Bitcoin Price Action: Monthly View
It is always good to zoom out from time to time and look at bitcoin from the monthly timeframe.
Sometimes there isn't too much new to decipher from it and sometimes there is.
Overall though, the monthly will tell you what the current trend is. Sometimes that can be no trend at all.
What Gives on the Monthly?
Looking at the monthly chart there are two obvious things that jump out.
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- The 20K support is holding up like a champ so far
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- The trend is down
Now I would love to say 20K is the new floor and eventually bitcoin will break the descending trend it is in, but outside of a rally above 29K or two more months of sideways action that call is nothing more than a guess.
Personally, I am a fan of 20K holding 2.5 months now, especially given September is usually a down month historically.
We shall see what the last 2 weeks of September bring with the potential of volatility out there as the FED meets next week and economic data comes out.
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