Bitcoin ended October in big style when it managed to beat the $ 14K price range.
So far, we can evaluate that October is in every way the best month for Bitcoin in the last two years. Not only did BTC manage to beat $ 14K and reached the highest price since January 2018 (the Bull Run period) but BTC also attracted many investments from large public companies.
If we look at the chart, we can see two attempts in the last week when Bitcoin tried to beat $ 14K. The first attempt began on October 27, when Bitcoin was able to rise from a measured low of $ 13019 (Binance) to $ 13,789 (Binance) in one day. The next day, he rose to $ 13,859 (Binance) but was immediately rejected by the bears. The bulls had to start fighting again and guard $ 13K, because the price looked at $ 12,888 (Binance) that day.
Nearly two-day battle for $ 13K was followed by repeated attempts to raise the price, but the bulls were disturbed by the resistance to $ 13.5K, which BTC rejected several times. However, the bulls did not give up and reached $ 14,100 (Binance) on the last day of the month and at the second try, which means that Bitcoin reached the highest price since January 2018.
However, this strong resistance began to work immediately, and Bitcoin faced next days of big sales, which are still here today and BTC is currently in the second resistance area at $ 13.5K.
So let’s look at what it looks like from the point of view of technical analysis:
- Resistance at $ 13.5-14K
- New Support in the $ 13K area
- Important Support at $ 12.3K
- Exceeding the maximum price of 2019 is a Bullish sign
- Probability to retest $ 13K and then $ 12.3K before the next Bull Run
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