Bitcoin (BTC/USD) has recently surged past the $70,000 mark, capturing global attention as it inches closer to a potential all-time high.
With the U.S. presidential election set for November 5, 2024, market watchers are speculating whether Bitcoin’s bullish momentum could carry it to new heights before voters head to the polls.
The current ABCD pattern and support/resistance levels will be key as election day approaches and traders are looking for volatility and profits.
Bitcoin Eyes $76,600 Target Amid Strong ABCD Pattern
Currently, Bitcoin has established an ABCD pattern, a well-known harmonic setup where the price is projected to reach a specific target, in this case, around $76,600.
The ABCD pattern is formed by two nearly identical price legs, with the final leg, CD, suggesting a potential price target.
If Bitcoin maintains its current momentum, this pattern points to an upside goal near $76,600, potentially signaling further gains in the days ahead.
Key Support at $70,570: Immediate support lies at $70,570, aligning with the 50-day Exponential Moving Average (EMA), a critical trend indicator.
Demand Zone Support: The next strong support area is the demand zone between $68,797 and $68,091. This zone could attract buyers if Bitcoin sees a pullback.
Bullish Outlook: As long as BTC holds above this demand zone, the bullish scenario remains intact. A break below could suggest a deeper correction.
Resistance Levels to Watch: Can BTC Go Higher?
On the upside, Bitcoin faces significant resistance at $72,126. A breakout above this level could propel it further, pushing towards $75,069, another pivotal resistance.
Should BTC surpass this, it would likely test the ABCD pattern’s target at $76,600, marking a potential new high.
This fits with the overall bullishness in the market but these resistance levels need to be watched as they could confirm the trend or cause a short term pullback.
Bitcoin Price Chart – Source: Tradingview
Technical Indicators and Market Sentiment
Bitcoin’s 50 day EMA at $70,570 is holding strong, keeping BTC on an uptrend. The Relative Strength Index (RSI) is at 77, overbought.
An overbought RSI can mean a pullback but it also means strong buying momentum. Watch the RSI for signs of cooling which could mean a consolidation before the next move up.
Can Bitcoin Reach New Highs Before the U.S. Election?
The U.S. election adds another layer of uncertainty. With market volatility around political events, Bitcoin may see more buying as a hedge against economic uncertainty.
The bullish ABCD pattern and the technicals suggest BTC could go to new highs short term but a lot depends on breaking through the resistance at $72,126 and $75,069.
Key Takeaways:
Immediate Support: $70,570 (aligned with 50-day EMA), with a broader demand zone between $68,797 and $68,091.
Resistance Levels: Key resistance at $72,126 and $75,069, with a potential ABCD pattern target at $76,600.
RSI Alert: RSI at 77 shows overbought conditions, suggesting possible consolidation.
In summary, Bitcoin’s move above $70,000 is on the back of strong technicals and market momentum. If BTC can hold and break through the resistance, new highs are possible. As we get closer to the U.S. election, Bitcoin’s price will be under the microscope as traders will be looking for it to go even higher.
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The post Bitcoin Price Rockets Past $70,000 – Can It Reach New Highs Before the US Election? appeared first on Cryptonews.
