Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level


It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,000 over September.

Despite the lack of strong price action, not all hope is lost for Bitcoin bulls.

In fact, many analysts remarked at the time of the candle close that the cryptocurrency is actually in a good long-term position. Here’s why they think so.

How To Get Free Crypto  
14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!
Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

Bitcoin Prints Crucial Monthly Candle Close

Bitcoin has seen a weak performance over the month of September. Since the start of the month, the cryptocurrency has slipped a handful of percent, printing a red candle for the first time since June.

Despite this drop, not all hope is lost.

The cryptocurrency, having bounced strongly from the monthly lows around $9,800, is actually in a bullish state as per some analysts.

One trader shared the chart below right after the monthly candle close. The chart shows that Bitcoin is actually sitting above a level of macro support, $10,500, on a monthly time frame.

This level marked the highs of Bitcoin’s rallies in 2019 (monthly time frame) and in February (intra-month time frame). Bitcoin managing to turn this level into support suggests the formation of a “bullish trend” on the monthly chart, the trader said.

Coinbase Banner  

The trader that made this observation is the same one that predicted in the middle of the March crash that the asset would see a V-shaped reversal to $10,000 by May/June. He was proven correct just months after he made this call, nailing the timing and the shape of the price action.

Chart of BTC's price action since the start of 2017 with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward

Long-Term On-Chain Trends Also Bullis

Long-term on-chain trends are also bullish for Bitcoin.

CryptoQuant, a crypto-asset analytics and data firm, recently shared that the following ten of its eleven long-term on-chain trends are currently printing “buy” signals for Bitcoin:

  • Miners’ position index
  • Puell Multiple
  • Hash Ribbons
  • All Exchanges Outflow Mean
  • All Exchanges Reserve
  • Stablecoin Supply Ratio
  • All Exchanges Stablecoin Reserve
  • MVRV Ratio
  • Network Value to Metcalfe Ratio
  • Stock to Flow

While on-chain trends aren’t perfect determinants of price action over the short term, these long-term trends suggest that Bitcoin is in a phase of macro growth.

FreeBitcoin Banner  

Where the cryptocurrency will rally to, though, remains to be seen.

Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com 
Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level

Go to Source
Author: Nick Chong


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.