The bull market is underway. July brought Bitcoin from $30,000 to $40,000, August brought it from $40,000 to above $50,000. September gave Bitcoin that much needed rest before October brought it to a new all time high of $67,000. November is here, what can we expect this month?
In the stock market, November has traditionally been among the top months for trading. On average, November sees increases ranging from 1-2%, which is relatively good in traditional markets.
What about the cryptocurrency market? Historically, how has Bitcoin performed during the month of November? Will November be a red month? Or will it be taking Bitcoin to higher highs and live up to its popular name “Moonvember”?
The statistics are looking very good for Bitcoin in November. Looking back at the Bitcoin charts it’s easy to see that Bitcoin tends to see positive returns in the month of November.
As a crypto investor and trader, should you be excited? Is it time to go all in?
Over the last decade, seven out of ten November’s were green. On average, when Bitcoin saw positive returns, Bitcoin had an increase in 85.68%! 2020’s green November saw a monthly return of 42.59%! When November has been red, the average returns were about -19.27%.
While November seems to be an exciting and promising month for Bitcoin, traders should still be cautious. The months of April and May, like November, have historically been green months. 2021 decided that both would be red this year.
During the first week of November the Bitcoin bulls struggled with the bears. On the daily time frame Bitcoin had been in a descending channel, but the Bitcoin bears were able to breakout and Bitcoin went as high as $64,300. Over the next four days the bears brought Bitcoin back down to as low as $59,500 and the price is now ranging between the $60,000 support zone and $63,000 USD. $60,000 acted as a very strong support zone for Bitcoin. Had Bitcoin closed below $60,000 then we likely would’ve seen further downside. Bitcoin closes the first week with a green candle and an increase of about 1.27%.
The Greed and Fear Index has been ranging at a relatively healthy level of “Greed.” Last month, levels went from “Neutral” to “Greed” and “Extreme Greed.”
What can we expect next week? Will the Bitcoin bulls come back stronger then ever and print another green weekly candle? Technical indicators, specifically the RSI and MACD are looking strong on the weekly timeframe. Lower timeframes show that the Bitcoin bulls and bears are battling. We’ll have to wait and see…
Zooming out on the charts it looks that Bitcoin will continue ron its current macro uprising trend. Unless Bitcoin can achieve returns higher than it’s monthly historical average in November, we will not see a $100,000 BTC yet. Still, November 2021 will be another green month to add to the history books.
Anything can happen. Always expect the unexpected.
Stick to your plan. Take profits. Set your stop losses. Don’t get greedy.
Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.
If you don’t already have a Coinbase account then I recommend you create one as soon as you can! You’re missing out on easy free crypto every few weeks. I wrote an entire post about why I feel everyone should have a Coinbase account. I invite you to use my Coinbase referral so you can get $10 in free Bitcoin and earn up to $40 in other cryptocurrencies right away!
Want to play games to earn free crypto? I encourage anyone and everyone to check out RollerCoin for themselves to see why I enjoy it so much. It is by far the funnest way to earn free cryptocurrency. In less than 4 months I’ve already made more than $100 and the numbers are steadily increasing! Use my link below if you want some bonus BTC (1000 Satoshis) to start your RollerCoin account!
Want to make the most of all your free crypto? Earn interest on your Bitcoin and Ethereum while you HODL! Join BlockFi and use my referral code to get a $10 bonus in Bitcoin when you fund your account!
Feel free to use my referral link if you decide to create a Robinhood account so you can get THREE free stocks! AMC to the moon!! 💎 🙌 🚀 🌙
*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*