With a Biden victory declared moments ago, what could be next for BTCUSD? Let's take a look at some Technical indicators:
Since March, the correlation between BTC and the USDOLLAR index has had a near perfect negative relationship. For those of you trading stocks as well, it has been a general consensus that Biden will be bad for the Dollar initially and if he wins, there will be a further drawback. I expect this to happen on Monday morning with WallStreet opening much lower in almost every aspect except renewables and China50.
This might be the "most organic Bitcoin pump in years" (COINTELEGRAPH). It is steady and the trend direction is clear, unlike the parabolic trend we saw previously. As COINTELEGRAPH points out, such extreme parabolic rallies tend to end off with a "blow-off top / steep correction.
Since we are so close to a key resistance and phycological level, $20k is imminent. I and many other analysts don't foresee a drawback when we are so close AND with a Biden win declared.
(Currently we are experiencing a healthy drawback/consolidation to $15200, which is normal and good for the continuation of an "organic rally".)
Let's take a closer look at what a Biden win might mean for BTC:
The good (PURELY FOR BITCOIN, NOT POLITICAL TALK ETC.)
- A Stimulus package is imminent,
- and probably another lockdown
- talks of tax increases
- USDOLLAR index will fall further
The bad
- potential stricter crypto regulation in the future (Biden passed laws as VP that restricted encryption, we will have to see if this links up in future)
Conclusion
It is common consensus under analysts that a Biden win would be a boost for BTC. As we are already in the middle of a healthy bullrun, $20k is the next stop with minor pullbacks on the way.
Please share support by hitting like, many thanks!
Since March, the correlation between BTC and the USDOLLAR index has had a near perfect negative relationship. For those of you trading stocks as well, it has been a general consensus that Biden will be bad for the Dollar initially and if he wins, there will be a further drawback. I expect this to happen on Monday morning with WallStreet opening much lower in almost every aspect except renewables and China50.
This might be the "most organic Bitcoin pump in years" (COINTELEGRAPH). It is steady and the trend direction is clear, unlike the parabolic trend we saw previously. As COINTELEGRAPH points out, such extreme parabolic rallies tend to end off with a "blow-off top / steep correction.
Since we are so close to a key resistance and phycological level, $20k is imminent. I and many other analysts don't foresee a drawback when we are so close AND with a Biden win declared.
(Currently we are experiencing a healthy drawback/consolidation to $15200, which is normal and good for the continuation of an "organic rally".)
Let's take a closer look at what a Biden win might mean for BTC:
The good (PURELY FOR BITCOIN, NOT POLITICAL TALK ETC.)
- A Stimulus package is imminent,
- and probably another lockdown
- talks of tax increases
- USDOLLAR index will fall further
The bad
- potential stricter crypto regulation in the future (Biden passed laws as VP that restricted encryption, we will have to see if this links up in future)
Conclusion
It is common consensus under analysts that a Biden win would be a boost for BTC. As we are already in the middle of a healthy bullrun, $20k is the next stop with minor pullbacks on the way.
Please share support by hitting like, many thanks!