(MENAFN- Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 80,000. Add a stop-loss at 64,000. Timeline: 1 day.
Bearish View
Set a sell-stop at 73,800 and a take-profit at 70,000. Add a stop-loss at 80,000.
Bitcoin price bounced back and soared to a record high as investors reflected on the US election results. The BTC/USD pair surged and reached a high of 64,500, crossing the previous level of 73,777.
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Bitcoin's surge happened after initial results showed that Donald Trump and Republicans were doing fairly well. Republicans were set to win the Senate, with Jim Justice, Jim Banks, and Rick Scott winning in West Virginia, Indiana, and Florida, respectively.
More data by the New York TImes showed that Trump has won 178 votes compared to Kamala Harris's 99. However, these results could change as many big cities where Democrats do well have not yet reported. In the past election, Trump was still leading at this time.
Donald Trump is viewed positively among crypto investors. He became the first presidential candidate to speak at a big Bitcoin conference and expressed pro-Bitcoin views. Also, he owns cryptocurrencies worth over $6 million.
Trump has also unveiled some policies that may make Bitcoin more valuable. For example, his trade wars will likely lead to more volatility in the market. Also, his tax cuts will lead to more deficits, making Bitcoin more valuable.
The next key BTC/USD news to watch will be the upcoming Federal Reserve decision scheduled for later on Wednesday. In it, the bank will likely decide to cut interest rates again, but this time by 0.25%. Bitcoin does well when the Fed is cutting interest rates/USD Technical Analysis
The daily chart shows that the BTC/USD currency pair staged a strong comeback on Wednesday as the odds of Trump winning the election rose. It surged and crossed the important resistance point at 73,777, the previous all-time high. It also rose above the important resistance point at 64,000 and invalidated a double-top pattern that was forming.
EURUSD Chart by TradingView
Bitcoin has remained above all moving averages and the upper side of the ascending channel shown in red. Also, oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards.
Therefore, the BTC/USD pair will be highly volatile on Wednesday, with movements depending on the upcoming results. A Trump win will likely push it to $80,000, while signs of a Harris win will push it to 66,815, its lowest level this week.
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