Basic overview
Bitcoin has been steadily rising in recent weeks as the odds of a Trump victory continue to rise in betting markets. Prices ended up consolidating around key trend lines as the market may want to wait for the election results before breaking out.
Trump's victory is seen as bullish for Bitcoin, given his support for the crypto industry and promises of deregulation. Harris, on the other hand, similarly embraced the industry, but this was more of a political move to woo voters than a strong endorsement.
Bitcoin Technical Analysis – Daily Timeframe
Bitcoin Daily
On the daily chart, we can see that Bitcoin is trading close to the key long-term downtrend line that defines the consolidation that began in March. Buyers will be hoping to increase their bullish bets that the price will rise further to new all-time highs, while sellers will likely bank on the price heading for a pullback to the upward minor trend line.
Bitcoin Technical Analysis – 4 Hour Timeframe
Bitcoin 4 hours
On the 4-hour chart, we can see that the price is consolidating near the highs, likely as the market awaits the US election results. From a risk management perspective, it is riskier for buyers to set their rewards around minor uptrend lines, where confluence Fibonacci retracement levels can also be found. On the other hand, sellers are hoping that the price will break below the trend line and raise their bearish bets to new lows.
Bitcoin Technical Analysis – 1 hour timeframe
Bitcoin 1 hour
On the 1-hour chart, we can see that there is another small uptrend line that defines bullish momentum on this time frame. Buyers are likely to continue leaning on it to hold their positions for further upside, while sellers will look for a downside break to increase their bearish bets on the major uptrend line around the 64,000 level. . The red line defines today's average daily width.
Future catalyst
Tomorrow, the US job numbers and US consumer confidence report will be released. On Wednesday, we'll find out US ADP and US GDP. On Thursday, data will be released on US PCE, US unemployment claims, and the US employment cost index. Finally, we conclude the week on Friday with US NFP and US ISM Manufacturing PMIs.
