Bitcoin appears ready to enter November having completely turned its trading sentiment around with an exuberant optimistic trading landscape dominating.
The past month of trading has seen BTC/USD essentially gain over twenty thousand dollars per coin. As the month of November comes into view and October is looked back on, BTC/USD appears ready to begin trading in the new month around the 61000.00 juncture or thereabouts. The ability of BTC/USD to traverse a thousand dollars in the blink of the eye must be taken into consideration by all speculators.
BTC/USD began October with a technically bearish-looking outlook to many speculators. After coming within sight of the 53000.00 juncture on the 6th of September, BTC/USD proceeded to incrementally fall and by the end of the month a low around the 41000.00 threshold greeted the start of October. Traders could not be faulted for believing an additional dose of selling pressure could ensue. Speculators with bearish outlooks may have been contemplating the notion that lows seen in early August could be tested again near the 37,000.00 level.
Obviously, the bearish trend did not continue. The start of October saw bullish momentum suddenly step into view and BTC/USD began to brush aside resistance without any hesitant attitudes. In a one-week span starting from late September until the 6th of October, BTC/USD essentially gained over ten thousand USD and suddenly surpassed September highs. When the 53000.00 mark was broken higher on the 6th of October, BTC/USD began to feel as if it was in a technical race to the top.
On the 19th and 20th of October, BTC/USD began to literally test all-time values demonstrated in the middle of April this year. A high above 67000.00 was achieved on the 20th of October. Since hitting this record value, BTC/USD has experienced a bit of a selloff in recent trading, but the price remains above 61000.00 as of this writing, which means the value of Bitcoin is traversing support it has tested since the middle of October.
Speculative traders now must decide how much more buying sentiment can be attained and if additional bullish sentiment will be displayed in the coming weeks. The ability of BTC/USD to not suffer a substantial selloff and maintain its price above 60000.00 may be looked upon as a positive sign by optimistic traders.
BTC/USD Outlook for November
Speculative price range for BTC/USD is 48,000.00 to 74,000.00.
The 60000.00 juncture for BTC/USD could prove to be important for sentiment. If this level can hold and maintain a price above this support level, the value of Bitcoin may be viewed as being in a consolidated mode by speculators who could be led to believe another leg up will be demonstrated.
However, if the 59000.00 level were to suddenly become challenged and falter, traders may think that the 58000.00 juncture will be tested again. Traders need to be on the lookout for spikes. One occurred on the 28th of October which saw the 56300.00 level touched briefly. If the 56000.00 level was proven to be vulnerable, traders may eye the 54000.00 mark and if it were to fail, it is not inconceivable the 50000.00 juncture could be seen in November.
If traders believe consolidation is actually building within BTC/USD as it trades within sight of record values, this could be viewed as a bullish signal. Conservative traders who want to be long BTC/USD may look for reversals in the market lower to ignite buying positions. The use of leverage when trading Bitcoin is essential and stop loss and take profit orders should be working at all times for speculative wagers. If BTC/USD is able to move above the 64000.00 mark and sustain this lofty value, traders may believe another bold rush upwards can mount. If the 66000.00 to 67000.00 heights are brushed aside, Bitcoin could find 70000.00 is a legitimate target. Record heights if tested are certain to produce volatile conditions.