Bitcoin: "Stop. hammer Time!"
Just a quick update on the Bitcoin front.
I happened to check some charts today and noticed a very interesting candle on the monthly Bitcoin chart.
In the screenshot below I've circled a rather bullish looking "hammer" candlestick. While this is usually considered a bullish signal, we still want to wait for the next candle to really confirm whether the bulls are in charge.
Traditionally, the month of September isn't a bullish month, which makes this hammer candle seem suspicious. The reason behind September being viewed as a slow month is that the Dow Jones, NASDAQ and S&P 500 have all seen a consistent decline each year during the month of September, but that does not mean Bitcoin is obligated to follow suit. We shall see...
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Thanks for reading. Shares and Comments are always welcome.
Yes! Great time to take profits. Thanks.
I gave you a shout out in my latest blog. Interesting to see the daily and monthly charts telling different tales. Longer term positive outlook is good though. Maybe one more dip to buy before then?
I will take any good signs I see!
With the monthly charts, the movement is so slow and crypto seems to move so quickly. We could see a drop down to $5,200 and a bounce back up to 10k in the course of 1 candle.
Really good for overall picture though.
Gonna be an interesting September and hopefully an eventful Oct/Nov.