The Bitcoin (BTC) price movement was bullish at the start of November, but the rally has stalled since November 9, leading to consolidation.
These four crypto traders employed different means to give Bitcoin predictions for October, achieving considerable profits.
Long-Term Range Leads to Rejection
Cryptocurrency analysts and traders often use horizontal ranges to determine pivotal levels where the price can bounce or get rejected.
In the case of Bitcoin, one such critical resistance has been at $37,500. The area has intermittently acted as resistance and support since the end of 2020 (green & red icons).
The BTC price reached this area at the beginning of November.
Cryptocurrency trader Crypto Chase noted the importance of this resistance area and suggested that the price will not be able to clear it and reach $40,000. He tweeted that:
Approaching Monthly resistance. Weekly inefficiency fully filled. Entire feed giga bullish, but I can only be cautious here and consider shorts if we see 37.5K+. Not counter-trending bc of sentiment etc. just think it’s a logical place to cool down n print a red weekly.
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Author: Valdrin Tahiri
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