Bitcoin cost is trading at around $48,500 after last night’s August monthly candle light close at around $47,150. Each monthly close is particularly remarkable, however bulls have a chance to make this September a month to remember.
Previous data from the month’s rate action says that September has been historically bad for bulls, and in favor of bears. So which direction will it be next– up or down?
Bears Own The Month Of September Since The Inception Of Bitcoin
The first ever cryptocurrency is still well below its all-time high set at around $65,000 previously this year, however September might be the month that a new record is set.
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Currently, the chances favor bears, who have closed 66% of all September monthly candles given that the beginning of Bitcoin in the red. On the other hand, bulls have only closed three out of twelve green, with the existing regular monthly candle light undecided.
Bears have actually dominated Bitcoin all throughout history|Source: BLX on TradingView.com In the past, the last September of any booming market has been red, which
even more increases the possibilities for a red month-to-month close. However, bullish technicals, basics, and belief could all
recommend otherwise. How Bulls Can Make The Monthly Candle Close Memorable Stacking increasingly more signals in favor of bears, the monthly LMACD has actually opened red. This is the 2nd month that the indicator has opened red, however during the important month of August bulls were able to keep the histogram from closing red.
This latest month-to-month open at a loss, likewise comes with a bearish crossover of the two moving averages which in the previous began extended bearish market.
Monthly momentum is at a crucial impasse|Source: BTCUSDT on TradingView.com September closing red and with a bearish crossover could suggest that cryptocurrencies will come crashing down once again soon enough. Nevertheless, a display of strength from bulls might avoid the bearish crossover, and failed bearish signals tend to launch an enormous quantity of bullish energy.
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For example, when TD Sequential sell setups misfire, a few of the biggest relocations in Bitcoin bull run history have resulted. The chart above shows this at work with a highlighted 13, 8, and 9 count, all of which "improved," yet stopped working to yield bearish rate action.
The Stock-to-flow design creator Plan B recently called $47,000 as a flooring rate in Bitcoin for August. In September, they called $43,000. However, to prevent the bearish crossover on the month-to-month LMACD, the leading cryptocurrency should close September over $50,000 or more.
September hasn'' t historically respected #Bitcoin and has favored bears. How will this September close?
—-- Tony ""The Bull" "Spilotro (@tonyspilotroBTC) September 1, 2021
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Included image from iStockPhoto, Charts from TradingView.com