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November Monthly Bitcoin Close Critical For Bull Market

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

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.

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Related Reading | Crypto Market Fear Index Suggests Bitcoin Price Has Further To Fall 

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.

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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.

Related Reading | Time to Rally? Institutional Bitcoin Price Charts Signal Buy 

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
Tags: bitcoinBull Marketcryptogolden crossmoving averages
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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