• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

In the next few hours, Bitcoin will see its monthly candle for October close. As the cryptocurrency has been subject to immense volatility over recent weeks, this close will be immensely important for Bitcoin’s directionality for the next few months.

Related Reading: Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum

So, with BTC seemingly poised to close October around $9,300, what are analysts saying?

Bitcoin Looking Relatively Strong

Stackin’ Bits posted the chart below recently, with the attached caption “yin/yang.” According to the chart, BTC remains above the red pivot line at around $8,700, presumably implying that it is still in the “yin” range, or bullish.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

yin/yang… pic.twitter.com/yElzllJWNi

— Stackin' ฿its (@StackinBits) October 31, 2019

Crypto HornHairs echoed this seeming sentiment. He noted that there is a confluence of signs that imply Bitcoin is closing October bullish. This confluence is centered around the idea that BTC remains above the one-month bullish breaker, 0.618 Fibonacci Retracement, a yearly pivot, among other key levels. He thus claimed that he expects for the cryptocurrency to hit $14,000 before $7,000.

$BTC Monthly confluence

+1M bullish breaker
+.618 retracement
+Volume Profile HVN/PoC
+Yearly Pivot
+Inside bar fakeout

I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0

— HornHairs ? (@CryptoHornHairs) October 31, 2019

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bearish Continuation Possible

While Bitcoin’s monthly candle doesn’t look bad in and of itself, it could be viewed as a sign of impending bearish continuation when placed into context.

Related Reading: Bitcoin Whitepaper: Eleven Years On And Still Going Strong

Below is an image outlining the “Three Black Crows” technical analysis pattern. As NewsBTC reported in an earlier report, Bitcoin’s chart printed this pattern after September’s close, which many say is a sign of an extremely strong trend reversal, especially on long-term time frames like the monthly.

Image result for three black crows

While some have argued that the Three Black Crows were invalidated by Bitcoin’s massive 25%+ surge over the past week, some textbook examples of the pattern, like the one above, show one green recovery candle, before further losses in following trading sessions. This, of course, could play out with Bitcoin heading into the end of 2019.

Featured Image from Shutterstock
Tags: bitcoincryptocurrencymarket
Tweet123Share216ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin “Reserve Risk” Metric Approaches All-Time Lows

15 hours ago
bitcoin

Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?

17 hours ago
Bitcoin

First In History: Bitcoin Mayer Multiple Records Lower Value Than Last Cycle’s Low

2 days ago
crypto

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

2 days ago
Bitcoin

Why Pain May Not Be Over For Bitcoin Holders Just Yet

3 days ago
Bitcoin

Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

How Does Gnox (GNOX) Differentiate From Other Presales In Terms Of Safety And Security And How Does It Measure Up To Tokens Like Ethereum (ETH) And Solana (SOL)?

June 29, 2022

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.