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Bitcoin Monthly Candle Wick

Written By: ChartChamp

July 15, 2024

Bitcoin has started showing some bullish momentum in July. We are halfway into July and so far the monthly candle has a long wick near the bottom. The 4th of July selloff has led to a lot of fear and panic near the lows yet again, and we have rebounded back to new highs. Those who panic sold at the bottom now have to buy back at a higher price.

The Real Test Comes at $64.5K

We are seeing a nice rebound for Bitcoin, but the real test will come near the top of the bull flag. Bitcoin needs a bullish breakout above the upper green trendline around $64.5k – $64.7k. There was a previous breakout that failed so I will be closely watching this upcoming breakout. If we do not get a real breakout we could waste a lot more time moving sideways so this one is important.

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