Bitcoin on November 2nd: the resistance is getting organized!

A nice birthday gift – Bitcoin reaches 12,000 euros for its 12 years. The King of Cryptos returns to its record levels of June 2019 and achieves its highest monthly closing since 2018.

Bitcoin in weekly: the steamroller is on the move

Bitcoin is trading at $13,452 at the time of writing. Bitcoin ended an excellent month of October with a gain of nearly 28% over the month, recording its highest monthly closing since 2018. The price has remained in an upward channel since May.

In the weekly, the tension is at its peak: the closing shows $13,800, and thus the highest June 2019, without yet having broken through. This week’s close will tell if we will hole up widely, or if the price, on the contrary, is rejected.
Bitcoin against the dollar (2W).

Bitcoin in daily life: failure on the 14,000 dollars

Bitcoin spiked to $14,100 this weekend, surpassing its June 2019 record. However, the king of the cryptomoney industry has failed to confirm that this milestone has been reached. Sellers have temporarily regained the upper hand and this level is now acting as a resistance.

Bitcoin is taking advantage of this opportunity to break another record, as it has now been 99 days since the cryptomony has been above the psychological $10,000 mark, something that has never happened in the young history of our favorite cryptomony.

The trend is fundamentally bullish in the medium term. Since the sharp correction in early September, Bitcoin has been breaking through each of its resistances with force, forming troughs and peaks that are getting higher and higher.
Bitcoin against the dollar (1D).

The key level at the moment is therefore in the 14,000 dollar range. A further failure on this resistance could herald a short-term correction. This correction could take us to test the 12,500 dollar support. A return to the 11,100 dollar level is even possible, but would not call into question the medium-term uptrend.

God bless Bitcoin

This week, unless you’ve spent the last few months in a cave, you know that the election of the future American president is at stake. Against the backdrop of the second global wave of Covid-19, a return of volatility on all markets is not to be excluded. The European and American stock exchanges have recently shown some signs of uncertainty that could well contaminate the cryptomoney market.

If it seems extremely difficult to judge the impact of these external factors on the price of the oldest cryptomoney, the uncertainty generated could well give rise to an increase in the volatility of Bitcoin in the coming days. In this context, caution remains the order of the day, even if most indicators are green for Bitcoin.

Comments are closed.

Post Navigation