACD shows momentum is turning upward | Source: BTCUSD on TradingView.com The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem. Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline of RSI support on the three-day chart (below). Bitcoin bounced off a high timeframe RSI support trend line | Source: BTCUSD on TradingView.com But Wait, There’s More Reasons To Be Bullish On BTC If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish. Related Reading | Don’t Have A Cow: Bart Simpson Is Back In Bitcoin The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward. The two-week middle-BB was retested only once during the last bull run | Source: BTCUSD on TradingView.com The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle. The most profitable buy signal in crypto is about to trigger | Source: BTCUSD on TradingView.com Nearly every time the signal appears, more upside is on the way. So why would this time be any different? With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss. Featured image from iStockPhoto, Charts from TradingView.com

Read More
coinedict

Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000. Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000 support and $33,200. Bitcoin Price Turns Red Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher. It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is now struggling to clear the $36,000 resistance level. Bitcoin is also trading well below $37,000 and the 100 hourly simple moving average. Moreover, there is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $35,500 level. The first major resistance is near the $36,000 level and the trend line. The next major resistance is near the $37,000 level. It is close to the 50% Fib retracement level of the downward move from the $40,417 high to $33,650 low. A close above the $37,000 resistance zone could open the doors for a steady increase. The next major barrier for the bulls is near $40,000 level. More Losses in BTC? If bitcoin fails to clear the $36,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $34,500 level. The first major support is near the $34,000 level. If there is a downside break below the $34,000 support, the price could decline towards the $32,000 support zone in the coming sessions. Any more losses could clear the path for a test of the $30,000 level. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $34,000, followed by $32,000. Major Resistance Levels – $35,500, $36,000 and $37,000.

Read More
coinedict

Bitcoin Resumes Decline, Here’s Why BTC Could Dive To New Monthly Low

Bitcoin price is showing bearish signs and trading well below $40,000 against the US Dollar. BTC is likely to extend losses below $34,000 and $32,000 in the near term. Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000. The price is now trading well below $40,000 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower as long as it is trading below $38,000 and $40,000. Bitcoin Price Turns Red This past week, bitcoin price started a decent recovery above the $35,000 level against the US Dollar. The BTC/USD pair even broke the $38,000 resistance level. However, the price failed to settle above the $40,000 level and it remained well below the 100 simple moving average (4-hours). A high was formed near $40,971 and the price started a fresh decline. There was a break below the $38,000 support level. Bitcoin traded below the 50% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. There is also a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now testing the 76.4% Fib retracement level of the upward move from the $31,296 swing low to $40,971 high. If there is a downside break below the $34,000 and $33,500 support levels, the price is likely to accelerate lower. The next major support is near the $31,250 level, below which the price may possibly test the $30,000 support level in the near term. Upsides Limited in BTC? If bitcoin remains stable above the $33,500 level, it could start a fresh increase. An initial resistance on the upside is near the $36,500 level. The first major resistance is near the trend line and $38,000. The main resistance is now near $40,000. A close above $40,000 is must to start a steady increase in the near term. The next key barrier could be $45,000. Technical indicators 4 hours MACD – The MACD for BTC/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Level – $33,500 Major Resistance Level – $38,000

Read More
coinedict

Bart Simpson Is Back In Bitcoin

The crypto market is in fierce debate: is the top of the Bitcoin bull market in? Bears salivating for cheaper coins say yes, while bulls hell bent on seeing through stock-to-flow predictions say otherwise. But which is it? A secondary conflict surrounds the topic: “if that was a top, it sure doesn’t look like one.” And while that is indeed true, don’t have a cow, man. We’re about to explain why the most recent top ushered in the return of Bart Simpson, along with why the move likely happened the way it did. “If This Is The Top In Bitcoin, It Doesn’t Look Like A Top” Even if you aren’t a pro at technical analysis and couldn’t read a chart if your life depended on it, it is pretty clear that tops and bottoms come to a sharp point most of the time – signaling a rebound is ahead and the violence left behind. Rounded bottoms do commonly appear but are a slow grind of a process and tend to stretch across a long timeframe. Related Reading | Bear Phase Fractal Warns Of Pain, Bitcoin Bull Market To Remain Unbroken The shape and pattern of the recent Bitcoin “top” has many traders and analysts confused. Where is the blow-off phase? Where is the bearish retest? What type of pattern even is this? All of these questions are used as firepower to make an argument that this isn’t a top. The spiky pattern with several sharp peaks into resistance instead looks like the top of the head of a famous cartoon character: Bart Simpson. Bart moves are back in BTC | Source: BTCUSD on TradingView.com via Twitter I’m Bart Simpson, Who The Hell Are You? The character Bartholomew JoJo Simpson, or Bart for short, first appeared on The Tracey Ullman Show in 1987 as a short. A dedicated show first aired in 1989 and it has been running ever since. The animated character is a TV icon, and the show is a pop culture phenomenon that’s adored by millions. So why then, when Bart appears on the Bitcoin price chart do crypto traders get so upset? Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern “Bart moves” as the community calls them, result from low liquidity. During such phases, whales can easily push price action through trading ranges. Bitcoin at more than a trillion dollar market cap tames the overall liquidity argument, but when order books are thin because everyone is holding, a whale can just as easily make waves as we’ve recently seen. This high timeframe Bart move is the largest on record, and shows that more coins being exchanged are necessary to further price appreciation. Order books should be stacked for further upside. For now, the cryptocurrency is back to being a whale’s playground – either until buying or selling picks up to an extreme. Featured image from iStockPhoto, Charts from TradingView.com

