The monthly close was bullish.


Lots of confusion out there, but make no mistake, it was bullish.
Why?
1. Printed a morning star reversal pattern
2. Closed its body above March's wick high(strength)
3. Closed back above the 2025 year low
4. Has held monthly supertrend for 3 closes above now
5. It did this whilst the 1M RSI hitting previous bottom levels
Each bear market, Bitcoin has, at most, tested the monthly supertrend once, before slicing straight through it and confirming bearish.
This time, it has now held it for 3 straight months. Because this isn't the same bear market. This is a mid cycle correction which is why it has held this highest of time frame bullish signal.
When you look at this chart you can see that Bitcoin is simply, on a very high time frame scale, breaking higher and then retesting old highs.
We just had the retest of $60k's, and now with this monthly close, have pushed back off of it with decent strength.
It is my view that we have just completed a mid cycle correction, with a previous cycle high retest, and will now be moving back higher again.
This doesn't mean we wont move a bit lower temporarily in May, but I am expecting the monthly May candle to also close green.
The monthly close was bullish.
BTC1.68%
post-image
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin