View Bitcoin looks set to post the first monthly gain since June.
The number one cryptocurrency is currently priced at $9,200 on Bitstamp - up 11 percent from the Oct. 1 opening price of $8,304.
If confirmed, the close would mark the first monthly gain since June, as the cryptocurrency fell by 6.27, 4.8 and 13.51 percent in July, August and September, respectively.
The October rise would be the sixth monthly gain of 2019.
The monthly gain would have been in excess of 20 percent had the cryptocurrency held on to gains above $10,000.
The technical charts indicate the probability of BTC falling all the way back below the monthly opening price of $8,304 is low.
Prices could fall to former resistance-turned-support of $8,820, in which case the monthly gain would be less than 10 percent.
BTC has carved out a low-volume narrowing price range or contracting triangle on the hourly chart.
The probability of BTC diving out of the narrowing price range on the hourly chart is high.
Bitcoin closed well below the July low of $9,049 in September, confirming a downside break of the narrowing price range represented by the consecutive inside bar candlesticks created in July and August.
Bitcoin Eyes First Monthly Price Gain Since June
Published on Oct 30, 2019
by Coindesk | Published on Coinage
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