Bitcoin’s Monthly Candles Will Determine Market Direction, Says EGRAG Crypto

Jakarta, Pintu News – Renowned crypto analyst EGRAG Crypto through his X account highlighted that Bitcoin’s monthly candle is currently a crucial decision point for the next direction of the market.

According to him, the price movement at the close of this month is not a confirmation of the trend, but rather a phase of indecision where the market is choosing a direction. One close could maintain the bullish trend, while another close could potentially end the cycle.

Bullish Scenario: Healthy Correction, Uptrend Still Intact

In a bullish scenario, EGRAG Crypto explains that a price drop that forms a hammer pattern in the long-term trend support area can be a positive signal. This pattern indicates the presence of strong buying pressure after a correction, signaling that the market is still maintaining its bullish structure.

If Bitcoin is able to reclaim the key moving average on the monthly chart, then the bullish trend is considered intact. In this context, a correction is not a sign of a market top, but rather a pause phase before the continuation of the uptrend. EGRAG emphasizes that such conditions reflect continuation, not trend reversal.

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Bearish Scenario: Close Below Long-Term Support

Conversely, a bearish path will be confirmed if Bitcoin’s monthly candle body closes below the long-term support. EGRAG asserts that in macro technical analysis, the body of the candle is more important than the wick. This means that a long price tail is not enough to invalidate a bearish signal if the month’s close remains low.

Historically, a monthly close below major support is often a confirmation of the start of a bear market. If this scenario were to occur, the structure of the Bitcoin market would change significantly and potentially enter a longer downward phase.

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Neutral Scenario: Sideways Market and Directional Delay

The third scenario is neutral, where Bitcoin neither breaks above nor below the main support. In this situation, the market tends to move sideways with high volatility but no clear direction.

EGRAG calls this the chop and delay phase, where market participants wait for stronger confirmation. This neutral phase can prolong uncertainty and make price movements inefficient for short-term traders.

Conclusion

EGRAG Crypto analysis confirms that Bitcoin’s current monthly candles are binary. One close could keep the bullish trend alive, while another close could potentially end the cycle. As such, the attention of global crypto and cryptocurrency market participants is now on how Bitcoin closes this month. Market decisions are yet to be made, but the impact will be macro-scale.

FAQ

What do monthly candles mean in Bitcoin analysis?

Monthly candles show the price movement of Bitcoin for an entire month and are used to read long-term trends.

Why are candle bodies more important than wicks?

The body of the candle reflects the closing price which is considered more representative of market sentiment than momentary extreme movements.

What does the bullish scenario mean according to EGRAG Crypto?

Bullish means that the uptrend is still continuing after a healthy correction and the price is back above the important averages.

When is Bitcoin considered to be in a bear market?

When the monthly candle closes below the long-term support consistently.

What happens if the market is in a neutral phase?

Prices tend to move sideways with high uncertainty and without a clear trend direction.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• X Egrag Crypto
• Featured Image: Generated by AI