BTC monthly chart tells me an interesting story: The story of 3's
After the ~$20k high in December we followed it in January with a massive bearish candle with a high for $17.2k to a candle closing at $10.1k even though the low of that month went to $9100. Still this candle closed higher than December's opening. This January candle starts our sequence of candle 1 of 3. Candle 2 of February closed higher than candle 1 of January. Candle 3 of March, however, closed massively bearish at $6928. Following that we started a new count of the 3s sequence. Candle 1 of April was a nice bullish candle closing well above the March closing. Candle 2 of May closed lower than April yet higher than March's candle 3. Now following the second Candle 3 of June, it closed at $6384, lower than all the preceding candles since December. This created a lower low of Candle 3 in June from Candle 3 in March. Now we're on our third sequence of three's. Candle 1 of July clearly closed higher and yet again candle 2 of August closed lower than July. We're now in the middle of September and seeing if this story of 3s will continue. Will we close lower than the preceding 3s candles from March and June? If so, this will further validate our macro bear market.
I lean bearish.
After the ~$20k high in December we followed it in January with a massive bearish candle with a high for $17.2k to a candle closing at $10.1k even though the low of that month went to $9100. Still this candle closed higher than December's opening. This January candle starts our sequence of candle 1 of 3. Candle 2 of February closed higher than candle 1 of January. Candle 3 of March, however, closed massively bearish at $6928. Following that we started a new count of the 3s sequence. Candle 1 of April was a nice bullish candle closing well above the March closing. Candle 2 of May closed lower than April yet higher than March's candle 3. Now following the second Candle 3 of June, it closed at $6384, lower than all the preceding candles since December. This created a lower low of Candle 3 in June from Candle 3 in March. Now we're on our third sequence of three's. Candle 1 of July clearly closed higher and yet again candle 2 of August closed lower than July. We're now in the middle of September and seeing if this story of 3s will continue. Will we close lower than the preceding 3s candles from March and June? If so, this will further validate our macro bear market.
I lean bearish.
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