First we look at the monthly chart in logarithms. Bitcoin is currently at a price where the monthly chart is likely to end with an uptrend pin bar. From the $ 3900 zone, if we close above $ 6300 this month, the push of the bulls is over 62%, and if we close above $ 6700, the bulls' push is over 72%. Looking back in September 2017 we had a monthly candle, the pin bar rising with a push of 45% and then we had very impressive year-end growth months. Looking at the opposite buying and selling power of the February and March candles. We have February as a bearish pin bar candle with a downward pressure of 11.33% compared to the current price if Bitcoin is at $ 6700 then this month. we have a pin bar with a price increase of 72%. Clearly through this comparison, we see that the bulls are still very beneficial.
There is another factor related to the monthly average of the MA20 for M1. Currently, the average monthly session is at $ 7009, if at the end of March, the price of Bitcoin closed above this level, two things happened. One is that Bitcoin will maintain its long-term uptrend, and add a month's pin bar to the trend of strong growth.
This is a hypothesis for the weekly frame when Bitcoin walks in the triangle pattern
Next we look at the Stoch index on the weekly frame. Obviously looking at 2020 and comparing to 2015, Bitcoin has both collapsed and broke the uptrend line. But immediately after that there appeared a V-pattern and the buying force was pumped up very quickly. The most noticeable factor is that both collapses show that the Stoch index falls from the overbought area and has a divergence. We will consider because this may be a factor showing good buying power.
The next factor we will consider the week frame. When Bitcoin entered an uptrend from 3200 and corrected to a bearish wedge pattern, then Bitcoin broke upward to continue the trend, and apparently just last fall, pulled Bitcoin back. the lower line of the wedge model falls in price and breaks above the pattern at the current price. I assess that we are still in an uptrend.
The chart on H6 frame I have analyzed in detail here, please refer to:
We consider the volume of transactions on the weekly frame. Obviously, the recent collapse for buying force has bottomed out stronger than 2 times before. And looking at the volume of transactions by price, the price of Bitcoin over $ 8000 will bring positive sentiment to the market.
Looking at the recent H4 trading volume chart, we can see how Bitcoin is being gathered and how strong the buying force is:
There is another factor related to the monthly average of the MA20 for M1. Currently, the average monthly session is at $ 7009, if at the end of March, the price of Bitcoin closed above this level, two things happened. One is that Bitcoin will maintain its long-term uptrend, and add a month's pin bar to the trend of strong growth.
This is a hypothesis for the weekly frame when Bitcoin walks in the triangle pattern
Next we look at the Stoch index on the weekly frame. Obviously looking at 2020 and comparing to 2015, Bitcoin has both collapsed and broke the uptrend line. But immediately after that there appeared a V-pattern and the buying force was pumped up very quickly. The most noticeable factor is that both collapses show that the Stoch index falls from the overbought area and has a divergence. We will consider because this may be a factor showing good buying power.
The next factor we will consider the week frame. When Bitcoin entered an uptrend from 3200 and corrected to a bearish wedge pattern, then Bitcoin broke upward to continue the trend, and apparently just last fall, pulled Bitcoin back. the lower line of the wedge model falls in price and breaks above the pattern at the current price. I assess that we are still in an uptrend.
The chart on H6 frame I have analyzed in detail here, please refer to:
We consider the volume of transactions on the weekly frame. Obviously, the recent collapse for buying force has bottomed out stronger than 2 times before. And looking at the volume of transactions by price, the price of Bitcoin over $ 8000 will bring positive sentiment to the market.
Looking at the recent H4 trading volume chart, we can see how Bitcoin is being gathered and how strong the buying force is: