Bitcoin’s Historic Monthly Close – New All-Time Monthly High Close?

Bitcoin’s Historic Monthly Close – New All-Time Monthly High Close?

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YouTube Video Transcript

[Applause] [Music] hey i’m david for big bends and in this video we’re going to take a look at some bitcoin and ethereum ta maybe look at some other coins as well there’s a very big moment perhaps historic moment coming up for bitcoin at the end of this monthly close if you follow me on twitter you might know what i’m already talking about but i also want to give you a little bit of an update on how things are going here with big bits and how things are going to be progressing going forwards i’ve been very very busy things are starting to kind of slow down and we’ll get into talking about that in a little bit but first i do want to talk about bitcoin right now things are looking amazing the daily chart is absolutely insane um momentum has been nothing but up for quite some time all the way since uh back around the very beginning of october momentum has picked up towards the very very much bullish side we’ve had a very good month i think this has been a bullish engulfing candle we’ll take a look at the monthly chart in just a moment for now we’re going to stick on the daily chart i want to show you a couple of uh really interesting things here we do have my stochastic weights advanced indicator which shows that momentum has been slowing down here and it did catch that slow down in the momentum but what we have is this continuation and a lot of this a lot of times you see something like this where momentum kind of points downward and you’re still very high here you’re very much expected to see a continuation in the increase in price at least that’s what i’ve noticed with this particular indicator is that when this is moving down and price is moving up you’re typically in the middle of a very bullish movement and there’s still some time left to it and that it will come back up at some point and you’ll either get a divergence or you’ll get an even higher high on this particular indicator so it looks very good as far as that is concerned now the rsi here is really good i have my oversold levels at all the way down to 70 or the overbought levels all the way down to 75 so it looks a little worse than it actually is we are around uh what is it 80 to 85 somewhere in that range i’m not too terribly worried about that that is overbought but that is at the very beginning levels of being overbought and the price can stay overbought for some time things look pretty good price is moving up it’s riding the upper bollinger bands moving averages are aligned nicely and pointing upward everything looks really good on the daily chart things may slow down here at the end of the month after we reach whatever the high is for the month which who knows maybe we’ve already hit today but we’ll see so let’s go ahead and take a look out and see why that there appears to be a reason for continuation in the price moving up even though the daily momentum has kind of slowed down according to the indicator and that is because the weekly momentum is really just picking up steam right now it is not even overbought on the weekly chart and it has this nice steady momentum upwards and this is soon after a crossover and typically when you the crossover on the weekly chart it’s a pretty good thing now the ethereum chart is a little bit harder to do you see there was a lot of crossovers back here uh several weeks ago a couple months ago now i should say two to three months at least ago there were quite a few little crossovers back and forth but on the bitcoin chart it’s very much easier to read you can see there’s not nearly as many of those over here and what i’m looking for is this continued move and i really think that we can get something higher than this but what’s really crazy is that when you think about it if you’re gonna get higher than this look where the price was there okay we were at not even twelve thousand on those days and now we are at prices nearly thirteen and a half fourteen thousand dollars today and we’ve still got probably two to three weeks worth of price action to get those levels on that indicator back the rsi now is even higher than it was there so you’re likely not going to be printing some sort of rsi bearish diversions up here so that’s really cool to look at as well and you have this divergence here on the macd and by divergence i mean the macd line is diverging from its signal line and you’re getting the histogram increases and in the forecast as well so things look really good even on the weekly chart and that’s something you’ll notice that we’ve been talking about for a while now things are lining up nicely to look very good on multiple time frames which is something i’m very excited about for the future of the price here and you’ll notice that the bollinger bands here on the weekly they’re starting to pick up and starting to want to angle up more it’s going to be hard to say how high the price can get by the end of the year but i think things look really really good i’ve been really hesitant to say that we are going to reach the all-time highs by the end of the year but i can see that now as a possibility i was always thinking around the middle of 2021 for around twenty thousand dollars in price but honestly once we get beyond this price there’s really no telling where we can go this is the highest weekly close here since 2018 and let me take off those bollinger bands because they always mess