Bitcoin Monthly: Downtober Is Here

Oct 2

A month ends, a new month starts.

Good afternoon my fellow human being, I hope you are having a wonderful day.
Today is a new Moon day, eclipse, a time to go inward and consider the things we want to see happening in our lives.

Let's step back for a minute. A month just ended and October started with some excitement, strong bearish action. It is always good to step back and look at the chart from a detached perspective.

This is not coming from a so called bull or a bear, this is an unbiased chart analysis.

The best way to understand the current market situation is by keeping things simple.
Let's dive into this chart, follow me.


➖ Bitcoin Monthly

September 2023 marks the start of a major bullish wave. This is shown as rising prices and strong green candles.

March 2024 marks the end of this bullish wave.

The first session after March 2024, April 2024, produces the biggest red monthly candle since June 2022. This session sets the mood, the tone, the market tendency, the direction.

Bitcoin, after going straight up for 6 months, between September '23 and March '24, changes its behavior. Instead of additional growth, it stops growing and starts to go down.

The trend, the bearish tendency, the move that started in April 2024, is maintained throughout the ensuing months. Bitcoin has been moving down slowly since.

We can see a perfect alternation between red and green. One month closes green, the next month closes red; another green, then red again; then green...

Bitcoin has been moving lower month after month. This is the trend.
We remain in this trend until it changes.

For this bearish trend to change, to be broken, Bitcoin needs to move and close monthly above 66,500 first and then again above 70,000.

Before the major September 2023-March 2024 rise there was a consolidation period of 6 months. In reverse, we can be witnessing a period of 6 months of consolidation before a major drop. This part is my opinion based on the data on the chart. What will happen, we don't know. What we do know is that prices are going down and continue down month after month.

Bitcoin continues moving within a bearish trend with a bearish bias.
We continue to expect lower prices unless market conditions change.

Thank you for reading.

Namaste.