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bitcoin bulls defend knight armor defense

The Level Bitcoin Bulls Must Reclaim To Defend The Worst Monthly Selloff Ever

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Bitcoin price collapsed by more than 50% from its recent highs set only one month ago. The sharp decline now represents that largest drop in the history of the cryptocurrency – but there’s still several days left for the monthly candle to close.

That means bulls can undo the damage done by the recent crash, and keep the structure of the bull market intact. To do so, however, the price per BTC must climb back to a key level now lost, and it must do it before the month comes to an end.

Why Bitcoin Bulls Were Blindside By The Biggest Monthly Selloff Ever

Bitcoin price was in an uptrend for over a year, capped off by the introduction of Coinbase Global on the Nasdaq stock market. Exuberance at the time was as high, driven by a potential “new paradigm” in crypto.

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Related Reading | Volatility Ahead: Why The Chaos In Bitcoin And Crypto Is Only Beginning

Wall Street and institutions were finally here. There was no way the market would correct, according to the crowd. Yet it did and because no one saw it coming it was especially disastrous. Over-leveraged longs were wiped out to the tune of billions, and those that were overexposed in other ways quickly regretted it.

bitcoin largest drop ever

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Edwards' custom tool shows the worst month on record | Source: BTCUSD on TradingView.com

The blitzkrieg resulted in the worst ever monthly candle on record, according to Bitcoin expert Charles Edwards. Edwards is responsible for creating some of the greatest tools in crypto, such as the Hash Ribbons indicator.

His custom “drop %” tool shows how bloody things got (pictured above), but other analysts were quick to argue that there’s still time left in the monthly to change the data.

Evening Star Pattern: Can Crypto Bulls Undo The Damage Done?

This also means that bulls have a chance to undo the devastating candlestick pattern that’s been left on the price chart of Bitcoin. A slow month in April with very little movement resulted in a red doji candle at the height of an uptrend, followed by an enormous showing by bears.

The pattern is called an “evening star pattern” and is a reversal of epic proportions, often signaling more red to follow. However, if bulls can leave a wick behind measuring roughly 50% of the red candle, it can also be quite a statement.

bitcoin evening star monthly

Bulls have to close above here to undo the pattern | Source: BTCUSD on TradingView.com

If Bitcoin price can close back the monthly candle above around $45,000 the evening star pattern will be defended for now. The next monthly candle will need to be green to ensure the bull market is still intact, otherwise, bears will complete the pattern in their follow up.

Related Reading | Building The Case That The Bitcoin Bottom Is In

Closing above the level could also keep the monthly RSI in the bull market territory, preventing a larger breakdown and fall into a bear market.

Can Bitcoin bulls undo the worst monthly candle on record?

Featured image from iStockPhotos, Charts from TradingView.com
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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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