Bitcoin’s monthly candlestick closes at its highest since December 2017 in October
The monthly candlestick on the Bitcoin chart for October closed above $ 13,000. This happened for the first time since December 2017..
Depending on the market in question, the closing of the last candle can be considered the maximum both for almost three years, and for the entire time in general. For example, on Binance paired with USDT, the December candle closed at $ 13,716, and the last one at $ 13,791. At Bitstamp, the situation is different – there the values were $ 13,880 and $ 13,816, respectively.
Traders often refer to monthly charts to identify trends, trusting them more than short-term charts such as weekly and daily. According to Ark Invest CEO Katy Wood, the $ 13,000 level is of particular importance as it opens the way to previous highs, “technically with very little resistance.”.
Bitcoin reached its highest since January 15, 2018 around $ 14,100 on October 31. However, against the optimistic expectations of Wood and others, the cryptocurrency faced resistance and quickly pulled back to $ 13,700, where it is trading at the time of publication.
Loma analyst paints the following perspective: Bitcoin could drop to $ 12,900 – 13,100 to collect short positions, the holders of which will count on retesting $ 12,000 – 12,400, and then go up, using their liquidation as fuel.
Analyst Michael van de Poppe expects a similar development of events, however, he admits a decline up to support near $ 11,600 with a further rebound upwards.
Bitcoin grew by about 30% in October, despite a series of negative news, including the US government’s harassment of BitMEX and the ongoing freeze on withdrawals to OKEx. This is the second best month for Bitcoin this year after April, when the cryptocurrency won back positions lost during the March crash..