In addition to regulatory involvement, uncertainty in other blockchains often recalls Bitcoin's demand as a store of value. It happened before and three days before the Bitcoin Cash software upgrade, the capital could flow into Bitcoin, raising prices above $ 6,600 by turning short-term bulls at $ 7,200.
Latest Bitcoin news
However, Bitcoin Cash is one of the most fluid and precious coins in space. Although hash rates and decentralization levels are minimal compared to Bitcoin, it is still important to monitor its development. On November 15th, a software update could become chaotic as the chain's fork once again: in Bitcoin Cash SV or Bitcoin Cash ABC. This is free money for BCH holders and more money for Bitcoin owners who own the Bitcoin Cash after last year's crossroads. But in the foreground there are expectations of a higher rise compared to the fork, as funds move from BCH to Bitcoin and stable currencies. In that case, we expect an increase in BTC / USD as it becomes a temporary deposit of value and a refuge against volatility.
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But even if this is temporary, it could be the sparks needed for higher highs now that the political landscape is changing. While the results began to follow the US mid-term elections, three pro-Crypto lawyers in Gavin Newsom, Jared Polis and Boulder were sworn in. All are cryptic and progressive with Gavin Newsom representing California. Their involvement in the national phase is important and could put an end to supporting legislation, as the SEC examines nine different Bitcoin ETF proposals.
Weekly analysis BTC / USD
Despite falling prices in shorter periods of time, BTC / USD is technically bullish. It is still in green territory when we take a top-down approach. The most important thing is that BTC is above the main resistance trend line. Going forward we will maintain a bullish outlook for BTC / USD which suggests buying on declines in shorter periods of time, as long as you are trading above $ 6,300 or the week ending the lows of 21 October.
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This is because Bitcoin is currently swinging within a narrow range of $ 300 with capitalisations at $ 6,800 on the upside and $ 6,300 on the downside. High volume movements in both directions indicate the bullish or bearish momentum. However, considering the depth of this year's correction, bulls are likely to exceed $ 7,000 thanks to support fundamentals such as the Bitcoin Cash containment fork.
Even if prices are varying or printing higher, our BTC / USD business plan is based on how prices respond to the high-volume bull bar on October 15th. All the rest constant the accumulation of prices inside that bar means that our previous forecasts are true and before we could see prices expand above $ 6,800- $ 7,000 resistance zone.
But, before suggesting purchases, it is important that the bulls reverse recent losses and close above $ 6,600 and the support trend line cancels the bear breaking on October 29th. Otherwise, sellers push prices below $ 6,300 so the additional losses of $ 5,800 or 2018 would be high. As a result, we suggest that you take a neutral position until all our trading conditions are live.
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Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.