Bitcoin Price is Under 8-Month Moving Average
8 is important number for averages. Bitcoin price is under 8-month moving average. It is important for longterm. Being below this average means being in bearish season. Bitcoin price should close this month above 8-month moving average to reverse up and enter bullish season.
Here you can see monthly chart of Bitcoin price. Even Bitcoin price closed the last month with green candle, it is still below 8-month moving average. There is great downtrend line on Bitcoin price chart coming from all time high. We need to see breaking up this resistance.
Here you can see the indicators on monthly chart of Bitcoin price. Fisher Indicator is on the bottom. It is ready to reverse up. It need only a few monthly green candles. MACD Indicator is also on the bottom. It is getting ready to reverse up. We may see reversing up on these indicators if we see monthly green candles.
If we see monhty green candles, we will see mothly close above 8-month moving average.
Even we are in bearish trend and we are close to the new market crashes as I shared lots of analysis, Bitcoin price is also close to the bottom. It only need a few monthly green candles.
We will see..
The 8-month moving average is indeed the dividing line between long-term bull and bear markets. Whether it holds at this month's close will directly determine whether we're in for a grind or a feast.
Excellent analysis! I like how you combined the 8-month moving average with MACD, RSI, and Fisher instead of relying on a single indicator. Many traders panic when Bitcoin falls below a key moving average, but your point about waiting for confirmation before making decisions is very practical.
Personally, I think moving averages work best when they are supported by volume and overall market sentiment. A break below an important MA can sometimes become a false signal if buyers quickly reclaim that level, so risk management is just as important as technical analysis.
I'm curious about your view: if Bitcoin closes back above the 8-month moving average for two consecutive months, would you consider that a strong confirmation of a new bullish trend, or would you still wait for additional confirmation from volume and momentum indicators?
Thanks for sharing such a detailed analysis. Looking forward to your next update!