(MENAFN- Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 93,000. Add a stop-loss at 78,000. Timeline: 1-2 days.
Bearish View
Set a sell-stop at 84,000 and a take-profit at 80,000. Add a stop-loss at 93,000.
Bitcoin price surge gained steam in the overnight session as the bullish momentum gained steam. The BTC/USD pair soared to 87,000 for the first time on record, making it one of the best-performing assets since it was trading for less than $1in 2009.
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Bitcoin's jumped as investors cheered the recent Donald Trump election last week. Trump is widely seen as a more crypto friendly president than Kamala Harris and Joe Biden. Besides, he has a big stake in the industry such as through his World Liberty Financial .
The BTC/USD pair's continued after Republicans remained on track to win the House of Representatives. Data shows that they hold 214 seats against Democrats' 203. This will be one of the most crypto-friendly Congress ever.
Bitcoin is also reacting to the growing money supply since Trump is expected to grow the budget deficit in the coming months. At the same time, the Federal Reserve is expected to continue cutting interest rates in the coming months/USD Technical Analysis
The daily chart shows that the price of Bitcoin has been in a strong bullish trend in the past few weeks. This rally happened after the coin formed a falling broadening wedge chart pattern, which is a popular continuation sign.
The BTC/USD pair also formed a break and retest pattern after moving to the upper side of the wedge pattern. In most cases, this is one of the most bullish patterns in the market. It has also jumped above the key level at 73,888, its highest swing in March.
EURUSD Chart by TradingView
Bitcoin has risen above the important top of the trading range of the Murrey Math Lines level of 81,250. It has also jumped above the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bulls are in control.
Oscillators like the Stochastic and the Relative Strength Index (RSI) have all moved above the overbought level. This trend is a sign that it is gaining momentum.
Therefore, the BTC/USD pair will likely continue rising as buyers target the next important point at $100,000 as inflows jump. The stop-loss of this pattern is at 73,450.
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