Bitcoin Rallies Hardest in November — So Why Are the Charts Bearish?
Horus Hughes's original article for cointelegraph.com reduced by 58%
On the daily timeframe, Bitcoin price is pulling closer to the 20-day moving average, which lines up with a volume gap on the volume profile visible range. If $8,600 does not induce buyers then $8,300 could be the next stop for Bitcoin price as there is clear support here. Bulls will want to see Bitcoin price cross above the middle Bollinger Band moving average and the ascending trendline, which marked the daily pattern of higher lows at $9,300.
In the short-term, clearing $9,350 could see Bitcoin price extend to $9,450 which marks the upper Bollinger Band arm. As shown on the weekly chart, Bitcoin price is slumping back towards the descending channel and the VPVR display backs up the aforementioned possibility of price dropping to $8,300 if buyers show no interest in $9,100 and $8,950. Bulls will fantasize about a high volume spike propelling Bitcoin price through the $9,350 resistance and above the high volume nodes at $9,200 to $9,459.
"November has been historically one of bitcoin's greatest performing months dating back to 2012. November 2018 was the main exception. BTC is presently up only 1.5% for November 2019What will the next 3 weeks bring?".
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CN [too long; didn’t read]
Summarised crypto news.