February Is Often Good for Bitcoin Prices, Will History Repeat in 2019?

View The probability of bitcoin ending its four-year February winning streak in 2019 is high, as the primary trend is bearish for the first time in the last three years.

The odds of BTC ending February in the green would rise sharply if prices see a strong bounce from the crucial 200-week moving average at $3,298.

Bitcoin could end its four-year February winning streak unless prices see a strong bounce from key support.

BTC generally posts losses in January before putting on a good show in February.

As seen above, BTC has posted gains in February in five out of the last seven years.

BTC is reporting losses in January for the fifth consecutive year.

The odds of bitcoin posting gains in February for the fifth year straight are quite low, as the recent drop to six-week lows has put the bears back in a commanding position.

BTC's inability to produce significant gains despite the RSI divergence indicates the bearish sentiment is still quite strong.

On the weekly chart, BTC has carved out a bearish-lower high above $4,000, reinforcing the negative view put forward by the downward sloping 10-week MA. The cryptocurrency could soon revisit December lows near $3,100.

The probability of BTC posting gains in February would improve if the 200-week MA, currently at $3,298, again serves as strong support.