Will Bitcoin Close Monthly Closing at $ 8,000?

The current monthly candle on Bitcoin price charts is different from the others since the initial launch of the bear market and is almost twice the size of a large candle length.

If Bitcoin price will close March around $ 8,000 or above, a strong bullish return candlestick will be created on the chart called “hammer”. An image like this may indicate that a reversal is close and at low levels.

If the the #Bitco monthly candle closes around $ 8,000 reducing the body candle… bullish hammer will come into play.

Be ready. pic.twitter.com/7zj2eux7xp

– Crypto Rand (@crypto_rand) March 25, 2020

Bitcoin price made an unfamiliar start to 2020. Over the past week, it recovered over 50 percent and tested its highest level of over $ 10,000 a year, its history fell below $ 4,000 with a single-day slump.

This resulting price movement has caused one of the largest monthly red candles on the Bitcoin price chart over the past five years. Such a large and strong red candle has not been seen in the 2014-2015 bear market since the crypto asset has tested its bottom levels.

After Bitcoin’s sharp fall to $ 4,000, the leading crypto asset managed to recover quickly and almost doubled. Of course, due to this increase, a large green candle has formed on the price chart. Due to the resistance at $ 6,800- $ 6,900 in front of it, the leading crypto asset is currently unable to achieve the expected rise. If the price of Bitcoin could reach $ 8,000 by the end of this month, a reverse hammer candle will come out.

Bitcoin price is usually expressed through red and green candles on the charts. These candles are also called Japanese candlesticks. It is used by analysts to predict upcoming price movements, how Japanese candlesticks are closed, what position they take. Some candlesticks and patterns can become more prominent, even giving ideas for returns. Among the candlesticks that provide such signals are the bull hammer.

The candlestick is represented by a long wick at the bottom and a small or non-wick at the top of a small candle body. The candle resembles a hammer with a handle and can turn green or red. This pattern seen at the end of the month is very important in that it will provide information on whether the leading trend of the leading crypto asset will continue.