Latest Bitcoin Sell-Off Prepares Launchpad Towards $15K; Here’s How

Latest Bitcoin Sell-Off Prepares Launchpad Towards $15K; Here’s How


But as a breakout occurs, an ideal Ascending Triangle upside target is the vastest distance between its two trendlines. In the current scenario, that is the height of the Triangle, which is around ,200.
Much of Bitcoin’s short-term bias also depends on the way the election season plays out. Bitcoinist discusses it here in detail.
Meanwhile, the breakout should appear with a sudden volume explosion, or it risks turning into a fake upside move that could put Bitcoin back inside the Triangle range.
It seems as if we find ourselves in another “this is good for Bitcoin” moment. A Biden win + blue senate effectively guarantees a wave of stimulus, with a floor of trillion. In the case of a divided government, the Fed is standing by ready to expand asset purchases.

There are additional requirements, nevertheless. As the Triangle pattern develops, volume contracts. Bitcoin passes this scenario. is author of this content, is is not responsible for the content of external sites.
The consolidation phase within the Ascending Triangle also coincides with a period of market uncertainty around the US presidential election. A clear victory for either Donald Trump or Joe Biden guarantees one thing: the US Congress will pass the long-delayed coronavirus relief package.

Breakout Calls

That puts Bitcoin’s next price target ,200 above its resistance line near ,820. It is a clear bull run above ,000.
Technically, the downside rejection appeared in the form of a long wick. Most traders agree that negative wicks point to a bullish reversal, especially as its bottom coincides with other support levels.
Bitcoin underwent a sharp sell-off on Monday, two days after it reached a three-year high above ,000.
Simultaneously, Bitcoin remained under downside bias because of a considerable selling presence near a horizontal resistance around ,820. The cryptocurrency formed a long wick near it as well, albeit facing north. That overall left it inside a consolidation channel that appears like an Ascending Triangle.
With that said, the cryptocurrency could consolidate within the confines of the Triangle. But a repeated retest of the resistance line should eventually lead to a breakout move above it. That is, according to the history of Ascending Triangles, anyway.
So it appears, Bitcoin traders are watching the developments in the US political space. While those with short-term risk appetite are attempting to dump their holdings (hence the bearish wick), those with a medium-term upside outlook are buying the dips (hence the 0-retracement).

Good Bitcoin Fundamentals

The price fell atop a level that has lately become a point of reversal for traders – an accumulation zone after each sell-off since October 21. The same support allowed Bitcoin to limit its bearish bias against the mounting selling pressure by sending its price about 0 upward.

— Max Bronstein (@max_bronstein) November 2, 2020
The benchmark cryptocurrency corrected downwards to hit ,215. But it quickly recouped a portion of its losses minutes after touching the intraday low.

Bitcoin bounces back after testing a Rising Trendline. Source: BTCUSD on

Send bulk sms with Bitcoin and don’t worry If your link gets reported. We are constantly monitoring your links and We’ll pause your campaigns if any issue…