November 3rd Cryptonaire Weekly Crypto Magazine Editor’s Letter

In this one of the latest and best crypto magazine, you will get to know all the weekly updates regarding market. Bitcoin’s monthly closing at $13,804.13 in October was the second highest after December 2017 monthly closing at $13,863.13. If the bulls push the price above $14,000, there are no major resistances till the all-time highs, hence, the bears will try to defend this level aggressively.

Market participants of traditional asset classes such as gold, bonds and equity will closely watch the outcome of the US Presidential elections. However, Grayscale CEO Barry Silbert believes that irrespective of who wins the elections, the money printing will continue, hence, Bitcoin will do well.





Bitcoin hit an intraday high of $14,098.92 on October 31 but the bulls could not sustain the higher levels and the closing on that day was below $14,000. This showed that bulls were struggling to sustain the price above $14,000. We had advised traders to book profit on 80% of their open position if the BTC/USD pair did not break above $14,000. Traders got many opportunities to book profits on November 1 and 2.

About 20% of the open positions could be held with a stop-loss below the 20-day EMA. Both moving averages are sloping up and the RSI is in the positive zone, which suggests that the bulls have the upper hand.

If the bulls do not give up much ground, then there will be another attempt to propel the price above $14,000. If the bulls can pull it off, the pair could start its journey to the next target objective of $16,000.

The only negative development on the chart is the bearish divergence on the RSI. This suggests that the momentum has weakened. A break below the 20-day EMA will be the first sign of weakness.

If the bears sink the price below $12,486.61, a deeper correction to the 50-day SMA is possible.

Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe the latest and best crypto magazine for latest updates about profit and loss in cryptocurrency.

Enjoy the issue

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– Wise Token
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