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Bitcoin (BTC) has been following an interesting pattern of completing a bullish and bearish cycle the sixth of every month in alternate order. As we can see in the previous BTC / USD daily chart, a drop follows a rise. This has been happening alternately since the beginning of the correction. The table shows that the big changes at the beginning of this pattern have now been reduced to smaller movements. The bullish period between October 6 and November 6 has seen such a small movement that it can be said that it did not have a significant impact at all.
This pattern of rise and fall is also compatible with other patterns in the chart that signal a bullish reversal. The support line also remained strong and if this pattern of alternative rise and fall occurs, Bitcoin (BTC) could very well end the year near its previous high. The RSI is recovering from oversold levels and has now approached a normal level. Bitcoin (BTC) is currently at a very favorable point for bullish entries. Currently, the price is just above the support line and seems to be ready for an upward recovery, but the reality is that there are not enough bulls in the market for a strong movement.
The last few months have been devastating for BTC / USD and many investors are still scared. Institutional investors are looking for more clarity regarding the regulations on cryptocurrencies and also safer ways to invest and store their currencies. As for retail investors, most of them consist of first-time investors who have never previously traded financial assets. Then, when they saw that Bitcoin (BTC) is gaining 20% each day, they thought that this could last forever and jumped with both feet, only to find the carpet that had been torn off their feet. Large investors have always played small investors like cannon fodder and have got away with it even in regulated markets like the currency or the stock market. Cryptocurrencies is a new market without adequate regulations, which means that it is natural to expect that those who can afford not to follow the rules probably will not.
While it may be easy for market makers and manipulators to influence the price of Bitcoin (BTC) in the short term, it is becoming more difficult than ever to influence its long-term price. For an asset with limited supply, such as Bitcoin (BTC), that means that the price should go only in one long-term direction and that's up. In terms of the short term, the current market outlook favors a strong purchase at this time. BTCUSDLongs is currently operating in a falling wedge, a bullish indicator that means that the price should rise as soon as that wedge is broken. On the other hand, BTCUSDShorts is operating in a rising wedge, a bearish indicator that signals a period of profit taking for bears that should further increase the price of Bitcoin (BTC) in the near future. After all, Bitcoin (BTC) will start a new cycle in the month of November.