Bitcoin: on the Verge of a Break-out!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin leaves behind Gold while demonstrating double-digit gains in October.

* Bitcoin ended up October with a 10.26% gain, marking a three-month losing streak. At the same time, Gold gained just 2.74% in the same month, but previously dropping 3.17% in September – its largest monthly decline since June 2018.
* Overall, Bitcoin is gaining more upward momentum, seeking to break out of the wedge . The powerful bullish run could bring the price up to June's highs of $14,000.
* The only factor that has recently restrained the price from moving higher is a huge selling volume on a Daily candle of the 26Oct'19. Sellers have hammered down all agile buyers' attempts in the short-term, so the market certainly needed to respire before taking another Long shot.
* The bearish scenario is assigned with a low probability, for the time being, since the Bears would have to put forth tremendous effort to annihilate initiated bullish impetus.

Mid- to long-term trade signal

Buy @ $8,500 - $9,300.
Mid- to long-term Target: $14,000.

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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