- With 63 percent month-to-date gains, BTC looks set to register its longest monthly winning run since August 2017.
- The falling channel breakout seen on the monthly chart favors a rally to key Fibonacci resistance of $9,442.
- BTC has pulled back from one-year highs hit earlier this week. The cryptocurrency, however, remains on the hunt for a near-term move above $9,000, as the daily chart pennant breakout confirmed on Sunday is still valid.
- The short-term bullish case would weaken if the price drops below $8,000.
Bitcoin (BTC) is on track to register its longest winning streak since August 2017, with four consecutive months of price gains.
The cryptocurrency is currently trading at $8,670 on Bitstamp, representing 63 percent gains on the opening price of $5,267 seen on May 1.
The bulls usually take a breather after engineering such stellar gains, and a healthy correction may be seen over the next two days.
However, a drop all the way back to the monthly opening price of $5,267 before Friday’s UTC close looks unlikely, as both the short-term and long-term technical studies are biased bullish.
For instance, BTC is currently witnessing strongest buying pressure since December according to the weekly chart money flow index.
Further, the cryptocurrency is trading well above the 200-day moving average (MA) – a widely tracked barometer of the long-term trend. The average, currently located at $4,544, is beginning to curl upwards in favor of the bulls for the first time in over 12 months.
So BTC looks set to end in the green for the fourth straight month,