Bitcoin's First Monthly Gain Since June Spells Bullish for Q4 2019

Bitcoin price closed out October at $9,150, which represents the first monthly gain since June.

Friday has brought a small gain to Bitcoin price of around 0.39%, but down over the previous 24 hours by 1.61% with the retrace also being seen among the other major coins.

The price lows $7,000s in October represented a 61.8% retracement of the entire 2019 move and the first green candle in 4 months.

Overall, Bitcoin has not made a new monthly price high and price would need to trade across October highs of $10,350 to show bulls are stepping back in.

This would be a first since 2016, which highlights that Bitcoin price action has been moving higher as a whole.

The chart illustrates the significance of the buying volume, which took Bitcoin up to current prices, with it surpassing that of the volume down.

The CME Bitcoin futures have a gap in price action as a result of a large move to the upside last weekend.

The 4-hour chart shows that Bitcoin has been held down by the 20 period moving average and price action is generally tightening within the Bollinger bands.

Overall, Bitcoin price is faced with a clear resistance of $9,500 which needs to be overcome by the bulls fairly swiftly to avoid spending further time in the range that has traded in the low $7,000s.

A weekly close across $9,500 would potentially see a fast move to the upside with short-sellers and those missing out on the $8Ks likely to drive prices high relatively fast as has been previously seen when Bitcoin breaks $10,000 with momentum.