The monthly chart is about to break out
I haven't posted a HTF update since two weeks ago, so I'm really excited to talk a bit about the monthly chart, which are really showing that Bitcoin has been sitting in the same range for a pretty long time, something that hasn't really happened after we rallied to 65k$ in April.
When this candle closes, we would have 3 opens and closes at pretty much the same price.
But, what does this mean? On lower timeframes I was convinced that something similar to late April could happen: we range for a while, we break out and then we start a big impulse move (late May). But I have to say that this could be an even stronger breakout, as we've been ranging for more time.
I'm not saying that we're going straight to 100k$ either. I'm just showing that a larger accumulation has happened and we're likely to reverse. In any case, have a good week!
When this candle closes, we would have 3 opens and closes at pretty much the same price.
But, what does this mean? On lower timeframes I was convinced that something similar to late April could happen: we range for a while, we break out and then we start a big impulse move (late May). But I have to say that this could be an even stronger breakout, as we've been ranging for more time.
I'm not saying that we're going straight to 100k$ either. I'm just showing that a larger accumulation has happened and we're likely to reverse. In any case, have a good week!