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(Original link: cointelegraph.com)
Until now, the month of November for Bitcoin (BTC) has been relatively easy, but that could change this weekend. Let's take a look at the charts to see what's happening on the market right now. Weekly overview of crypto-market data. Source: Coin360
With the exception of a week-long high of $ 9,616, Bitcoin continues to trade in a narrow range, below the weekly resistance of $ 9,616, with support from $ 9,100. Over the last 5 days, there has been a trend to daily highs, trading volumes have almost stopped. Daily chart BTC USD. Source: TradingView
The bitcoin price is close to the 20-day moving average (DMA), which is a volume difference in the visible volume profile (VPVR) range. Below $ 9,100, the price could drop to $ 8,950, which could be of interest to buyers.
If buyers do not enter the downward trend, the price could drop to $ 8,600. If $ 8,600 does not stimulate buyers, $ 8,300 could be the next stop of the Bitcoin course because it enjoys clear support.
Traders looking for reasons to sell will find that the MACD is about to switch and that the green bars that are narrowing in the MACD's histogram correspond to the decline in transaction volume. Chart BTC USD 4 hours. Source: TradingView
The 4 hour chart shows that Bitcoin is stuck at $ 9,250. But even if the bears are looking for $ 9,300 shorts, it is possible for an outbreak to occur. The 4-hour MACD is getting closer to the signal line and the relative strength index (RSI) is also moving towards 50.
Bulls want the price in bitcoin to exceed the moving average of Bollinger's central band and rising trend line (black dotted line), which marks the daily trend of lows higher at $ 9,300. In the short term, the price of Bitcoin clearing could range from $ 9,350 to $ 9,450, which corresponds to the upper arm of the Bollinger Band. Weekly BTC USD Chart. Source: TradingView
As you can see on the weekly chart, the Bitcoin price is falling towards the downstream channel and the VPVR indicator confirms the aforementioned possibility of a lower price to 8,300 USD if buyers are not interested in the 9,100 and 8,950 USD. Show the dollars.
In the end, the price is in limbo, while buyers and sellers are trying to figure out the way forward.
Swing traders are likely to wait under $ 9,000 and Twitter is multiplying investors who want to buy the downside when the price falls in the $ 8,600 to $ 8,300 range.
Readers who follow the technical analysis of Cointelegraph will probably be exhausted, because the following statement has become quite redundant lately, but it must be said. Situations in which the Bollinger Bands are tightening, volume is decreasing and narrower trade margins generally indicate that a large movement is imminent. A sight Daily chart BTC USD. Source: TradingView
The bulls will dream of high volume pushing the price of bitcoin through a resistor of 9,350 USD and on the high volume node from 9,200 USD to 9,459 USD. They will target a $ 10,150 higher in 14 days, which corresponds to a high volume node on the VPVR arm and Bollinger's upper arm.
In the meantime, if they are not up to scratch, the Bears will attempt to open positions at $ 9,300 and at least $ 8,950 if they stop near the downtrend line of the channel and at 20 minutes. MA of the Bollinger Band Indicator. After the bears had made some profit at that time, they could try to continue the race for $ 8,600, or even $ 8,300.
Of course, Bitcoin seems to have its own will and often contradicts the best wishes of the bulls and the machinations of the bears. Traders will also remember that November is historically a powerful month for Bitcoin. That's what James Todaro, the managing partner of Blocktown Capital, recently pointed out on Twitter. Todaro tweeted the graph above and said
"The month of November has been historically one of the months with Bitcoin's greatest performance since 2012. November 2018 was the most important (and most memorable) exception. increased only 1.5% in November 2019 … What will bring the next three weeks? "
The views and opinions expressed here are solely those of the author ( @HorusHughes ) and do not necessarily reflect the views of Cointelegraph. Each stage of investment and trading involves risks. You should do your own research before making a decision. Related...