Read More
coinedict

Bitcoin Remains In Range, Here’s What Could Trigger A Strong Move

Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500. Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels. The price is currently trading near $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA. Bitcoin Price is Facing Key Hurdles Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500. The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term. More Losses in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level. The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,000, followed by $36,000. Major Resistance Levels – $39,500, $40,000 and $40,500.

Read More
coinedict

Here’s Why BTC Remains At A Risk of Fresh Drop

Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000. Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels. The price is currently holding the $37,000 support and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate lower if it breaks the $37,000 support and the 100 hourly SMA. Bitcoin Price Struggles Below $40K Bitcoin broke the $40,000 resistance and extended its recovery wave. BTC even cleared the $40,500 level and settled well above the 100 hourly simple moving average. However, the bulls failed to gain strength above $40,500. A high was formed near $40,923 and the price corrected lower. There was a break below the $40,000 support level. Moreover, there was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair. The pair gained pace below the 50% Fib retracement level of the upward move from the $36,472 low to $40,923 high. Bitcoin is currently holding the $37,000 support and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The 76.4% Fib retracement level of the upward move from the $36,472 low to $40,923 high is also acting as a support zone. On the upside, an immediate resistance is near the broken triangle support at $38,500. The first major resistance is near the $39,500 level. The main resistance is still near the $40,000 zone. A proper close above the $40,000 resistance zone could start a strong increase. More Losses in BTC? If bitcoin fails to clear the $39,500 resistance, there is a risk of more downsides. An initial support on the downside is near the $37,000 level. The first major support is near the $36,000 pivot level. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $37,500, followed by $36,000. Major Resistance Levels – $38,500, $39,500 and $40,000.

Read More
coinedict

Bitcoin Bear Market Comes Down To Pivotal June Close

Bitcoin price is still below $40,000, after just weeks ago trading at over $64,000 per coin. The selloff shocked market participants of all sizes, prompting fears that the bull market is now over and a bear phase is next. A trader who predicted this recent collapse months in advance using high timeframe technical analysis, now fears that a bear market could follow. But it all comes down to the pivotal June monthly close. Here’s why. Bitcoin At Risk Of Bear Market If Bulls Can’t Close June At New Highs When it comes to technical analysis, the highest timeframes offer the most dominant signals. This means that regardless of what’s going on on daily or shorter timeframes, if the weekly, monthly, or higher say the trend is up, that’s the direction the market heads. Reversals have to begin on the smallest timeframes, however, it is within the high timeframe charts where the earliest warning signs are visible. This is no different for Bitcoin, Ethereum, or any financial asset or cryptocurrency. Related Reading | Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next The problem is, on a rarely used high timeframe segment on the Bitcoin price chart, the top cryptocurrency is exhibiting an extremely bearish structure. A sharp-eyed trader has spotted a hidden bearish divergence on the RSI across the five-month timeframe. Three-months, six-months, or a year are more commonly used, but that doesn’t discount the effectiveness of the segment. Bear markets have always started off with a wick like the above | Source: BLX on TradingView.com High Timeframe Technicals Point To Bear Market, According To Trader With Track Record This is the same trader that spotted the first ever bearish divergence on the Bitcoin quarterly chart. The signal confirmed and the top cryptocurrency dropped by more than 50% in its worst monthly candle on record. Bulls can undo the damage done and prevent an evening star pattern from forming on the monthly if they can close May above $45,000. However, it is the June close that would also finalize the five-month candle above. Related Reading | The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever The candle currently has the largest upside wick into resistance in the history of the chart, showing that bears were ready and waiting. Each wick left on the five-month timeframe, was followed by a bear market. Is this time different, or is a bear market coming to crypto before Bitcoin ever gets to six figures like the market expects? And could that expectation cause the bear market to be the worst on record as investors finally give up on the dream? Anything is possible, but bulls have a little over a month to take Bitcoin to such highs, or else the RSI could turn down and this bearish signal could confirm. Featured image from Deposit Photos, Charts from TradingView.com

Read More
coinedict

Technical Breakout Suggests BTC Could Rally Above $40K

Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term. Bitcoin is showing positive signs above the $37,000 and $38,000 resistance levels. The price is trading nicely above the $37,000 zone and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $39,500 and $40,000 resistance levels. Bitcoin Price Aims Upside Break Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average. A low was formed near $36,500 and the price started a fresh increase. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move. The next major resistance is near the $42,000 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. Dips Supported in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,200 level. The first major support is still near the $37,000 zone and the 100 hourly SMA. If there is a downside break below the $37,000 support, the price could decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $38,200, followed by $37,000. Major Resistance Levels – $39,500, $40,000 and $42,000.

