$BTC

Why this monthly open dump is Bullish - backed by data.

Price just dropped a whopping 5.5% on the opening of the month, which gives more reason to look for longs than not to.

The monthly high is currently P1, of which we can say the following:
- 94.1% of monthly P1s form later
- 97.6% of monthly P1s have a bigger wick

In simple terms: if the current monthly high were to hold, then it would be put in unusually early and unusually close to the monthly open.

If you do not know what P1 is, then comment 'P1' and I will send you a link to a simple tutorial that explains it.

So this means that the current monthly high is a weak high, as statistically it's very unlikely to put in a monthly high/low this early and with this small of a wick.

Therefore, my main thesis for now is that the monthly high will not hold this month, and thus is targeted. That obviously does not mean it can not hold.

My invalidation for this idea will be seeing the P1 Flip Risk metrics become very low (currently sitting at 87.1% for time and 30.9% for distance).

These metrics will be auto-updated upon taking highs/lows so I will just follow the stats. But for now, taking out the monthly high is more likely.

If you want these stats across 90 crypto assets and 6 timeframes, they’re all in the @BrighterData platform. Today is the last day to get yearly access through our BF sale at 40 percent off.