Bitcoin traders eye a tactical RALLY as US election polls shift.
Please vote for us in the 'creator award' top of our profile
đ1-13) Bitcoin attempted to rally yesterday but couldn't break out of its triangle formation. However, with shifting election odds (this chart is a must-see) and a slightly favourable risk-on environment, Bitcoin might try to break higher again. Still, significant risks loom, possibly leading to a correction later in September before a potential rebound by year-end.
đ2-13) All three of our reversal indicators show a strong rebound, with momentum outpacing their slower-moving averagesâan encouraging sign that market technicals are improving. A rally towards $65,000 is within reach. However, we will closely follow the direction of the triangle breakout. Risk management remains critical.
đ3-13) As expected, following the sharp declines around the August 5 crash, there's limited long exposure in perpetual futures. Ethereum's open interest has remained relatively unchanged, while a small short position in Bitcoin could be covered, potentially pushing prices higher. On the bright side, derivatives positions are no longer overextended, unlike in late July when overleverage corrected inevitable.
đ13-13) Technical indicators are improving, and with some traders holding short positions, thereâs potential for a short squeeze. The favorable risk-on environment could extend to Bitcoin as equity markets face (upside) risks due to corporate buybacks and CTAs (trend models) rebuilding long positions. However, watching the triangle pattern closely is crucialâa breakout in either direction is imminent.
Please vote for us in the 'creator award' top of our profile
