BTC/USD Forex Signal: Bitcoin Price Surge To Continue

Bullish View

  • Buy the BTC/USD pair and set a take-profit at 93,000.
  • Add a stop-loss at 78,000.
  • Timeline: 1-2 days.

Bearish View

  • Set a sell-stop at 84,000 and a take-profit at 80,000.
  • Add a stop-loss at 93,000.

(Click on image to enlarge)

BTC/USD Signal Today - 12/11: Bitcoin Surge Up (Chart)

Bitcoin price surge gained steam in the overnight session as the bullish momentum gained steam. The BTC/USD pair soared to 87,000 for the first time on record, making it one of the best-performing assets since it was trading for less than $1in 2009.

Bitcoin’s jumped as investors cheered the recent Donald Trump election last week. Trump is widely seen as a more crypto friendly president than Kamala Harris and Joe Biden. Besides, he has a big stake in the industry such as through his World Liberty Financial .

The BTC/USD pair’s continued after Republicans remained on track to win the House of Representatives. Data shows that they hold 214 seats against Democrats’ 203. This will be one of the most crypto-friendly Congress ever.

Bitcoin is also reacting to the growing money supply since Trump is expected to grow the budget deficit in the coming months. At the same time, the Federal Reserve is expected to continue cutting interest rates in the coming months.
 

BTC/USD Technical Analysis

The daily chart shows that the price of Bitcoin has been in a strong bullish trend in the past few weeks. This rally happened after the coin formed a falling broadening wedge chart pattern, which is a popular continuation sign.

The BTC/USD pair also formed a break and retest pattern after moving to the upper side of the wedge pattern. In most cases, this is one of the most bullish patterns in the market. It has also jumped above the key level at 73,888, its highest swing in March.

Bitcoin has risen above the important top of the trading range of the Murrey Math Lines level of 81,250. It has also jumped above the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bulls are in control.

Oscillators like the Stochastic and the Relative Strength Index (RSI) have all moved above the overbought level. This trend is a sign that it is gaining momentum.

Therefore, the BTC/USD pair will likely continue rising as buyers target the next important point at $100,000 as inflows jump. The stop-loss of this pattern is at 73,450.


More By This Author:

BTC/USD Forex Signal: Bitcoin Forecast After Surging To A Record High
Chegg Stock Price Outlook: Could CHGG Surge 75% After Earnings?
Crypto Price Predictions: X Empire, Vantard, Dogecoin

Disclosure: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with