November Monthly Bitcoin Close Critical For Bull Market

Tony "The Bull" Severino

5 years ago

3 mins read

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Following Bitcoin’s bottom at $3,100, the entire cryptocurrency community has expected the asset to launch straight away into a full-blown bull market, however, the current price action across the crypto space has been anything but bullish.

But according to one analyst, it all depends on the November monthly candle close. Depending on how the monthly closes, a golden cross could occur on weekly timeframes and could signal significant upside in the coming months ahead.

November Monthly Close Is Make It or Break It For Bitcoin

Bitcoin price right now is struggling to find support after a parabolic selloff took the price of the first-ever cryptocurrency from $10,500 to as low as $6,500 in a month’s time. The powerful downtrend has the crypto market shaken up once again, demonstrating extreme fear, uncertainty, and doubt.

But as long as bulls can defend the November “important monthly close” then the bull market will still be on, according to one prominent crypto analyst.

In a chart shared by the analyst, Bitcoin can be seen going through accumulation phases, before a bear trap plays out as each cycle’s ‘bottom’. After that, there’s a short impulse wave up, taking the price of the cryptocurrency above the 20-week simple moving average which acts as a mid-line to the Bollinger Bands technical indicator. There, in what is expected to be the next phase in price action, the asset begins to trade sideways before the full bull run begins.

#BTCUSD $BTCUSD $BTC #BITCOIN

🚨BULL ANNOUNCEMENT:

👉NOVEMBER = IMPORTANT MONTHLY CLOSE!

DEFEND:
✅DIAGONAL BULL CHANNEL
✅TRIANGLE
✅RSI +50
✅20SMA (BB band)

IF YOU SUCCEED YOU WILL BE REWARDED WITH A BULLCROSS NEXT WEEK 50MA/100MA = 🚀

Then Bears can BTFO!

Drop MIC 🎤
🤟 pic.twitter.com/Yez8xFf4Uf

— MAXi. (@888Velvet) November 25, 2019

Technical Indicators, Trendlines, and More Signal Bull Market Ahead

So long as Bitcoin is above the 20SMA, which is currently is, the analyst says that Bitcoin is in a bull market. The Relative Strength Index, another popular technical indicator crypto traders rely on, is also above 50 on weekly price charts, acting as yet another signal that Bitcoin’s bull run is still in the making, despite the recent downtrend.

Bitcoin is also still respecting a long-term diagonal bull channel, dating back to before the 2014-2015 bear market. Bitcoin’s correction has just touched the diagonal bull line as support and confirmed it as such.

Lastly, the analyst has Bitcoin trading within an ascending triangle pattern, which typically break to the upside. Combine all of these bullish factors with a bullish November candle close, and then the analyst says that bulls will be rewarded with a golden cross of the 50-week moving average and the 100-week moving average as early as next week.

Golden crosses are typically strong bullish signals, and occur when a short-term moving average like the 50WMA crosses above a long-term moving average such as the 100WMA. Golden crosses often signal that a downtrend selloff has run out of steam, and that upside is likely ahead.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.