{"id":193518,"date":"2023-11-05T01:30:00","date_gmt":"2023-11-05T08:30:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=193518"},"modified":"2023-11-04T17:17:29","modified_gmt":"2023-11-05T00:17:29","slug":"bitcoin-october-bull-bar","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/bitcoin-october-bull-bar\/","title":{"rendered":"Bitcoin October Severe Bull Bar near 35k"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Bitcoin Futures<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.cmegroup.com\/markets\/cryptocurrencies\/bitcoin\/bitcoin.html\" data-type=\"link\" data-id=\"https:\/\/www.cmegroup.com\/markets\/cryptocurrencies\/bitcoin\/bitcoin.html\" rel=\"noopener\"><strong>Bitcoin<\/strong> <\/a>formed a severe bull bar in October. During October, the price increased its value by 28.80%. The price created a bull breakout bar that is breaking a breakout mode pattern. Looking to the left, there is some confusion, and Traders are waiting for confirmation during November. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Monthly<\/em> log chart of Bitcoin futures<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal.png\" alt=\"october. logarithmic monthly chart of bitcoin futures on 4th november 2023. al brooks blog, author josep capo. \" class=\"wp-image-193653\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal.png 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal-1536x864.png 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Past: Supports and Resistances<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin did a strong bull breakout of a Trading Range that lasted from 2017 until 2020.\n<ul class=\"wp-block-list\">\n<li>2017s high.<\/li>\n\n\n\n<li>2019s high.<\/li>\n\n\n\n<li>Bull Breakout Low (Major Higher Low).<\/li>\n\n\n\n<li>Three consecutive Bull Breakout Bars breaking out strong resistance create a buy zone.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, the price did a Double top and broke down a minor higher low:\n<ul class=\"wp-block-list\">\n<li>All-time high.<\/li>\n\n\n\n<li>Major Lower High.<\/li>\n\n\n\n<li>Minor Higher Low (June 2021 Low) is a Breakout Point.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Thereafter, the price created a wedge bottom and bull flag that couldn\u2019t break support, did not reach the Major Higher Low, and ended reversing up:\n<ul class=\"wp-block-list\">\n<li>2022 Low.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Finally, the price did a micro double top, and after reversing up from a bear signal bar, created a micro double bottom.\n<ul class=\"wp-block-list\">\n<li>Tight Trading Range (TTR), which is also a Breakout Mode Pattern (BOM)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Present: Market Cycle<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>October is a severe Bull Breakout Bar. <\/li>\n\n\n\n<li>October achieved a fresh 2023 and closed near its high. <\/li>\n\n\n\n<li>Moreover, October closed above the high of the prior bars. <\/li>\n\n\n\n<li>But even if this looks bullish, Traders should remember that there is only a 50% chance that the first Breakout of a BOM is going to succeed. <\/li>\n\n\n\n<li>Furthermore, the market cycle is more likely a Trading Range than a Major Bull Trend Resumption.\n<ul class=\"wp-block-list\">\n<li>On the left of the chart, there is a Tight Bear Channel, which contain sell zones. <\/li>\n\n\n\n<li>Most bars during the Rally were followed by bad follow through.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Future: Inertia<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bulls are in control, and they are going to try to get to next resistance at $40000 Big Round Number.<\/li>\n\n\n\n<li>November will be the follow through bar:\n<ul class=\"wp-block-list\">\n<li>Bulls want another bull bar closing around its high to increase the chances of a Major Bull Trend Continuation.<\/li>\n\n\n\n<li>Bears want a Bear Bar closing on its low, for a Failed Bull Breakout of a BOM. <\/li>\n\n\n\n<li>A bar with big tails on both ends will support the market cycle trading range thesis. <\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Trading<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bulls:\n<ul class=\"wp-block-list\">\n<li>They are buying the BOM pattern. <\/li>\n\n\n\n<li>Their Stop Loss is below the BOM pattern or below September&#8217;s low. &#8216;<\/li>\n\n\n\n<li>Their Target is to get to the Major Lower High (MLH).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Bears:\n<ul class=\"wp-block-list\">\n<li>They want a Bear Breakout Bar in November.<\/li>\n\n\n\n<li>Then, they will sell below, since that would be a Failed Bull Breakout of a BOM.