The monthly candle for BTC/USDT closed with the victory of bulls just like in July earlier this year. It is safe to say that Bitcoin entered and continues to move in the bull trend. I would like to bring to your attention three ranges of consolidation in the current year which resulted in gains: 1) 6600-7450 $ in March-April ; 2) 8910-9900 $ May-July ; 3) 9900-10900 $ September-October.
A distinctive feature of the current market cycle is that the price in all three cases returned to the trend of February 2019. A correction follows buyers gaining strength and the price moves further up the trend.
It should also be noted that in all three cases, after leaving the consolidation range, the price has been corrected by 18-19% from the peak values. Traditionally, correction takes place in November for the cryptocurrency market. Even in 2017, during a bullish rally, the price was corrected by 30% before continuing growth.
Tomorrow, the presidential election will be happening in the U.S. This event is famous for its high volatility in financial markets. The global markets have started to adjust and traders prefer to avoid risk, thus closing their long positions. During the last two weeks of October 2020, Bitcoin was the exception and looked stronger than others.
It should also be taken into account that during the uptrend of 2020, the price often either has a correction near the MA100 moving average on the daily timeframe or crosses it. (it is marked with a black curve on the chart). On this basis, you can expect the BTC correction this month to the values of $11300-12000, depending on the zone of interest of buyers.
Such a stop is necessary for the growth to continue and be reliable. It will also give a chance to start a small alto season.