Bitcoin: Another Cycle Higher but Nervous Suspicions Remain Get the forecast for November 2022 here:
Get DailyForex analysis to your emailAs the month of November is ready to begin, Bitcoin has achieved a cycle upwards in value for nearly a week which will get the attention of speculators.of October BTC/USD was trading below the 19,200.00 realm. The past week of trading has seen Bitcoin establish a solid move upwards with highs being achieved on Wednesday of last week and this Saturday over 21,000.00 momentarily.
Selling BTC/USD when it hits resistance may remain the bet of the day for traders who still do not believe Bitcoin is ready to break out of its price slump. A simple three month chart shows higher values have been seen in the recent past and faced a wall of selling pressure. If BTC/USD is not able to trend above the 21,000.00 mark in the near-term this may actually turn into a negative indicator of behavioral sentiment, which simply doesn’t think Bitcoin is capable of traversing near the 21.500.00 or the 22,000.00 ratios soon.
If BTC/USD is not able to maintain its current value stance and falls below the 20,000.00 in the near-term, some speculators could not be faulted for believing the 19,900.00 to 19,800.00 marks are goals
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