Bitcoin (BTC) Price Ends January with 'Epic' Monthly Candle, Strengthening Bull Narrative


There were no unfortunate surprises for the bulls. As expected, Bitcoin (BTC) ended January on a high note after gaining more than 30 percent this month, which indicates that this uptrend is likely to continue.    
An epic monthly close 
Trader Scott Melker was quick to comment on Bitcoin's amazing January performance, describing BTC's latest monthly candle as "epic." He elaborated that Bitcoin managed to engulf two previous candles while smashing above two pivotal resistance levels in a span of just one month. 


Epic monthly candle. Engulfing the two previous candles and breaking two key levels of resistance. The previous hammer is followed by this green candle as well. From this perspective, a bullish trend is confirmed.
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Melker seems certain that a new bullish trend has been pretty much confirmed at this point. Meanwhile, crypto analyst Big Cheds thinks that BTC might have formed the morning star candlestick pattern, which usually signals a new uptrend.      
Bitcoin's strongest start since 2013
Bitcoin keeps proving wrong those skeptics who think that they are late to the party. BTC has just had its strongest January in seven years. However, its 30 percent price increase still pales in comparison to the first month of 2013 when the leading coin gained an eye-popping 3,700 percent.  
Even with relatively modest returns, Bitcoin surpassed every traditional asset class. Only Tesla's stock, which surged by almost 60 percent in January, managed to overshadow BTC.  
January...
Tesla : +56%
Bitcoin: +28%
Amazon : +9%: +8%
Long-term Treasuries : +8%
Volatility : +7%: +7%
Apple : +5%
Gold : +4.5%
Nasdaq 100 : +3%
Bonds : +2%
S&P 500 : -0.04%
Small Caps : -3%
China : -9%
Oil : -15%
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Considering that February is historically the strongest month for Bitcoin, there is a good chance that it might extend its rally.    


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