Only A Few Days Left For A Bitcoin September Close To Remember

Tony "The Bull" Severino

1 year ago

3 mins read

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There are less than a handful of days left in September, and therefore only a few days left for Bitcoin to make it a month to remember. In order to make it one for the history books, the cryptocurrency must hold above two key levels, both converging together at this crucial monthly close.

How the candle closes in September, could set the stage not only for the rest of 2020 but long into 2021 and beyond.

Why Bitcoin’s September Monthly Candle Close Is The Most Crucial To Crypto Yet

Bitcoin price is always at a pivotal moment or junction as regularly pointed out by crypto analysts and the media alike. And while most moments are indeed important, few are as critical as this monthly candlestick close, taking place on Wednesday, September 30.

While that day isn’t typically an important one, because it is the monthly candle close in Bitcoin and other cryptocurrencies that makes it especially notable.

The reason behind the substantial importance is related to the price action playing out on that specific timeframe.

In technical analysis, the most weight is given to the highest timeframes when it comes to overall trend changes. For example, daily growth is great and all for bulls, but its when large green candles start showing up on weekly and monthly timeframes do you know its turning into a bull market.

Bitcoin’s monthly close for September has so much on the line, figuratively and literally. And it’s actually two lines that are converging at once, coinciding with what is the most critical monthly close in crypto potentially yet.

BTCUSD Monthly Price Chart Horizontal Resistance Turned Support Retest | Source: TradingView

The Tale Of Two Of The Most Important Bear Market Lines Converging At Once

In the chart above, Bitcoin price is retesting downtrend “meme” line resistance turned support. A close above this level followed by a reversal with volume would confirm a breakout according to pure technical analysis rules.

In addition to resistance headed downward or support lines heading up, support and resistance also exists horizontally as well. It also tends to exist at rounded numbers, such as $10,000, or repeating characters like $6666.

As crucial as the retest of the downtrend line is, another retest of horizontal resistance turned support holding is also going on. In the chart below, Bitcoin is also holding another line that has been tested far more than the downtrend line has been.

BTCUSD Monthly Price Chart Horizontal Resistance Turned Support Retest | Source: TradingView

Both trend lines being retested as support says that there’s something special going on in the month of September 2020, and the outcome could set the stage for the rest of the year and beyond.

If Bitcoin really is breaking out into a bull market, this monthly close could confirm it. After that, there could be no looking back at any prices below either of those trend lines, ever again.

Featured image from Deposit Photos, Charts from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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