Bitcoin Heads for Bullish Monthly Close

Bitcoin is approaching the monthly candlestick with force as it is above a key area of ​​support.

Bitcoin will be closed in green july

Bitcoin is about to close July green while one technical indicator looks poised to flash a buy signal.

Major cryptocurrencies surged nearly 18% in July after enduring a brutal 56% correction in the second quarter. I’m here. The US economy has plunged into a so-called ‘technical recession’ after two consecutive quarters of negative growth, indicating investors believe weak macroeconomic conditions have been priced in.

From a technical standpoint, Bitcoin is holding near the 50-month moving average. On the other hand, the Tom DeMark (TD) Sequential indicator looks like it’s about to offer a buy signal in the form of red 9 candlesticks on the monthly chart. A bullish formation anticipates one to four candlestick rises per month or the start of a new uptrend.

Trading history shows the importance of the 50-month moving average. Approximately 3.67 million addresses bought his 2.47 million BTC at an average price of $20,650. Bitcoin could validate its optimistic outlook if this massive demand wall persists.

IntoTheBlock’s global in/out-of-the-money model offers little to no resistance going forward, so further buying pressure around the 50-month moving average could push Bitcoin higher to $31,340.

Note that a loss of the $20,650 support level could lead to a significant drop. A drop below this interest area could lead to panic among investors and potential selling as market participants try to avoid further losses. A potential sell could push Bitcoin to the next key area of ​​support, which is around $11,600.

Disclosure: At the time of writing, the author of this work owned BTC and ETH.