Bitcoin’smonthlycandlestrengthsuggestspotentialfora$71,000targetbeforethemonth-end.
KeysupportandresistancelevelsreinforceBitcoin’supwardtrajectoryamidgrowingbullishsentiment.
TheGoldenCrossformationonthechartindicatesacontinuationofBitcoin’srecentupwardmomentum.
Bitcoinisclosetoheadingtowards$71kresistsasthemonthlychartsupportsthehighsbasedonIchimokumovingaverages.EndofOctober’smonthlycandleit’sstilllookingbullish,andBitcoinhaspotentialofhittingatargetprice.Atpresent,signalsonthechartconcernthebreakoutoftheconsolidationwhereBitcoinhasidentifiedastrongsupportleveltoopenthewaytoreaching$71,000.Thisreiteratestraders’andinvestors’increasingpositivityduetotechnicalanalysisnotingastringofeventstopointtoanupwardtrendinbitcoin.
StrengthinMonthlyCandleHintsatBullishContinuation
ThemonthlycandleforBitcoinhighlightsanincreaseinthebuyingpressure,somethingthatmostanalystsbelievecanpushtheassettowardsaparticulargoal.Usingtheabovecurrentchartforinstance,Bitcoin’spricehasaninclinationtoperformwellwhenitisabovekeyresistancelevels.The$71,000levelisstillattainableforthecryptocurrencysincetherecentpricebouncehasmaintainedthepriceaboveakeysupportlevel.
#BitcoinNextTarget:$71,000🎯🚀
Themonthlycandleislookingstrongwithjustafewdaysleft.#BTCseemssettoreach$71,000beforethemonthcloses.pic.twitter.com/NvFS6FCamY
—TitanofCrypto(@Washigorira)October27,2024
Takingacloserlookatthesesignals,thismonthlycandlestickpatternmightindicatethatbuyersarecontinuouslyengagingwiththeassetandthesupplycouldpreparearallyinthenextfewdays.ThechartanalysisshowsaclearupwardslopingsupportlinethatBitcoinhasbeenreboundingoffintherecentpastmonthsthussolidifyinganuptrend.Animportantobservationcanbemade,whenthislevelwasaresistanceorsupportlevel,ithasbeenshowntohavesignificantinfluenceonthepriceofBitcoin.
Overcomingthiszonemaywellsupportthe$71,000targetifBitcoin’spriceremainswithintheexistingchannel.ThisrangehasbeenwatchedbytradersasabreakoutthatcouldconfirmthebullthesisforBitcoininthefinalmonthoftheyear.
GoldenCrossAddstoBullishSentiment
Anobserved‘GoldenCross’indicatoronthechartwhichisashorttermmovingaveragecrossingalongtermaveragehasalsosupportedthepositivesentiment.Actually,thistechnicaloccurrenceisconsideredtobeabullishsignal,whichconfirmsthefurthergrowthoftheprice.Whenblendedwithregularlymonthlycandlestickpatterns,criticalsupports,anddecidedlybullishtechnicalsignssuchastheGoldenCross,thecourseforBitcointohittheexpected$71,000intheshorttimeframeisopened.
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