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Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar

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Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar

“BTC / USD: This will be the highest monthly close of time, monthly candle is currently +35% above the previously ATH close. I’d expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”

Bitcoin and the entire crypto market have been caught in the throes of an intense recovery over the last few days, with the recent selloff proving to be highly fleeting.
From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook — and its short-term outlook — are bullish.
Late-last week, Bitcoin rallied into the mid-$19,000 area before confronting a firm rejection that caused its price to slide significantly lower.

Bitcoin
As one analyst observed:

A additional rejection here, however, could indicate that a prolonged consolidation phase is imminent.
The market’s potent response to this intense decline suggests that some significant upside could be imminent in the days and weeks ahead.
Any extension of this momentum could result in the cryptocurrency seeing new all-time highs.

BTC is Going to See the Highest Monthly Candle Close Ever 


Image Courtesy of Cactus. Source: BTCUSD on TradingView.

Assuming that Bitcoin remains technically strong and doesn’t face any unpleasant selloff over the coming day, the cryptocurrency is poised to post its highest monthly candle close ever.

Released at Mon, 30 Nov 2020 23:00:14 +0000

  • Bitcoin is currently caught inside the throes of an intense uptrend, with bears being unable to slow its ascent
  • The strength of this uptrend has been quite intense, and appears to indicate that significantly further upside could be imminent
  • The lower and mid-$19,000 area does hold some extreme immunity for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
  • That said, the macro strength seen by BTC suggests a move past this cost will come about from the near-term
  • One dealer is noting that Bitcoin is going to post the highest monthly candle close it has ever seen
  • This is an incredibly bullish development that does appear to indicate that upside is impending

If BTC can break above its previous all-time highs, it will likely enter cost discovery mode and extend its current parabolic uptrend.
Charts from TradingView.

Featured picture from Unsplash.
The selling pressure seen here has been extreme, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.

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