11d ago in General discussion
Bitcoin Weekly Analysis (12 Sept)
The recent US Presidential Debate has shifted a bit of the sentiment towards Kamala Harris and i believe could possibly alter the course of the Bull Run 📈.
For some context, Donald Trump has been making many remarks supporting cryptocurrency 🪙 and that if he gets elected, there would be support from US towards the development and utilization of cryptocurrency. He also stated that China 🇨🇳 has been adopting blockchain and that the US 🇺🇸 should not fall back in technological development.
Looking at the technical analysis of BTCUSD, the chart is possible mapping out a diamond pattern. A diamond pattern is yet again SNR (Support and Resistance) lines that are drawn to form a diamond 💠.
The technical targets are calculated using the highest and lowest points of the diamond pattern.
Bullish Scenario :
- breaks resistance with confirmation candle and volume
- technical target : $79,000 ✅
Bearish Scenario :
- breaks resistance with confirmation candle and volume
- technical target : $37,800 ✅
The Presidential Elections and the Federal Rate Cuts will caused big movements in the market. The interest rate is presumed to be bearish news because of the delay and how it may lead us to a possible recession. Where else, the sentiment from the elections are yet to be confirmed.
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Bitcoin Weekly Analysis (12 Sept)
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