{"id":403025,"date":"2019-10-31T21:39:57","date_gmt":"2019-10-31T21:39:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=403025"},"modified":"2024-06-11T13:31:43","modified_gmt":"2024-06-11T13:31:43","slug":"bitcoin-monthly-candle-to-close-around-9300-bullish-or-bearish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-monthly-candle-to-close-around-9300-bullish-or-bearish\/","title":{"rendered":"Bitcoin Monthly Candle to Close Around $9,300: Bullish or Bearish?"},"content":{"rendered":"

In the next few hours, Bitcoin<\/a> will see its monthly candle for October close. As the cryptocurrency has been subject to immense volatility over recent weeks, this close will be immensely important for Bitcoin’s directionality for the next few months.<\/p>\n

Related Reading: Bitcoin Holds Above $9,000 as Buyers Look to Extend Its Upwards Momentum<\/a><\/h6>\n

So, with BTC seemingly poised to close October around $9,300, what are analysts saying?<\/p>\n

Bitcoin Looking Relatively Strong<\/h2>\n

Stackin’ Bits posted the chart below recently, with the attached caption “yin\/yang.” According to the chart, BTC remains above the red pivot line at around $8,700, presumably implying that it is still in the “yin” range, or bullish.<\/p>\n

https:\/\/twitter.com\/StackinBits\/status\/84022784<\/p>\n

Crypto HornHairs echoed this seeming sentiment. He noted that there is a confluence of signs that imply Bitcoin is closing October bullish. This confluence is centered around the idea that BTC remains above the one-month bullish breaker, 0.618 Fibonacci Retracement, a yearly pivot, among other key levels. He thus claimed<\/a> that he expects for the cryptocurrency to hit $14,000 before $7,000.<\/p>\n

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$BTC<\/a> Monthly confluence<\/p>\n

+1M bullish breaker
+.618 retracement
+Volume Profile HVN\/PoC
+Yearly Pivot
+Inside bar fakeout<\/p>\n

I like the chances we hit $14,000 before $7,000. pic.twitter.com\/0l1VlDAmA0<\/a><\/p>\n

— HornHairs \ud83c\udf0a (@CryptoHornHairs) October 31, 2019<\/a><\/p><\/blockquote>\n