• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin’s Monthly Candle Flips Bullish as Macro Outlook Grows Brighter

Cole Petersen by Cole Petersen
8 months ago
in Bitcoin
Reading Time: 2min read
Bitcoin’s Monthly Candle Flips Bullish as Macro Outlook Grows Brighter
Advertisement
Listen to Article

Bitcoin has seen some mixed price action throughout the past couple of days, declining to lows of $9,400 yesterday before garnering some intense upwards momentum that allowed it to recapture its position at $9,800.

It does appear that BTC’s macro outlook is shaping up to heavily favor buyers, as the cryptocurrency’s monthly candle has now flipped into bullish territory.

Analysts do believe that this is a positive sign for its long-term outlook, although its inability to decisively break above $10,000 is a grim short-term factor to be considered.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Assuming that this bullish monthly candle does help boost Bitcoin higher in the weeks and months ahead, some analysts are noting that it could rally as high as $14,000 before finding any strong resistance.

This would coincide closely with its 2019 highs of $13,800.

Bitcoin Flashes Signs of Overt Strength as Monthly Candle Flips Key Trendline

At the time of writing, Bitcoin is trading up over 2% at its current price of $9,700 – stuck within a consolidation phase over the past week.

The crypto’s ability to guard against any type of harsh downtrend even in spite of the harsh rejection it recently faced at $10,400 does seem to be a positive sign for buyers.

It is important to note that the rejection at these highs was the third one seen over the past six months, leading some analysts to note that a triple-top formation could be in play if BTC is unable to push any higher in the near-term.

This grim technical pattern could soon be invalidated though, as the benchmark cryptocurrency has been able to flash signs of overt strength as it maintains its position within the upper-$9,000 region.

One analyst recently offered a chart showing that the cryptocurrency’s monthly candle has now flipped above a massive descending trendline that was formed in the time since it rallied to highs of $13,800 in June of 2019.

“Monthly BTC turned bullish but not a big deal,” he said while pointing to the chart seen below.

Bitcoin
Image Courtesy of CryptoBirb

Here’s How High This Trendline Break Could Lead BTC

The month is still young and there remains another three weeks before Bitcoin’s monthly candle closes.

This leaves a lot of room for the crypto to see downside, but it could soon post a massive rally if buyers are able to defend against a break back below this aforementioned trendline.

NewsBTC recently reported that one respected trader believes that BTC is poised to make a movement up towards $14,000 in the coming weeks and months.

The trader explained that buyers have been able to flip its previous resistance in the $9,000 region into support – with this being enough to spark a notable uptrend in the days and weeks ahead.

“Don’t lose sight of the HTF…Our prior resistance region has now been broken and is now being tested as support. Bulls remain in control and gunning for the highs again imo. HTF has been bullish since posting this weeks ago,” the trader noted.

Image Courtesy of CredibleCrypto
Featured image from Shutterstock.
Tags: btcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin En Route to $30,000 After Price Falls ~12% in a Day; Here’s Why

1 day ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

3 days ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

1 week ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

1 week ago

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.