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Bitcoin Trends and Events in November 2023

BITCOIN: FED Interest Rate Decision: BTC TO PUMP?
BITCOIN: FED Interest Rate Decision: BTC TO PUMP?

This article will discuss Bitcoin trends and events in November 2023, based on analysis by JB from Cheeky Crypto.

Monthly Close

Bitcoin had a monthly close on November 1, 2023. The closing price was $18,546.90, which is down from the October closing price of $20,347.10. This represents a monthly decline of 8.9%.

FED Interest Rate

The Federal Reserve is expected to announce its next interest rate decision on November 1, 2023. The current interest rate is 5.5%, and most analysts expect it to remain unchanged.

Geopolitical Risks

Geopolitical risks are on the rise, and this is impacting financial markets, including the Bitcoin market. The war in Ukraine, the ongoing tensions between China and the United States, and the global economic slowdown are all contributing to geopolitical uncertainty.

Price Predictions

Some analysts are predicting a Bitcoin pullback before an upward push. They argue that the current price is overheated and that a correction is needed. Other analysts are more bullish and believe that Bitcoin is poised for a breakout to the upside.

November Trends

Recent Novembers have shown both red and green trends for Bitcoin. In 2021, Bitcoin had a bullish November, gaining 40%. However, in 2022, Bitcoin had a bearish November, losing 15%.

Bitcoin Charts

When analyzing Bitcoin’s technical charts, JB identified a potential coiling pattern. This pattern is formed when Bitcoin trades within a narrow range for an extended period of time. Coiling patterns often break out in the direction of the previous trend.

Economic Calendar

There are a number of economic events and data releases scheduled for November 2023 that may affect the Bitcoin price. These include the US Non-Farm Payrolls report, the US Consumer Price Index report, and the US Federal Reserve interest rate decision.

Short-Term Expectation

JB’s short-term expectation for Bitcoin is bearish. He believes that the current coiling pattern is likely to break out to the downside.

Potential Upside

Despite his bearish short-term outlook, JB believes that Bitcoin has the potential to move higher in the long term. He points to the fact that Bitcoin has survived several bear markets in the past and has always emerged stronger.

Technical Analysis

JB’s technical analysis of Bitcoin includes looking at moving averages and trends. He believes that the current price is below key moving averages, which is bearish. He also believes that the current trend is down.

Coiling Pattern

JB believes that Bitcoin is forming a coiling pattern, which is expected to break out. He believes that the breakout is likely to be to the downside.

Volatility

Bitcoin is known for its volatility, and JB believes that this is a sign that a significant price move is imminent.

Smart Money Concepts

JB analyzes factors such as weak high, strong low, and moving averages to identify smart money concepts. He believes that the current smart money is positioned for a downside move.

Weekly Chart

JB’s weekly chart analysis suggests a potential move to fill a fair value gap. This gap is located between $17,000 and $18,000.

Monthly Close

The monthly close on November 1 suggests a rejection from equilibrium and potential further decline.

Conclusion and Trade Safety

JB encourages traders to trade safely with tight stop-loss orders. He also reminds traders that Bitcoin is a volatile asset and that they should only invest what they can afford to lose.

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