Bitcoin (BTC) has sealed its worst August performance since 2015 following the monthly candle closed lower 13.9%.
Weekly candle “does not look great”
Data from Cointelegraph Markets Pro and TradingView confirms that BTC/USD finished the month at $19,990.
A knock to bulls’ efforts to stabilize place cost, the August close was just the 2nd monthly candle finish underneath the $20,000 mark (with respect to the exchange used) since late 2020.
While preserving June’s close because the macro have less the monthly chart, the performance brought traders into firmly bearish territory. Included in this was Crypto Tony, who cautioned the stage was looking for much deeper losses moving forward.
His outlook, he told Twitter supporters at the time, saw him “leaning perfectly into a macro drop lower.”
This really is my macro visit on #Bitcoin presently and until we have seen
– A general change in market conduct and achieving macro bullish (Getting $30,000 and investing in a greater high)
I’m leaning perfectly into a macro drop lower, that we where i’ll be searching to ladder into #Altcoins for swings https://t.co/qz7RAgw4gH
— Crypto Tony (@CryptoTony__) September 1, 2022
Caleb Franzen, senior market analyst at Cubic Analytics, added the first weekly candle of September has already been shaping as much as take Bitcoin further in to the red.
“The weekly candle for Bitcoin does not look great, climax still very at the start of a few days,” he cautioned alongside an explanatory chart.
“The lengthy top wick and selloff is fairly a poor sign, whether it closes by doing this. Especially if it becomes a red candle. Something to look at throughout a few days.”
Others saw more positive implications within the monthly close.
Popular Twitter account Dave the wave highlighted moving average convergence/ divergence (MACD) as getting predicted the comedown from local highs above $25,000 and today on the other hand favoring relief for bulls.
Based on this indicator, an additional correction seemed to be predicted [at any given time when uber-bullishness dominated on CT].https://t.co/Y6ONHetp80
— dave the wave (@davthewave) September 1, 2022
Fellow trader Johal Miles reiterated the potentially bullish knock-on aftereffect of an MACD mix from mid-August, the one that nevertheless saw “no continuation yet.”
New “historic lows” for hodl metric
One on-chain indicator particularly meanwhile reinforced the sensation that current BTC cost levels are suitable for accumulating, not selling.
Related: BTC cost top warnings emerge as 10K BTC leaves wallet after nine years
Bitcoin’s Recognized Value Hodl (RHODL) ratio, which measures the relative worth of coins relocating recent days when compared with a couple of years prior, now sits at its cheapest ever.
The dubious achievement was observed by Philip Quick, creator of on-chain data resource LookIntoBitcoin.
“RHODL Ratio has become at historic lows. Indicating near-term prices compensated for $BTC are relatively low to individuals compensated 1-2yrs ago,” he described.
“Useful method of identifying sentiment via actual behavior. Shows marketplace is v.bearish bitcoin at this time. Accumulate.”
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