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BTC - Will this pattern continue to play out?
Atualizado
Since March of 2024, BTC has been alternating between red and green candles on the monthly time frame.
Is this just a coincidence?
Social media predicted September would be a bad month for cryptos because it historically was.
But what happened instead was a 7% increase for a green September.
Currently social media is buzzing October will be a great month for crypto and giving it the moniker, "UPtober."
If BTC wants to close with an October green candle, it needs to close above $63,325.
It's still very early in the month, so anything can still happen.
But the fact is, as of October 5th, BTC is at $61,750 and a red candle.
October could easily close in the green and this alternating pattern would come to an end.
I find it interesting the recent price of bitcoin has been doing the exact opposite of what the majority of social media is pushing.
I'm not hating on BTC or social media, I'm just making an observation.
It raises my eyebrows because I see a pattern.
It may be a weak thesis, but I'm curious to see if this pattern does play out.
Is this just a coincidence?
Social media predicted September would be a bad month for cryptos because it historically was.
But what happened instead was a 7% increase for a green September.
Currently social media is buzzing October will be a great month for crypto and giving it the moniker, "UPtober."
If BTC wants to close with an October green candle, it needs to close above $63,325.
It's still very early in the month, so anything can still happen.
But the fact is, as of October 5th, BTC is at $61,750 and a red candle.
October could easily close in the green and this alternating pattern would come to an end.
I find it interesting the recent price of bitcoin has been doing the exact opposite of what the majority of social media is pushing.
I'm not hating on BTC or social media, I'm just making an observation.
It raises my eyebrows because I see a pattern.
It may be a weak thesis, but I'm curious to see if this pattern does play out.
Trade fechado manualmente
Bitcoin closed the month of October 2024 with a green candle, thus breaking a six month alternating pattern.
This green October candle invalidated my thesis, and I will be closing this post.
I am very happy for bitcoin. It's seeing an uptrend, and rose from $58,972 in October, to $75,199 in the first week of November.
Hopefully this is the start of the crypto market's "moon" phase.
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