with this here zoom in all right so look this is now this last week here at around 13 000. that is the highest closing price since like the first month january of 2018 that is the highest closing price in nearly three years that’s two and three quarters years worth of price below where we are now and really looking at the chart there is no clear resistance on the weekly chart there are a couple of points that are kind of key and i think we’re kind of at that right now which is at the peak of this high i don’t think it’s going to make much of a difference and also there is a little bit of cluster of price action around here which is also around the same price level so it’s going to be hard to say where price might actually go once we can overcome and get past this but again this is a weekly chart and i was hitting at the very beginning of the video that what’s really interesting is what’s going on on the monthly chart so you’ll notice we just had our highest close on the weekly since all the way since the beginning of january of 2018 but what’s really more interesting is we are just 900 away from having the highest ever close on the monthly chart let’s switch back over to the monthly chart here and i want to show you exactly what i mean zoom in all right take a look at this is that not almost surreal that bitcoin could have its highest closing price ever on the monthly chart and it’s we might have even touched that price already let’s see what was the highest closing price there that was thirteen thousand eight hundred and eighty i believe we have come pretty close to that today uh we are about 120 dollars short of that 130 something in that range just short of that close price so that’s one reason we could see things kind of stall out here and of course my phone did just ring in the background i told you i am kind of busy i’m going to pick that up in just a moment but in the meantime we’re going to continue on here and take a look here at this bitcoin monthly chart which is absolutely unreal as i said within 120 to 130 on the high close price of all time this is going to be a record if we close more than 130 dollars from where uh the high was today so this is is very bullish uh once you go above the highs let’s take a look back here at this one once we closed above the high on the monthly chart there was some volatility people getting out of their positions closing on their highs but the difference between that and this time is that that was a pretty much full bar almost no wick so once you got above that price there wasn’t any price action above it in the history before so people were taking profits there has been some price action above that here due to these wicks on the monthly chart so we might see some more volatility towards the upside as opposed to crashing back downward although you could see things kind of slow down and check up here it’s going to be a very interesting time but let’s zoom back out and let’s take a look at our momentum indicator the stochastic weights advanced everything looks really good everything’s kind of pointing upwards again it did kind of squeeze just a tiny bit which means it decreased its uh width from its signal line or it smoothed the line and that isn’t really that big of a deal what’s really important here is we do have the engulfing bullish candle the very very bullish engulfing candle uh more than twice the size of the previous red candle um i wouldn’t say it’s your typical looking bullish engulfing candle but it is very very bullish candle price wise going back and take a look at the monthly rsi again one of the reasons i think that we are due for something similar to where we passed the all-time highs on the monthly close before and maybe even better and that’s kind of hard to believe but you can see those monthly highs back here of around 1100 when they were broke back here take a look at where the rsi was the rsi was over bought well at least on my chart it was very close to 80 which is an rsi overbought level a lot of people use but it was overbought here at this time now take a look at where we are now our rsi is actually only around 65 and our smoothed rsi is below that if we get anything close to 2017 even half of what that was and we stop around here you’re looking at some very very high prices and a lot of very happy people but the point is there is still a lot of room to work with here and similar things can be said for ethereum i do think that it will need to catch up with some of the price action that bitcoin is doing but that might take some time it might not be this particular month but you see it’s very similar in how things have been moving along with the indicators what is very important though is that the moving averages are pointing up as well and we’ll take a look back down here at the weekly and show you that it it’s doing better it’s not quite as pure i should say as the uh bitcoin chart because let’s face it here we have some key moving averages below the 200 week moving average it’s not that big of a deal but uh with ethereum you can see that price has went well below its 200 week moving average whereas with bitcoin that almost has never happened it hardly ever closed and if it did close below the 200 week it was very very close to the 200 weeks so everything’s looking really good uh with as far as that is concerned now i’ve been talking for quite some time about bitcoin and the price and the monthly chart and talking about indicators and things so hopefully if you’ve watched the video so far you’ve enjoyed that you’ll like the