BTC Monthly Candles
BTC 1M
Here is an update on the monthly chart of btc where i specify the Dec2024 monthly doji candle as a bearish sign. Although the Jan2025 candle is bullish and produce a new ATH, it still fails to breakout from the trendline resistance where all ATHs' are connected. Getting our starting reference point from 2017ath, we can see from here the market cycle of 3:1 bear:bull ratio. Also noted that an ATL is established 1 year after making an ATH;
•2017ath to 2018atl
•2021ath to 2022atl
Since price tap on our trendline resistance, big question is, will this be this cycle's top? February candle is currently printing a -17% with 2 days to go before closing. Trump tariff impacted the market heavily. "Twice". There is also the 1.4B ByBit hack.
Anyways, key support level lies at 72~73k level around the wave3&B Leg. This is ideal to be hit to fully fill the gap on this monthly candles. I think the 70k is a protected zone because this is also the range of 2021ath.
Here is an update on the monthly chart of btc where i specify the Dec2024 monthly doji candle as a bearish sign. Although the Jan2025 candle is bullish and produce a new ATH, it still fails to breakout from the trendline resistance where all ATHs' are connected. Getting our starting reference point from 2017ath, we can see from here the market cycle of 3:1 bear:bull ratio. Also noted that an ATL is established 1 year after making an ATH;
•2017ath to 2018atl
•2021ath to 2022atl
Since price tap on our trendline resistance, big question is, will this be this cycle's top? February candle is currently printing a -17% with 2 days to go before closing. Trump tariff impacted the market heavily. "Twice". There is also the 1.4B ByBit hack.
Anyways, key support level lies at 72~73k level around the wave3&B Leg. This is ideal to be hit to fully fill the gap on this monthly candles. I think the 70k is a protected zone because this is also the range of 2021ath.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.