Monthly Candle Close Signals That Bitcoin May Be ‘Done For a While’

Bitcoin price closed its November monthly candle in the red, marking a total of four out of five red candles since Bitcoin topped out at the end of June.
With the most recent monthly candle open, a prominent crypto analyst’s indicator has signaled a sell for the first time since June of the previous year, right before the bear market really began to take hold over the crypto market.
Bitcoin Price Closes November In the Red Once Again
The first-ever cryptocurrency, Bitcoin, closed its November monthly candle at $7,700. The close is particularly gut-wrenching for bulls, who a month prior saw Bitcoin set a record for its third-largest single-day gain in its short history, taking the price of the crypto asset all the way as high as $10,500 before falling back down to set new local lows.
Related Reading | November Monthly Bitcoin Close Critical For Bull Market
The burst to $10,500 ended up being nothing more than a bearish retest, confirming former support as resistance, and sending the price of the leading crypto asset by market cap tumbling down further.
Bitcoin spent almost the entirety of November falling downward from above $9,000 to as low as $6,500. An inverse head and shoulders formation heading into the Thanksgiving holiday caused the price of Bitcoin to rally toward $7,700 where the month closed out.
The monthly close now marks four out of five red monthly candles since the crypto asset topped back in June.
Crypto Indicator Signals Sell
This month’s candle open has triggered a sell signal on the Market God v7 indicator, designed by crypto analyst KingThies. The analyst says he designed the indicator to “eliminate” emotion from his trading to instead rely on algorithm-driven signals, and based on the indicator, plans to “short the corn” in reference to the first-ever cryptocurrency, Bitcoin.

Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn.
— CryptoThies (@KingThies) December 1, 2019

The last time the analyst’s indicator gave a sell signal was after Bitcoin’s April 2018 rally failed to reclaim former highs, and the bear market truly began to ramp up in severity.
The indicator also gave a buy signal prior to the April 2019 rally, which took Bitcoin from $3,100 to as high as $14,000 before it was rejected at the end of June 2019, sending Bitcoin back into a downtrend that may be days away from once again picking up in severity.
The analyst says that based on the indicator’s signal, Bitcoin may be “done for a while” suggesting that it may be an extended period before Bitcoin begins another uptrend.
Related Reading | Accurate Trader Calls For $1K Bitcoin and Destruction of Crypto Industry 
Prior to the June 2019 top, most of the crypto market had believed that Bitcoin was well on its way into its next bull run, however, it is theorized that the selling related to the PlusToken scam has upset the delicate market structure, and has caused the asset’s cynical trend to be altered in a way that we won’t understand for some time.
The post Monthly Candle Close Signals That Bitcoin May Be ‘Done For a While’ appeared first on NewsBTC.
Source: New

Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility

The Bitcoin (BTC) price is once again in a lull-like state, having seen barely any bouts of volatility over the past few days. Due to this, trend indicators have begun to tighten, as has volume, signaling to many that volatility is inbound.
While this impending bout of volatility could easily bring BTC back down to the $8,000s, potentially in a move that may establish new multi-month lows, analysts are currently leaning bullish on Bitcoin, having observed a confluence of positive technical signals that imply upward continuation.
Related Reading: Bitcoin All-Time High Organic, Not Single Whale Manipulation, Says Vaneck Analyst
Bitcoin Ready to Burst Past $10,000?
Popular Twitter analyst Crypto Thies recently noted that Bitcoin is currently looking rather positive as the volume moving average implies incoming volatility. In the chart below, he showed that when BTC bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average.

As soon as $BTC bounced off of the .618, many should have started hoarding #bitcoin like it was …well, Bitcoin.$BTC Bears beware…you may not want to short this next 'attempted' pump
As price sits at $9.4k as of this post, my notes below highlight what to expect in Nov/Dec
— CryptoThies (@KingThies) November 6, 2019

He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks. Although Thies didn’t give a concrete price target, his chart implies that BTC’s price will begin to flirt with $14,000 again by early 2020.
Thies isn’t the only one expecting a move beyond $10,000 in the coming few weeks and months. A fractal pointed out by Starbust implies that Bitcoin will rally to the upside to retake $10,000 and beyond in the coming weeks.
And to put a cherry on the cryptocurrency cake, a technical signal that printed before the move from $7,500 to $10,500 recently printed a buy again. If historical precedent is of any current relevance, Bitcoin may soon rally higher, likely to retest the mid-$9,000s or high-$9,000s in an attempt to establish new multi-week highs beyond $10,000.
Related Reading: Institutions Accrue Bitcoin Long Positions as Price Looks to Break Past $9,300
Quick Pullback First
While Bitcoin’s medium-term bull case is obviously building, there may be a short-term drawdown that comes first. Analyst Data Dater, as reported by NewsBTC previously, recently found a few signs that imply BTC will soon take a breather, which will be a move that will see the cryptocurrency head back into the $8,000s. He noted that indicators are “approaching overbought” on the four-hour, six-hour, and 12-hour charts, while the one-day chart and the two-hour chart are already flashing overbought signals.
Also, the BitMEX funding rate, which many say can be used to discover local tops and bottoms in the Bitcoin market, has been trending “very high for three consecutive periods.”

Market Update:
1/ Approaching overbought on 4H, 6H, 12H.2/ Overbought on 1D, 2H.3/ Approaching overbought on 2D, 3D.
4/ Bitmex Funding very high for three consecutive periods.
5/ QA indicator turned blue (overbought).
— (Stationary) Data Dater (@datadater) November 5, 2019

Related Reading: Bitcoin Future Flash Crashes by $1,000 to Fill CME Gap: Cleared for Takeoff
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Source: New