Bitcoin Eyes First Monthly Price Gain Since June. – Helen
- Bitcoin looks set to post the first monthly gain since June. The percentage rise, however, may be less than 10 percent as the daily chart is reporting signs of buyer exhaustion.
- A triangle breakdown on the hourly chart, if confirmed, could yield a pullback to support at $8,820.
- A high-volume contracting triangle breakout will likely yield a re-test of recent highs above $10,000.
Bitcoin (BTC) is on track to end a three-month losing streak, having recovered from recent lows around $7,400 seen a week ago.
The number one cryptocurrency is currently priced at $9,200 on Bitstamp — up 11 percent from the Oct. 1 opening price of $8,304.
If confirmed, the close would mark the first monthly gain since June, as the cryptocurrency fell by 6.27, 4.8 and 13.51 percent in July, August and September, respectively. The three-month losing trend was the longest since January 2018.
It is worth noting that BTC was trading at four-month lows below $7,400 a week ago and appeared set to post a loss for the fourth consecutive month.
The tide, however, turned in favor of the bulls on Friday and Saturday, when bitcoin shot up 42 percent from $7,500 to $10,350.
The monthly gain would have been in excess of 20 percent had the cryptocurrency held on to gains above $10,000. BTC, however, quickly fell back into four figures and has witnessed solid two-way business in the range of $9,950 –$9,050 in the last 48 hours.
The technical charts indicate the probability of BTC falling all the way back below the monthly opening price of $8,304 is low. However, prices could fall to former resistance-turned-support of $8,820, in which case the monthly gain would be less than 10 percent.
Published at Sun, 03 Nov 2019 06:54:55 +0000