Tue. Apr 23rd, 2024

While Bitcoin’s recovery from the massive selloff during the week of November 18th, 2019 has been substantial (Bitcoin closed the weekly candlestick for a +7.30% gain), the monthly candlestick close has been ugly. From open to close, November yielded a -17.48% loss. November 2019 is an excellent example of two things: cryptocurrency is not for the faint of heart and November is a big month for cryptocurrencies. If we look back at the past six-year, we can see that November has been on the of most significant moving months for Bitcoin.

November 2012 – A look at the monthly open and close of November 2012 would make it seem like there was not much price action that occurred, prices closed relatively flat for Bitcoin with a  -3.33% loss. But if we look at the range of the month, that’s another story. At one point in November 2012, Bitcoin gained a record-making +351.81% form the open. It also moved as much as -32.23% below the open.

November 2013 – Prior the run to the current all-time high near the $20,000 value area, the previous all-time high was found in November 2013. November 2013 saw Bitcoin gain +40.16% for the month. The low of the month was very near the open – the same goes for the close.

November 2014 – Not much happened in November of 2014. The market was still digesting the Mt. Gox high of November 2013. However, it is interesting to compare the price action structure between December 2014 and January 2015 to the November and December 2018 monthly candlesticks.

November 2015 – A very bullish +21.45% gain for the month, with an expansive range, too. While Bitcoin did close with a +21.45% gain, it traded as high as +33.25%.

November 2016 – This November was very similar in performance to November 2014. In the months that followed November 2016, we can see persistence and strong drive higher. Some may consider the high of November 2016 as the breaking point for the parabolic rise that brought Bitcoin to its current all-time high.

 

November 2017 – 2017’s November close was certainly bullish with a +54.61% gain. And November 2017 was the second-best performing month of 2017. The biggest gaining month in 2017 was May, with a +70.20% gain. November 2017 was the final month before the December 2018 sell-off initiated the longest bear run in cryptocurrency’s history.

November 2018 – November 2018 was the single greatest losing month since November 2011. An absolute stunner of a selloff and sell-off occurred. Bitcoin ultimately closes November 2018 with a -37% loss. Price had to consolidate for four months before eyeing any end of the bear market for Bitcoin.

November 2019 – And that brings us to the current year with a current candlestick indicating indecision. November 2019 is very much the most bearish month of 2019 and certainly the most bearish monthly candlestick since November 2018. We also see strong buyer support that lifted Bitcoin off the lows of the monthly candlestick. It will be up to the bulls to determine if prices should continue higher from this value area. If not, then short sellers will have an easy time shaking weak hands.

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.