Bitcoin price is set to end a 6-month red candle losing streak today if the bulls can maintain a price above $3420. After a sharp $150 (4%) decline and subsequent sharp reversal, we take a look at the charts to try and get the lay of the land before the close.
Bitcoin price 00 opened the month at $3360 and managed to reach towards $4200 last week before suffering a setback on Sunday where the bears managed to take control while the bulls were taking profits and pushed BTC price back towards $3700.
The monthly chart shows that the bulls have managed to control the price action for the month, with there being more demand than supply in the low $3000s where the 50-week moving average lies as initial support, as it did during January 2015 after the 85% decline.
The MAC-D, which is calculated by subtracting the…