Nov 07, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex) Bullish View
Buy the BTC/USD pair and set a take-profit at 80,000. Add a stop-loss at 70,000. Timeline: 1-2 days.
Bearish View
Sell the BTC/USD pair and set a take-profit at 70,000. Add a stop-loss at 80,000.
Bitcoin price continued its strong rally, reaching a new record high as investors cheered Donald Trump's election. The BTC/USD pair surged to over 75,600, making it one of the best-performing assets of the year. It has jumped by over 85% from its lowest level in January.
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Bitcoin's surge coincided with the ongoing rally across other sectors. In the US, top indices like the Dow Jones, S&P 500, and
NASDAQ 100 indices jumped by over 3%, their best performances this year.
These assets jumped because Trump promised to deregulate key industries and cut taxes to spur growth. In Bitcoin's case, he pledged to appoint a crypto-friendly head of the Securities and Exchange Commission (SEC).
The new leader will be significantly different from Gary Gensler, who has ruled through court filings. He has sued several companies like Immutable, Coinbase, Kraken, and Uniswap, among others.
Trump is also the first US president to be part of the crypto community since he owns coins worth over $6 million. He has also made money selling NFTs in the past few years, meaning that he will have a skin in the game.
Meanwhile, Trump will become the president at a time when the Federal Reserve is cutting interest rates, which could help to support the economy. The Fed is expected to cut interest rates by 0.25% later on Thursday/USD Technical Analysis
The daily chart shows that the price of Bitcoin has been in a strong bull run in the past few months. It has now comfortably moved above the key resistance point at $73,800, its previous all-time high.
EURUSD Chart by TradingView
Bitcoin has moved above the 50-day Exponential Moving Average (EMA). It even formed a golden cross pattern as the 200-day and 50-day WMA crossed each other.
The BTC/USD pair also formed an inverse head and shoulders pattern, a popular bullish sign. Also, the Relative Strength Index (RSI) and the MACD indicators have continued rising.
Therefore, the BTC/USD pair will likely continue rising as bulls target the next key point at 80,000. A break above that point will open the possibility of it rising to the important resistance level at 100,000. On the other hand, a drop below the key support at 70,000 will invalidate the bullish view.
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COMTEX_459578081/2604/2024-11-07T17:18:52
