Once BTC closes above $14k on the monthly chart, it likely never looks backsteemCreated with Sketch.

in bitcoin •  last month  (edited)

If history repeats, a close above $14k would signal off to the races.

Looking back at the chart of bitcoin, every time prices have closed above the previous closing high on a monthly chart, they never retested again.

Well, I should say they haven't retested yet.

Check it out:

(Source: https://twitter.com/Pladizow/status/1159241049690316800)

Getting very close to go time...

As you can see, every time bitcoin has closed above the previous closing high on the monthly chart, it was off to the races, never to retest.

There is a lot of time left in this month still, but if we can close above $14k for the month, it would likely signal the last opportunity you had to purchase bitcoin below $14k.

Now that's a mind boggler right there!

Stay informed my friends.

-Doc

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lets see how it goes

Yep, hopefully this pattern holds true!

That is crazy to think about considering the all-time high of 20k.

Yep, during that spike it actually closed at $14k on the monthly chart.

I think it's inaccurate to look at monthly charts as the cycle isn't a month long, we all know it's over a year and getting longer each time... Like they have said many times before, the third time tests the theory, not verify...

Yea, I am not putting too much faith in it either, but it is interesting to take note of.

Thanks for the chart.

Now if I only had the money to capitalize on it :(

A little can turn into a lot if past patterns repeat...

That´s a huge indicator, and it might mean we start the rally to all-time highs sooner than expected.

It certainly looks like it may happen this year, and possibly within the next couple months.

Currently BTC is quite a lot overvalued, which means it has to crash at least once more before it can climb to all-time high. Last time it crashed, it got close to what its estimated value is against US dollar. I would say it needs to drop close to 6000 USD before it can try climbing to new all-time high..

That may very well be, and there are a lot of people calling for $6k-$7k. Personally, I don't think we get it. I think we are actually about to start our next parabolic move up within the next few weeks here...

Higher BTC climbs against USD, higher the sliding average also climbs, but it takes quite a long time for average to catch up... It might go up fast, but then it will also be a lot more likely it will crash harder afterwards... What we need is slow climb now so average slowly catches up...

Which average? 200 day average?

I always use EMA40 because it is the smallest that evens out spikes to smooth curve. It can show last 5 years in single graph.

On a weekly chart? Monthly chart?

These levels have been interesting to watch but still encouraged that we are here as it was only months ago we were thinking $6k would be such a large barrier!

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Yep, same here. It seems like such a long time ago bitcoin was around $3k. People were afraid to buy $4k and are now buying $11k... go figure.