Bitcoin monthly candle closes above $13K for the first time since 2017

The monthly candle of Bitcoin for October has closed above $13,000 for the first time since December 2017.

Traders often use the monthly log chart to evaluate the long-term and macro trend of an asset.

On a monthly chart, each candle represents a whole month of trading activity.

A Bitcoin monthly log chart typically covers many years of trading activity.

The monthly chart is considered to be one of the main high time frame charts alongside the weekly chart.

A clear breakout above an important level, like $13,000, on the monthly chart, indicates a technical breakout.

This means if Bitcoin breaks out on a high time frame chart, the probability to rise to a new record-high could get higher.

Although the price of Bitcoin hit $20,000 in 2017 and $13,970 in 2019, the monthly candle never closed above $13,000.

Technically, the monthly chart of Bitcoin closed significantly higher above key short-term moving averages.

The 5-day moving average on the Bitcoin monthly chart is found at $12,256, so a drop to low $13,000s would be healthy for the rally.