{"id":422369,"date":"2020-04-30T16:00:33","date_gmt":"2020-04-30T16:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=422369"},"modified":"2020-04-30T14:33:44","modified_gmt":"2020-04-30T14:33:44","slug":"bitcoin-price-working-on-monthly-bullish-engulfing-what-it-means","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-working-on-monthly-bullish-engulfing-what-it-means\/","title":{"rendered":"Bitcoin Price Working on Monthly Bullish Engulfing: What It Means"},"content":{"rendered":"

Bitcoin price<\/a> recently exploded from under $7,800 to over $9,400, just twelve full days before the asset’s block reward halving.<\/p>\n

The powerful push from last month’s extreme low set during Black Thursday, to current levels, has caused a bullish engulfing candle to form on monthly Bitcoin price charts. But what exactly does this mean for the asset if tonight’s critical monthly closes as a bullish engulfing?<\/p>\n

Bitcoin Price Could Close Monthly With Powerfully Bullish Statement<\/h2>\n

At the start of 2020, the stage was set for Bitcoin and the rest of the cryptocurrency market’s next bull run.<\/p>\n

Bitcoin price<\/a> had rallied from $6,800 to over $10,000, and altcoins everywhere broke out from downtrend lines and went on explosive uptrends of their own.<\/p>\n

But the coronavirus caused a massive asset selloff and liquidity crisis now dubbed Black Thursday, which resulted in an epic stock market crash and Bitcoin plummeting to under $4,000.<\/p>\n

Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017\u00a0<\/a><\/strong><\/em><\/p>\n

From the low, Bitcoin price has now risen nearly 150% to over $9,400 at the peak.<\/p>\n

The powerful surge from the lows, has resulted in a bullish engulfing candle on monthly Bitcoin price charts. If tonight’s daily close \u2013 also the monthly timeframe candle close \u2013 the bullish engulfing will forever be left on the Bitcoin price chart as a reminder to buy even the most extreme dips in crypto.<\/p>\n

\"bitcoin<\/p>\n

What Is a Bullish Engulfing Candle and What Does It Mean for Crypto Investors?<\/h2>\n

Bullish engulfing candles<\/a> are typically a powerful statement from bulls, that bears are no longer in control, and bulls will soon show their true power.<\/p>\n

These Japanese candlestick formations are often reversal signals, although they can also mean continuation mid-trend following short-term pullbacks.<\/p>\n

Related Reading | All Bitcoin Fundamentals Scream \u201cBuy\u201d Says Prominent Market Researcher\u00a0<\/a><\/strong><\/em><\/p>\n

When bullish engulfing candles are confirmed, they are usually followed with additional candles in the bull’s favor. However, not all bullish engulfing candles confirm, even if the monthly candle closes as one.<\/p>\n

In the below examples, a number of other bullish engulfing candles have been highlighted. The most recent bullish engulfing candle, prior to the current April candle, was in January as Bitcoin price<\/a> touched over $9,000.<\/p>\n

\"bitcoin<\/p>\n

The next candle, was rejected, and it caused the Black Thursday collapse in the following month.<\/p>\n

But the rebound as been nearly as dramatic as the fall itself, and with the halving in just twelve days, there is a far higher likelihood the bullish engulfing candle is confirmed with further upside and green candles form crypto bulls ready to embark on the next bull run.<\/p>\n

But before this happens, Bitcoin price<\/a> must close tonight’s daily and monthly candle as over $8,750. Given the momentum the asset currently has, it is highly possible, unless bears step in within the next few hours and manage to push Bitcoin back down to recent lows for yet another retest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price recently exploded from under $7,800 to over $9,400, just twelve full days before the asset’s block reward halving. The powerful push from last month’s extreme low set during Black Thursday, to current levels, has caused a bullish engulfing candle to form on monthly Bitcoin price charts. But what exactly does this mean for the asset if tonight’s critical monthly closes as a bullish engulfing? Bitcoin Price Could Close Monthly With Powerfully Bullish Statement At the start of 2020, the stage was set for Bitcoin and the rest of the cryptocurrency market’s next bull run. Bitcoin price had rallied from $6,800 to over $10,000, and altcoins everywhere broke out from downtrend lines and went on explosive uptrends of their own. But the coronavirus caused a massive asset selloff and liquidity crisis now dubbed Black Thursday, which resulted in an epic stock market crash and Bitcoin plummeting to under $4,000. Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017\u00a0 From the low, Bitcoin price has now risen nearly 150% to over $9,400 at the peak. The powerful surge from the lows, has resulted in a bullish engulfing candle on monthly Bitcoin price charts. If tonight’s daily close \u2013 also the monthly timeframe candle close \u2013 the bullish engulfing will forever be left on the Bitcoin price chart as a reminder to buy even the most extreme dips in crypto. What Is a Bullish Engulfing Candle and What Does It Mean for Crypto Investors? Bullish engulfing candles are typically a powerful statement from bulls, that bears are no longer in control, and bulls will soon show their true power. These Japanese candlestick formations are often reversal signals, although they can also mean continuation mid-trend following short-term pullbacks. Related Reading | All Bitcoin Fundamentals Scream \u201cBuy\u201d Says Prominent Market Researcher\u00a0 When bullish engulfing candles are confirmed, they are usually followed with additional candles in the bull’s favor. However, not all bullish engulfing candles confirm, even if the monthly candle closes as one. In the below examples, a number of other bullish engulfing candles have been highlighted. The most recent bullish engulfing candle, prior to the current April candle, was in January as Bitcoin price touched over $9,000. The next candle, was rejected, and it caused the Black Thursday collapse in the following month. But the rebound as been nearly as dramatic as the fall itself, and with the halving in just twelve days, there is a far higher likelihood the bullish engulfing candle is confirmed with further upside and green candles form crypto bulls ready to embark on the next bull run. But before this happens, Bitcoin price must close tonight’s daily and monthly candle as over $8,750. Given the momentum the asset currently has, it is highly possible, unless bears step in within the next few hours and manage to push Bitcoin back down to recent lows for yet another retest.<\/p>\n","protected":false},"author":517,"featured_media":422374,"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":[428,1144,77619,6664],"class_list":["post-422369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btcusd","tag-bullish-engulfing","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Price Working on Monthly Bullish Engulfing: What It Means<\/title>\n<meta name=\"description\" content=\"Bitcoin price recently exploded from under $7,800 to over $9,400, just twelve full days before the asset's block reward halving. 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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. 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