Bitcoin looks set to enter in November after completely reversing its trading sentiment with an exuberant and optimistic trading landscape dominating.
In the last month of trading, BTC / USD has basically gained over twenty thousand dollars per coin. As November rolls around and October looks back, BTC / USD looks set to start trading in the new month at around 61000.00 or so. The ability of BTC / USD to cross a thousand dollars in the blink of an eye should be taken into consideration by all speculators.
BTC / USD started October with a technically bearish outlook for many speculators. After arriving in sight of junction 53000.00 on the 6the from September, BTC / USD continued to gradually decline and at the end of the month a low around the 41000.00 threshold greeted the beginning of October. Traders couldn’t be blamed for believing that an extra dose of selling pressure could ensue. Speculators with a bearish outlook may have considered the idea that the lows seen in early August could be tested again near the 37,000.00 level.
Obviously, the downtrend did not continue. In early October, bullish momentum suddenly appeared and BTC / USD began to pull resistance away without any hesitation. In a period of one week from the end of September until 6e October, BTC / USD basically gained over ten thousand USD and suddenly broke September highs. When the 53000.00 mark was crossed higher on the 6the from October, BTC / USD started to feel like it was in a technical race to the top.
The 19e and 20e from October, BTC / USD began literally testing the all-weather values demonstrated in mid-April of this year. A high above 67,000.00 was reached on 20e of October. Since hitting this all-time high, BTC / USD has seen a slight decline in recent trading, but the price remains above 61000.00 at the time of writing, which means Bitcoin’s value is crossing the support he has tested since mid-October.
Speculative traders must now decide to what extent additional buying sentiment can be achieved and whether additional bullish sentiment will be displayed in the coming weeks. BTC / USD’s ability to avoid a massive sell-off and maintain its price above 60,000.00 can be seen as a positive sign by bullish traders.
BTC / USD outlook for November
The speculative price range for BTC / USD is 48,000.00 to 74,000.00.
The 60000.00 junction for BTC / USD could prove important for sentiment. If this level can contain and maintain a price above this support level, the value of Bitcoin can be viewed as being in consolidated mode by speculators who might be led to believe that another head start will be demonstrated.
However, if the 59000.00 level were to suddenly be challenged and weaken, traders may assume that the 58000.00 level will be tested again.. Traders should be on the lookout for peaks. One happened on 28e October which saw the 56300.00 level touched briefly. If the 56000.00 level turns out to be vulnerable traders could aim for the 54000.00 mark and if it were to fail it is not inconceivable that the 50000.00 junction could be seen in November.
If traders believe that consolidation is developing within BTC / USD as it is trading in view of the record highs, this could be seen as a bullish signal. Conservative traders who want to be long BTC / USD can look for reversals in the lower market to trigger buy positions. Using leverage when trading Bitcoin is essential and stop loss and take profit orders should work at all times for speculative bets. If BTC / USD is able to break above the 64000.00 mark and keep that value high, traders may believe that another rush to the top may be happening. If the heights of 66000.00 to 67000.00 are ruled out, Bitcoin might find 70,000.00 to be a legitimate target. Record the heights if the tests are certain to produce volatile conditions.