{"id":379630,"date":"2019-04-24T20:01:00","date_gmt":"2019-04-24T20:01:00","guid":{"rendered":"https:\/\/wncen.com\/?p=379630"},"modified":"2024-06-11T07:20:18","modified_gmt":"2024-06-11T07:20:18","slug":"sell-in-may-and-go-away-a-look-at-historic-bitcoin-price-performance-in-may","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sell-in-may-and-go-away-a-look-at-historic-bitcoin-price-performance-in-may\/","title":{"rendered":"Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The first ever cryptocurrency, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, is set to close its third consecutive monthly candle as green, after a record-setting six candles closed in red, taking Bitcoin price to its current bear market low of $3,150.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Because of how far Bitcoin has climbed since those local lows, crypto analysts believe that May is likely to close in the red as buying momentum has begun to show exhaustion, and a larger retrace is overdue. While a red May is certainly possible, past performance in <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> during the month of May suggests that it is more likely to close green. Does the old stock market adage of \u201csell in May and go away\u201d make sense for the leading cryptocurrency by market cap?<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Crypto Analysts Expect May to Close Red on Bitcoin Price Charts<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Following months of renewed bullish confidence in the crypto market, Bitcoin has rallied over $2,000 above its local bear market low, <a href=\"https:\/\/wncen.com\/2019\/04\/08\/crypto-analyst-bitcoin-price-bottom\/\">setting the first higher high<\/a> since its all-time high was set back in December 2017.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/08\/crypto-analyst-bitcoin-price-bottom\/\">Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The <a href=\"https:\/\/wncen.com\/2019\/04\/04\/bitcoin-price-rose-more-in-one-hour-than-last-two-months-combined\/\">rally has spanned over three months<\/a>, first starting slowly, then <a href=\"https:\/\/wncen.com\/2019\/04\/04\/bitcoin-price-rose-more-in-one-hour-than-last-two-months-combined\/\">picking up momentum<\/a> following the break of overhead resistance at $4,200. A recent move took Bitcoin price even higher, peaking at $5,650 before pulling back to current levels around $5,450.<\/span><\/p>\n<p>https:\/\/twitter.com\/josh_rager\/status\/43882497?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">Due to three months in a row closing green and the price of Bitcoin nearly doubling since its 2018 low, analysts are now expecting the leading crypto to retrace, leading to a red May candle close. Despite leaning toward a bearish May outcome, analyst Josh Rager doesn\u2019t rule out the chance of <a href=\"https:\/\/wncen.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">Bitcoin making an attempt at $6,400<\/a> before closing the month red.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Selling in May Hasn\u2019t Been Effective for Crypto Investors In the Past<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Upon reviewing <a href=\"https:\/\/www.investing.com\/crypto\/bitcoin\/btc-usd-historical-data\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s2\">Bitcoin price charts over the last 9 years<\/span><\/a> its been traded, the cryptocurrency\u00a0 has only had three monthly candle closes in May that were red. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The first of which occurred in May of 2013. The next after that was at the bottom of the 2015 bear market, right before Bitcoin rallied into a new bull trend. The next red May after that, was last May, when Bitcoin was rejected at $10,000 back down to re-test support at $6,000 in the following month.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Now, <a href=\"https:\/\/wncen.com\/2019\/04\/22\/bullish-bitcoin-price-formation-hints-at-short-term-move-above-6k\/\">Bitcoin is ready to test that same support but turned resistance at $6,000<\/a> in the days ahead \u2013 resistance that is certain to be a struggle for bulls who have only recently regained their confidence in the asset class.<\/span><\/p>\n<p>https:\/\/twitter.com\/walter_wyckoff\/status\/53925121?s=12<\/p>\n<p class=\"p1\"><span class=\"s1\">Where Bitcoin goes during the month of May could set the tone for the next couple of years ahead for the entire crypto market, and we\u2019ll find out if the adage \u201csell in May and go away\u201d holds any merit in the crypto space.<\/span><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The first ever cryptocurrency, Bitcoin, is set to close its third consecutive monthly candle as green, after a record-setting six candles closed in red, taking Bitcoin price to its current bear market low of $3,150. Because of how far Bitcoin has climbed since those local lows, crypto analysts believe that May is likely to close in the red as buying momentum has begun to show exhaustion, and a larger retrace is overdue. While a red May is certainly possible, past performance in Bitcoin price during the month of May suggests that it is more likely to close green. Does the old stock market adage of \u201csell in May and go away\u201d make sense for the leading cryptocurrency by market cap? Crypto Analysts Expect May to Close Red on Bitcoin Price Charts Following months of renewed bullish confidence in the crypto market, Bitcoin has rallied over $2,000 above its local bear market low, setting the first higher high since its all-time high was set back in December 2017. Related Reading | Crypto Analyst: Higher High In Bitcoin Price Confirms Bear Market Bottom Is In The rally has spanned over three months, first starting slowly, then picking up momentum following the break of overhead resistance at $4,200. A recent move took Bitcoin price even higher, peaking at $5,650 before pulling back to current levels around $5,450. https:\/\/twitter.com\/josh_rager\/status\/43882497?s=12 Due to three months in a row closing green and the price of Bitcoin nearly doubling since its 2018 low, analysts are now expecting the leading crypto to retrace, leading to a red May candle close. Despite leaning toward a bearish May outcome, analyst Josh Rager doesn\u2019t rule out the chance of Bitcoin making an attempt at $6,400 before closing the month red. Selling in May Hasn\u2019t Been Effective for Crypto Investors In the Past Upon reviewing Bitcoin price charts over the last 9 years its been traded, the cryptocurrency\u00a0 has only had three monthly candle closes in May that were red. The first of which occurred in May of 2013. The next after that was at the bottom of the 2015 bear market, right before Bitcoin rallied into a new bull trend. The next red May after that, was last May, when Bitcoin was rejected at $10,000 back down to re-test support at $6,000 in the following month. Related Reading | Bullish Bitcoin Price Formation Hints At Short Term Move Above $6K Now, Bitcoin is ready to test that same support but turned resistance at $6,000 in the days ahead \u2013 resistance that is certain to be a struggle for bulls who have only recently regained their confidence in the asset class. https:\/\/twitter.com\/walter_wyckoff\/status\/53925121?s=12 Where Bitcoin goes during the month of May could set the tone for the next couple of years ahead for the entire crypto market, and we\u2019ll find out if the adage \u201csell in May and go away\u201d holds any merit in the crypto space. Featured Image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":379633,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,6664,25050,14751],"class_list":["post-379630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-josh-rager","tag-may"],"acf":[],"yoast_head":"\n<title>Sell in May and Go Away? 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/wncen.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Sell in May and Go Away? 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