(MENAFN- Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 75,000. Add a stop-loss at 71,000. Timeline: 1-2 days.
Bearish View
Set a sell-stop at 73,000 and a take-profit at 70,000. Add a stop-loss at 75,000.
Bitcoin price continued surging, retesting its all-time high as the recent momentum continued. The BTC/USD pair jumped to a high of 73,788, its highest level since March this year. It has risen by almost 50% from its lowest level in September, meaning that it is in a strong bull market.
Top
Forex Brokers1 Get Started 74% of retail CFD accounts lose money
Bitcoin's surge happened as investors reacted to the upcoming US election, in which odds of Donald Trump winning rose. Data by Polymarket shows that the odds rose to 67%, its highest level since July. On the other hand, Kamala's odds continued falling, reaching a record low of 33%.
Donald Trump is widely seen as the better candidate for the crypto industry because he pledges to have a light-touch regulatory approach. However, there are still odds that Harris could win the election since official polling data shows that the election results will be close.
Bitcoin has also continued to have substantial inflows in the ETF market. These funds have had substantial inflows in the past five consecutive days, bringing the total inflows this year to over $22.8 billion.
Bitcoin is also reacting to the seasonality aspect. Historically, October is usually a strong month for Bitcoin, while November is usually its best. Additionally, there are signs that investors are moving to the coin because of the Federal Reserve interest rate cuts/USD Technical Analysis
Additionally, the BTC/USD pair rallied because of its strong technicals. It has formed an inverse head and shoulders chart pattern, a popular bullish sign. Also, it has moved above the important psychological level at $70,000, which was also its highest swing on July 29.
EURUSD Chart by TradingView
Bitcoin has also formed a golden cross chart pattern as the 50-day and 200-day Weighted Moving Averages (WMA) crossed each other.
Additionally, the Average Directional Index (ADX) has pointed upwards and moved above 20. The Relative Strength Index (RSI) has also continued rising. Therefore, the BTC/USD pair will likely continue rising as bulls now target the key psychological point at 75,000. This rally could even move to $81,000 as the Fear of Missing Out (FOMO) sets in.
Ready to trade daily forecast & predictions ? We've made a list of the top Forex crypto brokers worth trading with.
MENAFN30102024000131011023ID1108834888
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.