What does it mean that BTC is about to close its monthly line to a new high?
BTC is about to close the monthly line. This month's closing line may soon become the highest closing price of the monthly line in the history of BTC. Let's look at the performance of the previous monthly line closing price higher than the previous closing price.
In the 2013 bull market, BTC completed an arc-shaped reversal structure in the early stage, breaking through the neckline suppression, and the monthly line closing line was higher than the previous peak closing price for the first time. The main uptrend was initiated later, and the breakthrough point reached the peak of this wave of trend. The increase was as high as 753%, and then ushered in the mid-term adjustment of the 13-year bull market.
The phased rebound in the mid-term adjustment cycle of 2013 was suppressed by the closing price of the previous top monthly line. After the continuous pull and wash, the BTC monthly line broke through the previous high in one fell swoop, and ushered in a new round of main rises until it peaked for 13 years. In the bull market, the largest increase from the breakthrough point to the peak of this round is as high as 747%.
In the 2017 bull market, BTC also built a large-scale arc shape in the early stage. After 3 months of continuous testing, it stood in one fell swoop. The monthly closing was higher than the previous historical closing line, and the 17-year bull market was launched later, a breakthrough point. To this round of bull top rose as high as 1587%.
It can be seen in this round of bull market that BTC also completed an irregular arc structure in the early stage, and broke through the highest monthly closing price of the previous period in November last year. Later, this round of main rise was launched, and the price started around 14,000 US dollars and rose to the previous period. A major adjustment is ushered near the peak of 65,000 US dollars, and this wave has risen by as much as 370%.
In summary, as long as the BTC monthly closing price is higher than the previous historical monthly closing high price, a round of upward trend will usually start later. The closing price higher than the previous period means that most of the previous tops have been liberated, and the pin area is The chip vacuum zone is just a psychological pressure. The real pressure is not great. However, BTC has fallen sharply from the previous May to the current strong wash of nearly half a year in November. The current price is higher than the previous monthly closing highest of 58800 US dollars, so If this month's closing price is higher than this price, then BTC will also be expected to start the second wave of the bull market's main rise in the future. The medium and long-term is still a positive trend.