BTC just closed with a green monthly candle – not a stunner by any stretch of the imagination but up nonetheless. This continues Bitcoins pattern of never printing red more than six months in a row.
Does this mean, the rocket is primed – perhaps not yet but a good sign all the same. I remain a dollar cost average buyer of BTC every week.
The weekly chart remains sobering. Accumulation is the name of the game for the coming months. A drop to $3100 would see me buy-in but below that, the floor is a long way down.
The ‘this isn’t true capitulation’ crowd call for a fall to 1k and indeed there’s not a whol lot of support sub $2800. I don’t see it staying there long if this were to happen as the fundamentals of BTC have never been healthier.
I’ve recently posted on just this topic: