The close of June is in for Bitcoin putting another notch in the belt for 2020.
The squeeze is real!
Monthly I like to update everyone on a Historical Data Chart for Bitcoin.
It’s a fresh new outlook on how Bitcoin is performing on a monthly basis.
(chart made by @trevorbalthrop)
Glancing at just the colors alone you might have been able to understand what we are working with here.
Green = Positive Return
Red = Negative Return
Using the opening and closing price for the 1st day and last day of every month.
It paints a different picture than your typical chart.
Trading just on this plan alone would earn you some pretty hefty returns!
Something I wish I would have done myself, although that would take a lot of gulls I must admit.
One thing I would like to point out in this month’s update is the “Return:” percentage.
We have not had a return number this close to zero in a long time.
June 2020 just closed with a return percentage of -3.17%!
Dating back to August 2018 we had a return percentage of -4.46% but even that is sort of a stretch.
In February 2018 we had a return percentage of 1.63% but that was a positive return.
Since January 2017 we have not seen a squeeze this close to zero with regards to a return rate.
What does that mean?
If you haven’t seen a lot of the analysis lately or have not noticed yourself.
The volatility this month was at a big-time low for the first time in a while.
We can think of it sort of like there being a calm before a storm.
Bitcoin is getting squeezed as it continues sideways for almost 2 months now.
It is being squeezed in so many different ways that we are soon about to see some pretty violent moves.
The chart sort of backs this logic up too!
Take a look at some of the lowest return rates both positive or negative.
Each time we see lows like this it is almost always followed up by massive price action the immediate month after!
This is true for both upwards action and downwards action.
All I can say for now is that July is here and we are probably going to see some pretty crazy dumps and pumps.
Thank you tons for reading, stay safe, and stay skeptical people!