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> chart of Bitcoin futures<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached.png\" alt=\"\" class=\"wp-image-193659\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached.png 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-mm-reached-1536x864.png 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Past: Support and Resistances<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The price started a Strong Bear Channel:\n<ul class=\"wp-block-list\">\n<li>Bear Flag\u2019s Breakout Point.<\/li>\n\n\n\n<li>Major Lower High.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, failed a Breakout Below a Bear Flag and Reversed up, forming a HSB (Head and Shoulder Bottom) pattern, that broke up:\n<ul class=\"wp-block-list\">\n<li>2022 Low.<\/li>\n\n\n\n<li>2022s Major Higher Low.<\/li>\n\n\n\n<li>2023 Major Higher Low.<\/li>\n\n\n\n<li>HSB Breakout Point<\/li>\n\n\n\n<li>HSB Measured Move around $35750.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Lately, the price has been sideways creating a Double Top and a Double Bottom, which is a Trading Range, and because the Trading Range is not wide, it is also a Breakout Mode Pattern.\n<ul class=\"wp-block-list\">\n<li>Trading Range High.<\/li>\n\n\n\n<li>Trading Range Low.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Present: Market Cycle<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The price reached the HSB Measured Move during the week. <\/li>\n\n\n\n<li>There was some profit taking, since the price reversed down slightly after reaching the Target. <\/li>\n\n\n\n<li>But after a strong leg up like this one, Traders should expect, at least, another leg sideways to up, even if this bull breakout is going to fail.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Future: Inertia<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A bull breakout of a Breakout Mode Pattern has a 50% chance of leading to a swing trade, which means that the price might go towards $47000.<\/li>\n\n\n\n<li>A bull breakout of a Breakout Mode Pattern has a 50% of failing and lead to a bear swing trade.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Trading<\/h3>\n\n\n\n<p><strong><a href=\"https:\/\/www.brookstradingcourse.com\/analysis\/bitcoin-hunt-of-weak-bears\/\">During the prior report<\/a><\/strong>s, we have said that bulls want a relatively strong bull breakout above the Breakout Mode Pattern high. This is not high enough to think that the bull breakout has a high probability of success (60% to 70%), however, until bulls are not proven wrong, Traders should look to the upside.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bulls:\n<ul class=\"wp-block-list\">\n<li>Some Bulls bought above the past week\u2019s bull signal bar.<\/li>\n\n\n\n<li>Others, bought above the 2023 high.<\/li>\n\n\n\n<li>Some traders bought above the past week\u2019s bull bar, which was the first bull bar that closed above the Breakout Mode Pattern.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>Most bulls are placing their stops below the Breakout Mode Pattern, however, placing the stop loss below the past week\u2019s low is also ok.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bears:\n<ul class=\"wp-block-list\">\n<li>They see a Wedge Top, and they think that there were trapped bulls at the prior resistances, where gaps were closed.<\/li>\n\n\n\n<li>But they would rather not sell while the price is rising, and they will either wait a bear signal bar for a failed bull breakout setup or just place a sell stop order below the Breakout Mode Pattern.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all the weekend reports on the <a class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: Bitcoin Futures Bitcoin formed a severe bull bar in October. During October, the price increased its value by 28.80%. The price created a bull breakout bar that is breaking a breakout mode pattern. Looking to the left, there is some confusion, and Traders are waiting for confirmation during November. Bitcoin futures The Monthly [&hellip;]<\/p>\n","protected":false},"author":7271,"featured_media":193653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1904,136],"tags":[223,324],"class_list":{"0":"post-193518","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-analysis","9":"tag-bitcoin","10":"tag-cryptocurrency","11":"entry","12":"override","13":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/11\/bitcoin-bull-bo-of-ttr-and-buy-signal.png","author_info":{"display_name":"Josep","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/cnjoseluis10gmail-com\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/7271"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=193518"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/193518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/193653"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=193518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=193518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=193518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}