{"id":405957,"date":"2019-12-02T17:00:13","date_gmt":"2019-12-02T17:00:13","guid":{"rendered":"https:\/\/ktsl888.com\/?p=405957"},"modified":"2019-12-02T16:30:21","modified_gmt":"2019-12-02T16:30:21","slug":"monthly-candle-close-signals-that-bitcoin-may-be-done-for-a-while","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/monthly-candle-close-signals-that-bitcoin-may-be-done-for-a-while\/","title":{"rendered":"Monthly Candle Close Signals That Bitcoin May Be \u2018Done For a While\u2019"},"content":{"rendered":"

Bitcoin price<\/a> closed its November monthly candle in the red, marking a total of four out of five red candles since Bitcoin topped out at the end of June.<\/span><\/p>\n

With the most recent monthly candle open, a prominent crypto analyst\u2019s indicator has signaled a sell for the first time since June of the previous year, right before the bear market really began to take hold over the crypto market.<\/span><\/p>\n

Bitcoin Price Closes November In the Red Once Again<\/h2>\n

The first-ever cryptocurrency, Bitcoin<\/a>, closed its November monthly candle at $7,700. The close is particularly gut-wrenching for bulls, who a month prior saw Bitcoin set a record for its third-largest single-day gain in its short history, taking the price of the crypto asset all the way as high as $10,500 before falling back down to set new local lows.<\/span><\/p>\n

Related Reading | November Monthly Bitcoin Close Critical For Bull Market<\/a><\/strong><\/em><\/p>\n

The burst to $10,500 ended up being nothing more than a bearish retest, confirming former support as resistance, and sending the price of the leading crypto asset by market cap tumbling down further.<\/span><\/p>\n

Bitcoin<\/a>\u00a0spent almost the entirety of November falling downward from above $9,000 to as low as $6,500. An inverse head and shoulders formation heading into the Thanksgiving holiday caused the price of Bitcoin to rally toward $7,700 where the month closed out.<\/span><\/p>\n

The monthly close now marks four out of five red monthly candles since the crypto asset topped back in June.<\/span><\/p>\n

Crypto Indicator Signals Sell<\/h2>\n

This month\u2019s candle open has triggered a sell signal on the Market God v7 indicator<\/a>, designed by crypto analyst KingThies. The analyst says he designed the indicator to \u201celiminate\u201d emotion from his trading to instead rely on algorithm-driven signals, and based on the indicator, plans to \u201cshort the corn\u201d in reference to the first-ever cryptocurrency, Bitcoin.<\/span><\/p>\n

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Yikes. I\u2019m taking the hint this time guys.. $BTC<\/a> is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it\u2019s pretty clear I need to listen to it. <\/p>\n

Short the corn. pic.twitter.com\/AiVLec0sUs<\/a><\/p>\n

— Crypto Thies (@kingthies) December 1, 2019<\/a><\/p><\/blockquote>\n