As we approach the monthly and weekly candle close for Bitcoin, set to happen in about 11 hours, I felt it necessary to provide one final update. In my previous post, I mentioned that I wouldn’t upload today unless something significant happened.
Well, there are a few new developments worth discussing, particularly concerning a support line on the total three cryptocurrency market cap charts from the last cycle. This discovery suggests that no major patterns have been broken, which is somewhat reassuring for the potential incoming altcoin season.
Key Points to Watch
1. Importance of Monthly and Weekly Candle Closes
The upcoming candle closes are of paramount importance. The highest-ever monthly candle close for Bitcoin was at $61.3K. Drawing a horizontal line from that level shows that most of the monthly candle closes and opens in 2024 have been around the same level. This price region is crucial as it has formed the foundation of the current range.
- Monthly Chart: The $61.3K level is not only critical support on a horizontal basis but also from a macro perspective.
- Weekly Chart: Important indicators like the bull market support band and Pi cycle lines are sitting around $61.1K, further emphasizing this level's importance.
What to Look For
In the next 11 hours, we need to see a monthly candle close above $61.1K, preferably above $61.3K. Ideally, a close above $61.9K would be best, aligning with the 13-year ascending support line from 2011.
Community Sentiment and Fractals
Recent polls indicate a split opinion within the community, with only 60% expecting an adequate monthly candle close. This division highlights the uncertainty in the market. However, a clear fractal pattern suggests a potential upward move.
Total Three Cryptocurrency Market Cap
The total three cryptocurrency market cap charts show an ascending support line from the last cycle. This line has been retested multiple times and remains intact, indicating that the macrostructure is still holding. This support line is crucial for the altcoin market's potential parabolic bull run.
Conclusion
As we await the candle closes, it’s essential to stay vigilant. If we fail to close adequately above $61.3K, it’s not the end of the world, but it does place Bitcoin in a precarious position. Confirmations of breakdowns and new lower lows will be critical in determining the next steps.
Promotions and Community Engagement
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Stay tuned for tomorrow's update post-candle close. Your engagement and support are invaluable, and I look forward to navigating these markets together.