- Bitcoin price prediction stuck in the stagnant territory but stays above $13,600
- All eyes are on US Presidential election results as global markets enter neutral phase
- BTC/USD price must close above $13,970 to continue upsurge towards $14,500
Bitcoin price prediction – BTC/USD pair sees little action head of US Presidential results
The Bitcoin price is witnessing little volatility with only one day left for the US Presidential elections. The price is trading inside the ascending channel after being rejected from the $14,000 highs once again. BTC buyers have bought the price above the median line and well beyond the 50-day EMA.
The price has been well supported by the $13,500 support level. Having broken above the $13,600 mark, bulls can continue their journey onwards, provided the buying momentum sustains on the hourly charts buoyed by appropriate liquidity. Bitcoin price prediction can break out the channel once BTC/USD closes above the $13,970 level
The crypto king has begun the week on a high note despite the minor setback from the $13,970 level. The high of $14,100 on October 31 shows that bulls are just waiting for the right signal to enter the market. On the contrary, if the bulls are exhausted, the Bitcoin price prediction can plummet towards the $13,270 region on the hourly charts.
Bitcoin price in last 4 hours struggles to catch hold of $13,800
Bitcoin price has been facing a constant struggle to surpass its high of $13,970 today. The BTC/USD pair is facing stiff resistance from the $14,000 level as daily traders are booking profits ahead of tomorrow’s US Presidential elections. Aggressive selling looks unlikely, but the pair is unable to cross the $14,000 crucial resistance after posting a high of $14,100 on the last day of the previous month.
On the hourly timeframe, the price is moving well within the Bollinger Bands. The bulls are not allowing the bears to take the driving seat. The successive green candles at lower levels show that buyers are placed strategically near the support levels to shore up the price to a safe bullish region.
Accumulation of stagnant stay at current price levels also bodes well for the pair since bulls can use this phase as an accumulation stage just like earlier rallies. However, BTC/USD pair must close above the $13,970 level in order to achieve higher targets beyond $14,000. Buyers must display an aggressive buying strategy to resume the uptrend that started in October.
BTC/USD 4-hour chart – Higher lows show bulls are waiting to pounce
The moving averages are looking upwards as the slope of the averages also rises. The Bollinger Bands are rising, and the price is repeatedly knocking on the higher edges, reflecting an urge by the bulls to paint a breakout pattern.
The ‘Relative Strength Index’ readings are currently tilting towards the neutral territory, showing that bulls may be getting somewhat indecisive. It remains to be seen whether they have lost the momentum or not. A definitive sign would be the price moving underneath the 20-day EPA that currently sits at $12,819.
The MACD is moderately tilted towards bulls on the hourly charts. In case bulls are unable to generate a buying wave, the bears can pull the price down towards the $11,550 region where the 50-day SMA holds the fort for Bitcoin price prediction.
This week is all about macro events as Bitcoin price stuck in a zig-zag pattern
The governor of China’s central bank has said that the pilot project of its ‘central bank digital currency’ has been successful so far. The country is pushing for a centralized digital currency and leads other nations when it comes to a potential launch date. European Central Bank has also asked the citizens about their thoughts on the digital Euro. The Reserve Bank of Australia is also studying the CBDC concept and has announced partnerships with major players working in the same direction.
As macros shape up nicely, the biggest event has to be the US Presidential elections. Republican candidate Joe Biden is seen leading in important states. On the other hand, incumbent President Trump’s prospects look slightly weak. In the ‘winner-takes-it-all’ states, both candidates are running neck to neck. In a few hours, the electorate will decide the fate of the next US President. Till then, the Bitcoin price prediction is relatively stable.
Bitcoin price prediction – All eyes on next US President as markets await direction
The week ahead is lined with major geopolitical events, the most important being the US Presidential elections. The foremost crypto asset is now closely linked to the stock markets, and any untoward movements can trigger similar reactions in Bitcoin price prediction as well. Having said that, the safe-haven credentials of Bitcoin will be put to the test once again if the volatility spikes due to unpredictable election results.
The fall towards $13,150 would also lead to weeding out of the weak hands. Short-term traders will book profits at higher levels, and the next accumulation phase will begin at lower support levels. The next resurgence in Bitcoin price prediction will likely come after the dust settles on election results.
Technically, BTC is closely following the down-trending line that will help it print lower lows on the hourly timeframes. The weakening volume suggests wild movements can happen. The confirmation about any bullish momentum will materialize only once the price crosses the $13,970 level. But for now, Bitcoin price prediction is awaiting the moment of truth from US Presidential election results.
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