(
MENAFN- Daily Forex) Bullish View
- Buy the BTC/USD pair and set a take-profit at 70,000.
- Add a stop-loss at 64,000.
- Timeline: 1-2 days.
Bearish View
- Set a sell-stop at 65,000 and a take-profit at 62,000.
- Add a stop-loss at 69,000.
Bitcoin continued its strong rally, soaring to its highest level since July 29 as the sentiment among investors rose. The BTC/USD pair jumped to a high of 66,700 on Tuesday, continuing a rally that started on October 10, when it bottomed at 58,805.
Bitcoin's rally happened as the crypto fear and greed index rose to 56, its highest point in over a month.
This rally showed that Bitcoin is a highly uncorrelated asset as American stocks dropped sharply, with the Dow Jones falling by over 320 points. The S&P 500 index fell by 45 points, while the tech-heavy Nasdaq 100 index dropped by over 1%.
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US equities dropped as the earnings season continued and as odds of another Donald Trump presidency rose. Trump has pledged to maintain tax cuts, which will lead to more deficits which an independent agency estimated would cost $7.5 trillion in a decade.
He has also promised to engage in a bigger trade war than he did before, which will lead to more volatility.
On the other hand, Trump has vowed to be more friendly to the crypto industry. For one, he already owns cryptocurrencies worth over $6 million. And on Tuesday, he launched the World Liberty Financial token.
There are rising odds that Trump will win the election, with Polymarket odds rising to almost 60%.
Kamala Harris has also expressed support for cryptocurrencies. In her pledge to Black men, he vowed to ensure that their hard-earned cryptocurrencies are safe. She will likely be pushed on her crypto stance in an upcoming interview with Joe Rogan/USD Technical Analysis
Bitcoin has staged a strong comeback in the past few days. It has risen in the past two days, crossing the important resistance point $66,565.
EURUSD Chart by TradingView
The BTC/USD exchange pair forecast is about to form a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA). In most cases, this is one of the most bullish signs in the market. It has formed an inverse head and shoulders chart pattern.
The pair has formed an Ichimoku cloud indicator, a popular bullish sign. Also, the Relative Strength Index (RSI) and the MACD have continued rising. Therefore, the BTC/USD pair will likely continue rising as bulls target the next point to watch will be 70,000. A break above that level will point to more gains, with the next reference point being 72,000.
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