The price of Bitcoin (BTC) is on track to record the first green monthly candle for the first time since July 2018, as the today’s Bitcoin news show. The cryptocurrency trader Josh Rager was the first one to pitch this idea, saying that if the BTC price remains above the $3,414 mark by the end of February, BTC will establish a green monthly candle.
As he said:
“Bitcoin is working on its first green monthly candle since July 2018. The past 6 months Bitcoin has seen red on monthly, a break and close below $3413 will continue the red monthly trend.”
Over the past two months and ever since establishing a 12-month low at $3,122, Bitcoin has recovered by 15% and reached $3,592.
However, the price of the most dominant cryptocurrency would only be able to achieve such a positive month in February if it hovers above the mid-$3,000 region by the end of the month. The forecast of the near-term price trend of BTC varies depending on the time frame used by analysts.
According to Mark Dow who is a former Internal Monetary Fund (IMF) economist, unless BTC breaks out of key resistance levels at $5,000 and $6,000, it is still vulnerable to a bloodbath in the low price range.
“Still a beautiful chart. If bitcoin can’t bounce to at least $5k – $6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO,” Dow said.
If Bitcoin achieves the first green monthly candle over the next two weeks, it could reduce the pressure on the crypto market and potentially encourage a movement that may test the crucial resistance levels.
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