The price action of Bitcoin is the major and most decessive indicator for the rest of cryptocurrencies pairs. Since the last pump, Bitcoin have already passed the descending trendline on the weekly chart. Removing all previous resistance levels from existance.
Bitcoin is currently trading on price action between 15400-15500$. In the BTCUSDT 1 hour chart, you can easily observe a descending wedge, which brings us to two possible scenarios.
1. Bitcoin Breaking to the upside
Based on the descending wedge levels, Bitcoin needs to surpass 15720$ levels to be able to continue the uptrend. Being able to will lead us to new price action, new year high of possible 16200-16400$. Also you have to keep in mind the uncertainty of the current elections are causing descence in Dollar index, pumping the rest of currencies and cryptocurrency market.
2. Bitcoin breaking to the downside
To speak about the beginning of the correction or retracement of Bitcoin’s price action, Bitcoin must stay in the descending wedge for the next few hours, or possibly break to the downside. Next support levels will be around 14400-14800$, where these levels if they hold will bring more trading volume to the market, as known as accumulation levels.
In the thumbnail of this post, you will be able to see the 1hour chart of BTCUSDT, with the two possible scenarios.
Feel free to comment your prediction, give a like, a follow, a tip.
This is not a financial advisement, this is analysis for the current price action.
Trade wisely, do your own research.
Thanks for your attention,
Crypto Army
