{"id":440208,"date":"2020-10-01T10:00:38","date_gmt":"2020-10-01T10:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=440208"},"modified":"2024-06-11T10:00:13","modified_gmt":"2024-06-11T10:00:13","slug":"bitcoin-monthly-close-pivotal-support-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-monthly-close-pivotal-support-level\/","title":{"rendered":"Bitcoin Just Printed a Monthly Close Above a Pivotal Support Level"},"content":{"rendered":"

It’s been quite the boring past four weeks for the Bitcoin market. The cryptocurrency, after suffering a strong plunge at the start of the month, was largely rangebound between $10,000 and $11,000 over September.<\/p>\n

Despite the lack of strong price action, not all hope is lost for Bitcoin bulls.<\/p>\n

In fact, many analysts remarked at the time of the candle close that the cryptocurrency is actually in a good long-term position. Here’s why they think so.<\/p>\n

Related Reading:\u00a0MicroStrategy\u2019s Stock Continues to Soar After Bitcoin Purchase<\/a><\/h6>\n

Bitcoin Prints Crucial Monthly Candle Close<\/strong><\/h2>\n

Bitcoin has seen a weak performance over the month of September. Since the start of the month, the cryptocurrency has slipped a handful of percent, printing a red candle for the first time since June.<\/p>\n

Despite this drop, not all hope is lost.<\/p>\n

The cryptocurrency, having bounced strongly from the monthly lows around $9,800, is actually in a bullish state as per some analysts.<\/p>\n

One trader shared the chart below right after the monthly candle close. The chart shows that Bitcoin is actually sitting above a level of macro support, $10,500, on a monthly time frame.<\/p>\n

This level marked the highs of Bitcoin’s rallies in 2019 (monthly time frame) and in February (intra-month time frame). Bitcoin managing to turn this level into support suggests the formation of a “bullish trend” on the monthly chart, the trader said<\/a>.<\/p>\n

The trader that made this observation is the same one that predicted in the middle of the March crash that the asset would see a V-shaped reversal to $10,000 by May\/June. He was proven correct just months after he made this call, nailing the timing and the shape of the price action.<\/p>\n

\"Image\"<\/p>\n

Chart of BTC's price action since the start of 2017 with analysis by crypto trader Bitcoin Jack (@BTC_JackSparrow on Twitter). Chart from TradingView.com<\/a><\/pre>\n
Related Reading:\u00a0Critical On-Chain Signal Predicts That Bitcoin\u2019s Next Move Will Be Upward<\/a><\/h6>\n
Long-Term On-Chain Trends Also Bullis<\/strong><\/h2>\n
Long-term on-chain trends are also bullish for Bitcoin.<\/p>\n
CryptoQuant, a crypto-asset analytics and data firm, recently shared that the following ten of its eleven long-term on-chain trends are currently printing “buy” signals for Bitcoin:<\/p>\n