October 29, 2024 at 04:40PM
The story is that a Pres. Trump is more digital currency friendly and that has the price of Bitcoin higher for the 3rd straight day.
The price has moved from a low on October 24 at $65,000 to the high price reached today at $72,756 or +11.93%.
Since the September 6 low, the price is up 38.466%.
Looking at the daily chart, the price is entered into a swing area ceiling between $71,958 and $73,794.
When a is approach, there are two options from traders:
Using area to lean against with a stop on a break above. Traders hope a rotation lower as it has happened on a number of times since peaking in March.
Push higher and break the ceiling, opening the door for more upside momentum.
The all-time high price was reached on March 13. That is 229 days ago.
Since then, the price has reached down to $49,577 on August 5. That was the day of the carry trade unwind in the USDJPY. The broader NASDAQ and S&P indices both bottomed on that day.
That is a long up and down consolidation period. Buyers are making a play. Can they continue the momentum.
RISK? Trump loses.
This article was written by Greg Michalowski at www.forexlive.com.
