5th Monthly Red Candle on Bitcoin Price Chart

This is 5th month, Bitcoin price got red candles. It is second time with these red candles series after 2018. Lots of investors were waiting for price reversing up after 3 or 4 monthly red candles but Bitcoin price is going down.

Here you can see monthly chart of Bitcoin price. Bitcoin price got 3 monthly red candle in 2022 market crash. We have not seen any monthly green candle after touching all time high. Bitcoin price did not give any chance to sell. It is going down week by week.

After monthly close, Bitcoin price is below 25 month moving average. You can see what happened after closing below this moving average in 2022. Even we are in 5th monthly red candle, we may see more monthly red candles.

Here you can see the indicators on monthly chart of Bitcoin price. There was uptrend line on RSI Indicator and It is broken down. This is why I shared lots of bearish analysis for Bitcoin price.
Fisher Indicator is still at on the top and reversed down. We may see more monthly red candles on Bitcoin price chart. MACD Indicator reversed down from the top. It needs more months to complete correction.

So, we may see more monthly red candles in this year. Bitcoin price entered bullish season in last week. There are lots of bearish signals on Bitcoin price chart. This year will be bad year for crypto market.

We will see.

Posted Using INLEO