video and if you’re down there liking the video you’ll subscribe as well but i also wanted to give you an update on some of the things going on here with big bits i know i have been super busy and i haven’t been able to get to a lot of the requests that people have i haven’t been able to cover indicators talk about pine nearly as much as i want to i want to start making more videos about pine again i want to start diving into some of the scripts that are out there and looking at other people’s content if there’s something you want to see us look at just leave a comment and let me know what you want to look at i’ll go through some of the open source code and kind of tell you what’s going on if you’re curious on how something works or you just want to understand how an indicator works that’s fine we’ll go over that and try and figure that out together but for the most part i am trying to get more videos together it has been a very very busy time for myself as i’ve mentioned if you’ve watched me i do have some college courses that i’m teaching right now i haven’t been able to put out as much content some of the content i’ve put has been a little bit different hasn’t been receiving as many views as the other things but it’s the types of videos that will get more views over time than some videos say such as this that are very much uh directed towards the current time as opposed to what they call evergreen content that’ll last a little bit longer so i made a couple of those videos i do plan on making some more of those over time and that does include tutorial type videos i want to look at some more indicators and do some more of the indicator explained videos and that could be also kind of in tandem with doing some of the uh reviews of other people’s scripts on there now as i said i am super busy uh with my own personal schedule so if you have reached out to me trying to get in touch with me there’s a very good chance i haven’t been able to communicate back with you what i’ve done and what i’m trying to do is i’m trying to help people who are looking for work creating scripts on pine and for people who need work done for them with pine and on trading view you can reach out to me send me an email david what i’m going to do is i’m going to forward these requests on to the pine coders for hire you can actually google pinecoders for hire and there’s an official list by the pinecoders group which i’ve been added onto which if you need some work done i can recommend you to one of those people on there otherwise i will keep you updated and hopefully we’ll be able to come back around and i’ll be able to have some time to help work with some of the people here again as i have in the past but uh we’ve had that going on there has been some health issues as well around the family i had to put my dog down that wasn’t very fun and i think i mentioned that here before but you know he would get up on my recliner which is on the other side of me here which used to be in the frame and people would see him every once in a while when they got in the video so that was kind of cool that he was in those videos but it’s sad that he’s not down here sharing the office with me uh really other than that i don’t think there’s very much important that people would really care about other than the fact that i am getting back to doing videos it is a slow process to get back into the groove of doing these things um there hasn’t been a lot of updates on trading view for me to cover to you know basically them handing me content essentially to be able to do videos on there haven’t been a lot lately things have been a little bit slower i expect that there will be quite a few before the end of the year and that i will probably have more time at the end of this year this semester is going to end around the middle of december i have some finals for my students around the middle of december so once that winds down and i’ll have some more time we’ll be focused a little bit more here on these types of videos but i’ve kind of rambled on i’ve already mentioned to like the video and subscribe so i appreciate you all watching this video and uh as always thank you have a great day [Music] you

YouTube Video Description

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Bitcoin’s Historic Monthly Close – New All-Time Monthly High Close?: In this Update, we discuss the potential for a brand new all-time high monthly close for Bitcoin at the end of October 2020. This will potentially mark a very historic moment in Bitcoin’s price history where we will overcome a previous all-time high with a confirmed close above it. We dig in and look at indicators that suggest why this can happen, and hopefully will happen. Our indicators are all custom created with Pine. With Pine Script it is very easy for even beginners to create their own indicators or strategies that have many other indicators within them. Once we have completed the script, we can see our results immediately and begin working with more functions, indicators, and strategies.

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This channel focuses on Bitcoin, Ethereum, LiteCoin, Ripple, Link, Basic Attention Token and almost all cryptocurrencies that demand attention. Please like the video if you liked the video, and subscribe if you like these types of videos. David from BigBits is an experienced Software Engineer, but no one is perfect, If you find any issues with any of the open-source, free code, or code shown in videos please comment to let us know what to fix, we listen to our viewers!