This isn't exactly what I was hoping for to close out the month. I'm referring to the price action of bitcoin.
I've been paying attention to the monthly chart of late. It really cleans up perspective and gives you an idea if price action is bullish or bearish.
A bigger picture...
Looking at this monthly chart we can see the key 60K area and how the past 5 months price always ended above it.
We can also see the each intra-month high was basically been lower during that span, save for one month. The same can be said for a lower low.
These are not the ingredients for a push higher in price.
A few days ago bitcoin was floating around 65K, making the outlook on the monthly chart look much brighter.
That changed quick and unless we see a rally over the U.S. holiday weekend than we shall see the monthly candle close below 60K for the first time since it had blasted through it in February.
The lower lows will stay intact as well. Anything can happen, but price action certainly does not favor the bulls on this view.
Posted Using InLeo Alpha
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