Market update
Not surprising to see price retrace into our most recent local area of support.
The breakout last week was beautiful, but that doesn't mean we can't or don't retest newfound support anymore.
The higher time frame direction has been set, it's just now waiting for the lower time frames to follow.
Highly likely this will happen post election when the uncertainty clears up in the markets.
(the markets don't like uncertainty most of the time)
Love or hate Donald Trump, but he's dubbed as the "crypto president" (act or no act).
He showed support and that means new people will have more confidence stepping in due to the US showing less resistance to the industry (which has always been a major bottleneck)
FYI: this doesn't necessarily mean the moment he's chosen we will fly to Valhalla in 1 single day and see god candles left and right only.
But it does pave the way for an easier environment and be more welcoming to new participants (and companies).
All in all:
- $68-70k most likely support for BTC
- $64-65k absolute bottom (this target doesn't need to happen and likely won't)
