Bitcoin 100K Just Around The Corner Based On Elections Results  
2024-11-02

Here is BTCUSDT (Bitcoin) on the weekly timeframe. The last session produced a candle with an long upper shadow/wick; the action is now happening below the 29-July price high (70,000), also below 11-March (73,787).

Good morning my fellow Cryptocurrency trader, how are you feeling today?

The week as it is now is definitely bearish. Closing below 70,000 would produce an inverted hammer. The hammer is a reversal signal and what would be reversed is the recent bullish wave. The week is not over though it closes tomorrow.

We have one major upcoming event as the United States of America presidential elections, this is happening on the 5th of November, what will be the result? Whatever the result, this event is very likely to be leveraged by professional traders, whales and exchanges; one final shakeout move.

➢ If Bitcoin is set to grow, we will see a bearish trap.
➢ If Bitcoin is set to drop, we will see a bullish trap. It always tends to work in reverse.

Who is going to win the elections?

The candidate that is more favorable toward the Cryptocurrency market will win for obvious reasons; Crypto is the future of money and our societies, civilization and culture revolves around money.

The volatility that will develop can create some confusion.
Excitement can lead to mistakes.

How to stay sane or avoid making mistakes?

Focus on the price; Below 70K and the last All-Time High, the bearish bias remains intact and active.

If Bitcoin moves above 70K and the last ATH, wait for confirmation on the weekly session. Say it moves above on Monday, Tuesday or Wednesday, just as it did this week, wait for confirmation because it can happen that it moves above for a few days just to come crashing back down.

If it stays above, you have your bullish confirmation.

How to stay sane?

Zoomout, detach, focus on the long-term.

Don't play the volatility and look around, what the rest of the market is doing? How are the other pairs/projects setup?

Do you see major bottoms being drawn all across or major tops?

If you see major bottoms, the logical move is a bullish wave.
If you are seeing tops, peaks, rounded tops and break below support, the next move is likely to be one final bearish impulse before the correction ends.

Focus on the price and everything is easy. The chart is now in a doubt zone but below resistance not above. This can be used either to confuse people or the market is revealing already the next move.

Current session is pointing down.

Thanks a lot for your continued support.

Namaste.