NCrypt30
NCrypt30 2 minutes reading from Bitcoin

Bitcoin and the Weekly Price: Monthly Bull Reversal

Monthly close tonight on BTC. So lets have a look and see how things stand now in my opinion.

LGC is holding support which is good, we also haven't breached the EW Wave 1 high, leaving the theory of a W5 to come still possible. I know @CredibleCrypto supports this theory.

However, RSI continues to roll over, with the monthly candle close looking almost certain to be a bearish engulfing. We currently have around a 9% wick, id love to see BTC take back 17.6k!

If we take a look at the weekly structure, it paints a slightly different picture, and with weekly reacting before monthly i prefer to use this timeframe along with 2W at this stage. Currently we have bullish divergence on the weekly + a weekly bullish engulfing

This also coincides with the red box area i have made no secret in saying i do expect to hold us up, even throughout the midst of the worst days in crypto since i can remember as BTC hammered into the 15ks.

So where now?

Sticking to my thesis, that we do not close below my red zone and although monthly looks worse the mid TFs look better.

December is a mixed month historically and ranges anywhere from -18.98% to +47.04%.

The monthly will close a bearish engulfing tonight, but it isnt all bad.

This post is based on this twitter thread.

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