Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?Who believes in candles when we are talking about crypto and speculations?! The last candle, precisely the one shown in the graph, results from Elon Musk's tweet bio and FOMO buyers. Now the price is back to the levels before the tweet.
This is a monthly chart and not a daily chart which shows the candle of pump due to elon musk. Although crypto is highly volatile, most of the time the price moves according to the candle sticks pattern. I am still worried about the monthly closing today.
We will see though, but I'm not going to compare it to 2017 big candle formation though. we are still in the upside and I would say bullish if we close the month in a red candle. What we are seeing might create a new candle formation not relative to past historical logs. The pump from Elon Musk was unexpected and we haven't seen this kind of pump in bitcoin's history that's why the candle suddenly goes up.
I am not sure why its difficult to understand. The elon mask pumped bitcoin to only 38,000$ but in the month of January ewe hit 42,000$ (without any elon mask influence) and now back to 33,000$. This big monthly wick is a bearish sign ( i hope i am wrong and we stay in bull market always).