Bitcoin and Ether finished October on a high note, raising the rally’s likelihood to gather more steam in November. In October, Bitcoin and Ether achieved their best monthly closes ever, signaling strong momentum in favor of purchasers. The spotlight is now on November, which has been mainly bullish for Bitcoin.
Bitcoin has only concluded November in the red twice since 2013, in 2018 and 2019. Another good thrust for Bitcoin could be the tailwinds from the US stock markets, which have also had an impressive November.
The S&P 500 gained 2% on average in November, making it the only month of the year to attain such outstanding median returns. Bitcoin fell off the flag pattern’s resistance line. However, the bulls prevented the price from falling below the 20-day exponential moving average (EMA) ($59,876). It is a good indicator since it indicates that traders are buying on dips.
The extended tail on Ether’s candlestick on November 1 indicates that bulls are aggressively purchasing on dips. Since October, the bulls have not allowed the price to go below the 20-day EMA and remain there, which is a strong sentiment. In contrast to this idea, if the price breaks through the overhead resistance, the bears will attempt to bring the pair down.
For the previous two days, bears have sought to push Binance Coin below $518.90. However, the extended tail on the candlestick indicates that bulls had other intentions. Lower levels are drawing significant buying, and the bulls will now attempt to re-establish the uptrend. If the price falls below the 20-day moving average, it will imply strong selling at higher levels. It might trap several aggressive bulls, dragging the pair down to the critical support level of $392.20.
For the previous several days, the bulls have successfully guarded the sturdy support at $1.87. However, they are battling to push Cardano (ADA) above the 20-day EMA ($2.07). It suggests a lack of higher-level demand. In contrast to this assumption, a price gain from the current level and a break above the moving averages imply substantial accumulation at $1.87. The pair might then rally to the $2.47 overhead resistance level.
Buyers will now try to drive the price up to the all-time high of $0.00008854. A break and close above $0.00008854 could signal the continuation of the uptrend, which could take it to the 300 percent Fibonacci extension target of $0.00010349. A break and closure below $0.00005778, on the other hand, may push the price down to the 20-day moving average.
Dogecoin rose off the 20-day EMA, but bulls are fighting to keep the price above $0.27. It indicates that bears are selling during rallies. The 20-day EMA is sloping up, and the RSI is barely above the midway, meaning that buyers have a slight advantage. If the price remains over $0.27, the DOGE/USDT pair might rise to $0.30 and then $0.35.
This bullish perspective will be rendered incorrect in the short term if the price falls below the 20-day EMA.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.