For the first time since the bull market in 2017, the bitcoin price recorded two consecutive green monthly candles, which suggest that the dominant cryptocurrency may be en route to breaking its bear trend.
In technical analysis, a green candle forms when an asset climbs higher from its opening price in a certain time frame. If a monthly candle closes as a green candle, it demonstrates a monthly upside price movement.
Consecutive Monthly Green Candles are Positive For Bitcoin
The February monthly candle of bitcoin opened at $3,434 and closed at $3,823 with an 11 percent increase in price.
The March monthly candle of bitcoin opened at $3,823 and closed yesterday at $3,942, with a slight 3 percent increase in price.
Bitcoin has not recorded two consecutive green monthly candles since December 2017, when the price of bitcoin was averaging at around $20,000.
The bitcoin price recorded two consecutive monthly candles for the first time since December 2017 (source: Yahoo Finance)
If bitcoin remains above the $4,000 level by the month’s end, which many analysts predict would happen due to the positive sentiment around the cryptocurrency market, it will record three consecutive green candles, a move that could reverse the bear trend of the asset.