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Home Cryptocurrency news

Why Tomorrow’s Monthly Close In Bitcoin Could Be Its Most Critical Yet

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 3min read
bitcoin price monthly candle close
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In financial markets, high timeframes are the most important when it comes to technical analysis and influence on the overall trend. The same is true for Bitcoin, and all eyes are on tomorrow’s January monthly candle close.

Depending on how and at what price point tomorrow’s candle closes, it could determine Bitcoin’s trend for the next year or more, suggesting that tomorrow night’s daily and monthly close could be the crypto asset’s most significant yet.

Bitcoin Monthly Close Is Most Critical Yet

Bitcoin may have bottomed in late December 2019 at a low of $6,400. It started the new year and January 2020 off with another test of $6,800 but has since rallied over 40% to over $9,500 at the current local high.

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Related Reading | Bitcoin Price Just Surged Past $9,500 as Traders Predict a Supercharged Rally

However, more upside appears to be ahead, especially if bulls can close tomorrow night’s monthly candle above $9,158, according to prominent crypto analysts FilbFilb.

A close above that level would be a new higher high on monthly timeframes, the first box checked that a new uptrend is forming. The second requirement is a higher low, which has yet to be put in yet following a higher high.

Bitcoin closes the Month tomorrow.

A close above $9158 prints a higher high on the monthly close for the first time since June 2019.

There is also a bullish cross on the MACD above zero.

Difficult to have a bearish argument tbh. pic.twitter.com/At3D0tDWmk

— f i l ₿ f i l ₿ (@filbfilb) January 30, 2020

But that’s not the only bullish factor to consider, according to the analyst.

The MACD is crossing over the zero line suggesting that an uptrend is forming and picking up in strength.

Additional Factors Suggest Bull Run is Beginning

The analyst is among the most respected across the crypto industry, famously calling the price level of Bitcoin’s bottom based on miner cost of production, and recently called the local bottom at $6,400 based on this same metric.

However, there are even more bullish factors beyond what the analyst is pointing out. In addition to the MACD turning upwards, Stochastic, another trend measuring indicator, is also beginning to turn upward on monthly timeframes, as is the Relative Strenght Index.

Bitcoin is also holding above the mid-Bollinger Band, which could result in a retest of the upper band currently at $11,500.

If Bitcoin closes above even $8,500, it would be a confirmation of a morning star pattern based on Japanese candlestick formations, which is a powerfully bullish reversal structure.

Related Reading | 10 Factors Confirm a New Crypto Bull Market Has Officially Begun

All of these signs suggest that a new bull run is about to begin, but it all hinges on tomorrow night’s monthly candle close.

To say that the close is critical is an understatement, as it could be the deciding factor between a new bull market in 2020 or yet another year of bear market.

All eyes will be on Bitcoin price charts tomorrow night. Will the cryptocurrency close above $9,200 and signal a higher high on monthly timeframes? Let us know in the comments below.

Tags: bitcoinbitcoin pricecryptofilbfilbMACDmonthly
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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