Bitcoin Monthly Close of November is Critical For Bull Market

After the $3,100 Bitcoin fund, the entire cryptocurrency community expects to launch the asset directly into a full-blown bull market. However, the current price action in the cryptocurrency space has been all but quick.

But according to an analyst, it all depends on the monthly closing of candles in November. Depending on how the month closes, a gold cross may occur on the weekly deadline and may indicate a significant advantage in the coming months.

The Monthly Closing of November is to Make or Break it For Bitcoin

The price of Bitcoin is struggling to find support for an ultraviolet cell at this time. After the price of the cryptocurrency dropped from $10,500 to $6,500 in a month. The powerful downtrend has once again shaken the cryptocurrency market, exhibiting extreme fear, uncertainty and doubts.
But as long as the bulls can protect the "significant monthly pass" of November, according to a leading crypto analyst. The bull market will remain active.

In the chart shared by the analyst, it can be seen that Bitcoin goes through the accumulation stages before a bear trap plays as the "bottom'' of each cycle. After that, there is a small wave of momentum that takes the price of the cryptocurrency above the simple 20-week moving average. Which serves as the midline for the technical indicators of the Bollinger Bands. In what is expected to be the next stage in the price action. The asset begins to be traded laterally before executing a complete bull.

Technical Indicators, Trendlines and More Gigns Bull Market Ahead

So, while Bitcoin is above 20SMA, which is currently, the analyst says that Bitcoin is in a bull market. The relative strength index, another popular technical indicator that is based on cryptocurrency traders, is also above 50 on the weekly price chart. Despite the recent downtrend, the Bitcoin run is still in process.

Bitcoin is still honoring a long-term diagonal bullish channel, dating back to before the 2014-2015 bear market. The Bitcoin reform has only touched and confirmed the diagonal bull line as support.

Finally, the analyst has the trade of Bitcoins within an ascending triangle pattern, which generally reversed. Combine all these bullish factors with the closing of a November candle. Then the analyst says that bulls rewarded with a Golden Cross of a 50-week moving average and a 100-week moving average at the beginning of the next week.

Golden crosses are usually strong signals and occur when a short-term moving average such as 50WMA exceeds a long-term moving average such as 100WMA. Golden crosses often indicate that the downward trend has been exhausted and is likely to reverse.