- November 14, the day BTC started its journey from $6k to $3,200
- Bitcoin is “no hurry to take out the old highs” – Bloomberg analyst Mike McGlone
November is a month of great performance for Bitcoin. Not only the month records significant upsurge in price but these couple of days have been most crucial for Bitcoin.
Crypto trader and analyst Nicola Duke pointed out the significance of November on Twitter, “In 2014 and 2017 was the start of a big uptrend and 2018 the big last leg lower.”
In 2014, on Nov 13, Bitcoin price reached $453 and took a drop. From there it continued until mid-January in 2015 at around $175.
In 2017, during the bull run, on Nov. 12, we fell to $5,630 level and from there continued upwards until we reached $16,600 next month.
Then, during the bear market of 2018, on Nov. 14 Bitcoin took a drop from $6,530 and continued its downward journey until we bottomed at $3,200 in Dec.
Now, in 2019, we started the month around $9,100 level and are currently trading at $8,650 in red while managing the daily trading volume of $206 million.
A year ago, today was the day Bitcoin started its drop from $6,000 to $3,000.
Two years ago, today was the day Bitcoin started its parabolic rise from $6,700 to $20,000.
— Rhythm (@Rhythmtrader) November 14, 2019
A Sell Signal could be Triggered
The trading range between the flagship cryptocurrency 50 and 200/day moving averages has been constantly narrowing since June. This means that a change in direction might be in order. A drop below the 200/day could also trigger a sell signal.
“The best way to describe the market is it’s retracing last year’s bear market,” said Mike McGlone, a Bloomberg analyst. “It’s in no hurry to take out the old highs — there’s a hangover of residual selling from the parabolic rally in 2017. There’s just a lot of people who bought it, got way too overextended, who will be responsive sellers.”
Given that Bitcoin technicals signals are suggesting “further headwinds ahead” this might be the time for altcoins to make their presence known in the cryptocurrency market.
Is it Time for Altcoins to Boom?
Analyst DonAlt echoes similar sentiments as he says Bitcoin is “finally approaching an area of interest.”
Since surging 42% in value, Bitcoin has been ranging that combined with slow bleeding has been at the top of the cryptocurrency game. If the digital asset doesn’t hold the area between $8,300 and $8,400, BTC will go “snorkeling.”
Altcoins meanwhile are already increasing against BTC and if the digital asset falls, it might be altcoins’ chance to finally register significant gains and be some hopeful commentators their dominance to “blow through the roof.”
As we have seen, Chinese altcoins have been rallying hard with NEO, Ontology, and VeChain in the lead. As PaddyStash notes, Chinese projects are making a new higher high which is just the start. “Now it's just a matter of when ETH busts that upcoming resistance, then BOOM!,” he added.
🤔… Is this the perfect storm?
Is today the day?
Will $eth smash that downtrend?
Will #altcoin dominance blow through the roof??
It sure feels like something's about to give.. This guys tweet would make perfect sense 😂😂 https://t.co/5nBIrYq33D
— Paddy Stash (@paddystash) November 13, 2019
In the light of these circumstances, Bitcoin might soon make a big move that will determine altcoins’ path as well.