Read More
coinedict

The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever

Bitcoin price collapsed by more than 50% from its recent highs set only one month ago. The sharp decline now represents that largest drop in the history of the cryptocurrency – but there’s still several days left for the monthly candle to close. That means bulls can undo the damage done by the recent crash, and keep the structure of the bull market intact. To do so, however, the price per BTC must climb back to a key level now lost, and it must do it before the month comes to an end. Why Bitcoin Bulls Were Blindside By The Biggest Monthly Selloff Ever Bitcoin price was in an uptrend for over a year, capped off by the introduction of Coinbase Global on the Nasdaq stock market. Exuberance at the time was as high, driven by a potential “new paradigm” in crypto. Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning Wall Street and institutions were finally here. There was no way the market would correct, according to the crowd. Yet it did and because no one saw it coming it was especially disastrous. Over-leveraged longs were wiped out to the tune of billions, and those that were overexposed in other ways quickly regretted it. Edwards’ custom tool shows the worst month on record | Source: BTCUSD on TradingView.com The blitzkrieg resulted in the worst ever monthly candle on record, according to Bitcoin expert Charles Edwards. Edwards is responsible for creating some of the greatest tools in crypto, such as the Hash Ribbons indicator. His custom “drop %” tool shows how bloody things got (pictured above), but other analysts were quick to argue that there’s still time left in the monthly to change the data. Evening Star Pattern: Can Crypto Bulls Undo The Damage Done? This also means that bulls have a chance to undo the devastating candlestick pattern that’s been left on the price chart of Bitcoin. A slow month in April with very little movement resulted in a red doji candle at the height of an uptrend, followed by an enormous showing by bears. The pattern is called an “evening star pattern” and is a reversal of epic proportions, often signaling more red to follow. However, if bulls can leave a wick behind measuring roughly 50% of the red candle, it can also be quite a statement. Bulls have to close above here to undo the pattern | Source: BTCUSD on TradingView.com If Bitcoin price can close back the monthly candle above around $45,000 the evening star pattern will be defended for now. The next monthly candle will need to be green to ensure the bull market is still intact, otherwise, bears will complete the pattern in their follow up. Related Reading | Building The Case That The Bitcoin Bottom Is In Closing above the level could also keep the monthly RSI in the bull market territory, preventing a larger breakdown and fall into a bear market. Can Bitcoin bulls undo the worst monthly candle on record? Featured image from iStockPhotos, Charts from TradingView.com

Read More
bitcoin
Bitcoin (BTC) $ 88,064.59
ethereum
Ethereum (ETH) $ 3,121.23
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 206.58
bnb
BNB (BNB) $ 604.55
dogecoin
Dogecoin (DOGE) $ 0.374095
xrp
XRP (XRP) $ 0.672244
usd-coin
USDC (USDC) $ 0.996656
staked-ether
Lido Staked Ether (STETH) $ 3,122.71
cardano
Cardano (ADA) $ 0.559027
tron
TRON (TRX) $ 0.174075
shiba-inu
Shiba Inu (SHIB) $ 0.000025
wrapped-steth
Wrapped stETH (WSTETH) $ 3,724.70
the-open-network
Toncoin (TON) $ 5.13
avalanche-2
Avalanche (AVAX) $ 31.78
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 88,199.63
sui
Sui (SUI) $ 3.17
weth
WETH (WETH) $ 3,132.30
bitcoin-cash
Bitcoin Cash (BCH) $ 427.96
chainlink
Chainlink (LINK) $ 13.10
pepe
Pepe (PEPE) $ 0.000018
polkadot
Polkadot (DOT) $ 4.97
leo-token
LEO Token (LEO) $ 7.58
near
NEAR Protocol (NEAR) $ 4.98
aptos
Aptos (APT) $ 11.39
wrapped-eeth
Wrapped eETH (WEETH) $ 3,287.80
litecoin
Litecoin (LTC) $ 73.25
usds
USDS (USDS) $ 0.985114
uniswap
Uniswap (UNI) $ 8.35
crypto-com-chain
Cronos (CRO) $ 0.163648
dogwifcoin
dogwifhat (WIF) $ 3.93
internet-computer
Internet Computer (ICP) $ 8.22
bittensor
Bittensor (TAO) $ 517.26
stellar
Stellar (XLM) $ 0.120810
dai
Dai (DAI) $ 0.995534
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.23
ethereum-classic
Ethereum Classic (ETC) $ 21.45
whitebit
WhiteBIT Coin (WBT) $ 22.04
kaspa
Kaspa (KAS) $ 0.124258
ethena-usde
Ethena USDe (USDE) $ 0.995589
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.364138
blockstack
Stacks (STX) $ 1.86
monero
Monero (XMR) $ 149.96
render-token
Render (RENDER) $ 6.79
okb
OKB (OKB) $ 43.74
aave
Aave (AAVE) $ 167.81
bonk
Bonk (BONK) $ 0.000035
arbitrum
Arbitrum (ARB) $ 0.594639
filecoin
Filecoin (FIL) $ 3.94
mantle
Mantle (MNT) $ 0.687682