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bitcoin monthly June 2021 close candle calendar
Nexo Logo

Analyzing The Critical Bitcoin June 2021 Monthly Close

Tony Spilotro by Tony Spilotro
11 months ago
in BTC
Reading Time: 3 mins read
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Today, June 30 marks the last day of the month, and after around 8PM ET the Bitcoin monthly candle will come to a close. This monthly candle isn’t anywhere as damaging as this past May, which historically was one of the worst on record.

However, there’s no denying that this month was also still fairly nasty and has left the market in a state of indecision. Here’s what past moments of indecision say about the current market cycle, and what could come next depending on which side of the trade gains control over the next month in Bitcoin.

Stalemate Between Bulls And Bears Results In Sideways Action

From the local top to the recent bottom, Bitcoin has collapse by nearly 60% and its only taken three months in full. Q2 2021 is now destined to be the bloodiest on record, with May nearly breaking records for the worst monthly drop ever.

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Despite the violent drawdown, the cryptocurrency bull market still could very well still be on. The market knows this, so investors and traders are still cautiously buying the dip.

bitcoin monthly close ichimoku

Price action is trapped between the Tenken-sen and Kijun-sen | Source: BTCUSD on TradingView.com

At the same time, panic sellers are being shaken out with each failed attempt to push lower. The sideways price action can be explained best due to price action – currency forming a red doji candle on the monthly – being sandwiched between the Tenken-sen and Kijun-sen.

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Related Reading | Could The Golden Ratio Provide Clues To The Bitcoin Bottom?

The two span lines make up a small portion of the tools the Ichimoku indicator offers. The Relative Strength Index, pictured below, shows a bearish divergence across the most recent peak and the last bull market top.

bitcoin monthly close indicators

Technical signals are a mixed bag but mostly lean bearish | Source: BTCUSD on TradingView.com

The miss of the higher, dotted trendline on the RSI could suggest another push higher is still possible, however, falling so deep out of the bull zone isn’t good for Bitcoin. At the same time, the Parabolic SAR has been tagged suggesting a major trend change, and the LMACD has begun to turn downward.

The LMACD hasn’t yet crossed bearish yet, and ahead of any cross happening bulls could push another wave higher. The histogram on the monthly MACD also hasn’t switched red just yet, which could prevent further downside if the green bars grow again.

Bitcoin And The Red Doji: What Could Come Following This Monthly Close

Interestingly, red doji candles, which indicate indecision between bulls and bears, have typically resulted in some of the largest bullish impulses in the months following.

bitcoin monthly close doji

Red doji often lead to reversals in cryptocurrency markets | Source: BTCUSD on TradingView.com

The red doji could suggest that bears are failing to continue to bring prices to lower support levels, and bulls might be able to regain the upper hand.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

After such an enormous selloff market structure is typically damaged to the point of no return. Bulls best hope to hold out for is a repeat of the 2013 final wave up, which instead had a green doji to pin-point the exact bottom before a reversal to new highs.

bitcoin monthly close doji fractal

Bulls best hope is for a repeat of something like 2013, but is hope enough? | Source: BTCUSD on TradingView.com

If Bitcoin can regain lost highs, another final leg up could bring the leading cryptocurrency by market cap to the final cycle high, and set another bull market peak.

The importance of this monthly close to the bull cycle continuing cannot be understated and is one that anyone in crypto should be paying. close attention to.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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