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MENAFN- Daily Forex) Bullish view
- Buy the BTC/USD pair and set a take-profit at 72,000.
- Add a stop-loss at 65,000.
- Timeline: 1-2 days.
Bearish view
- Sell the BTC/USD pair and set a take-profit at 65,000.
- Add a stop-loss at 72,000.
Bitcoin price moved sideways after retesting the important resistance point at $69,000 for the first time since July as most risky assets pulled back and government bond yields jumped. The BTC/USD pair was trading at $67,600 on Tuesday morning.
Bitcoin's retreat happened as investors moved away from risky assets like American stocks. The Dow Jones index dropped by 345 points, while the S&P 50o index fell by 25 points. Only the tech-heavy Nasdaq 100 index rose.
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At the same time, US bond yields rose, with the 10-year rising to 4.2% and the two-year rising to 4.02%. These yields have moved to the highest point in months, meaning that investors anticipate the Fed to be more cautious when it comes to cutting rates.
Still, Bitcoin has numerous catalysts ahead. For example, the cumulative Bitcoin ETF inflow is nearing the $21 billion mark. Combined, the $20.9 billion inflows make it one of the best-performing assets in the market.
The other potential catalyst is the upcoming US election. Recent polling data shows that Donald Trump has narrowed the gap in some key swings, raising the possibility of him winning the election. If this happens, traders believe that Bitcoin and other cryptocurrencies will continue rising in the coming months/USD technical analysis
Bitcoin also has positive bullish catalysts. On the daily chart, the BTC/USD exchange pair has continued rising in the past few days. It has formed an inverse head and shoulders chart pattern, a popular bullish sign.
EURUSD Chart by TradingView
Bitcoin has surpassed the descending trendline connecting March's peak swings, signaling a potential bullish outlook in the Bitcoin forecast .
The pair has moved above the 50-day and 25-day Weighted Moving Averages (WMA), which is a bullish sign.
Additionally, the Stochastic Oscillator has moved to the overbought point. The MACD indicator has moved above the zero line, with the histogram remaining above the line since October 14.
Bitcoin has also moved above the Ichimoku cloud indicator. Therefore, the pair will likely continue rising as bulls target the next point at 72,030, its highest point in May and June this year.
On the other hand, a drop below the key support at 65,000 will point to more gains in the coming weeks.
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