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October was a month of sweet victories, some historical announcements, and a well-carved all-time high for Bitcoin. Since the month of October has historically been a bullish time for the king coin, the ATH didn’t come as much of a surprise. Now the crucial question remains whether BTC would see a similar bright fate in November too.
Weekly and Monthly close
Even though post the ATH on October 20, BTC’s price has largely moved sideways, finishing October above $60,000 marked several achievements in itself. Firstly, Bitcoin’s weekly candle closed above $60K, making it the third week in a row where this pattern was seen. The same contributed to the larger bullish narrative, making bulls more confident of the coming month.
That, however, was not all, analyst TechDev noted an eerie similarity between the 2021 and 2017 bull cycles for the month of November. Notably, BTC’s daily candles and RSI made a similar pattern towards the end of October.
BTC price and RSI | Source: TechDev
Now if BTC follows the same trend it could end up with over 80% price gains since November 2017 saw 86% gains throughout the month. In fact, even in November 2020, BTC saw close to 50% gains over the month. So seems like if everything plays out well, November could be taking BTC to the moon making the month ‘MooNovember’.
Here’s the catch
While the larger picture seemed rather bullish for the month of November, in the crypto-verse nothing can be said with certainty. On that note, it was observed that after a sustained period of net outflows of BTC from exchanges, they have been cooling off a bit over this week. BTC reserves on exchanges have barely changed or are even slightly up. Meanwhile, BTC’s price has been trading somewhat choppy around the $60K range.
So, could there be a possibility of a short-term pullback? Well, if BTC struggles to hold the 21-day MA, 21 day EMA, and the $60K level over the short term, it could trigger a downside to the support zone between $58K to $53K. However, at the time of writing, BTC made a strong move upward going as high as $62,437, from the under $60K level. So seems like the king coin does have bright plans for November.
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