Joe Biden won the presidential election and became 46th President of the United States
Bitcoin has weakened in less than a few hours from $15,740 to $14,800
As long as the price of Bitcoin is over $13,000, this crypto currency is not in the “sell” zone
Joe Biden won the presidential elections in his native Pennsylvania on Saturday and will become the 46th President of the United States. The price of Bitcoin (BTC) has dropped from $15,740 to $14,800 in less than a few hours, and the current price is around $14,826.
Fundamental analysis: risk-return ratio is not good for long-term investors
The Bitcoin price has weakened after the news that Joe Biden has become the 46th President of the United States. Bitcoin has found strong support above $14,000, and some predictions are that Bitcoin will rise above $20,000 again.
Nevertheless, I have a feeling that the price of this crypto currency may weaken in the coming days, and perhaps this is not the best time to invest in Bitcoin(BTC). The risk/reward ratio is not good at the moment, and I think there are many crypto currencies with more possibilities.
Bitcoin is the first crypto currency that exists and is widely accepted. Bitcoin is accessible to everyone on the Internet and is supported by both developers and user communities.
A very good team is behind this project, the basics of this crypto currency are improving, but there is still a certain amount of uncertainty for potential investors. If miners unexpectedly sell a significant amount of Bitcoin, this could lead to an extreme correction, as a small change in price could lead to liquidation by traders with high leverage.
Technical analysis: The bulls still have the price action under control
Data source: tradingview.com
On this diagram I have marked important resistance and support levels. The important support levels are $14,000 and $13,000, $16,000 and $17,000 represent the resistance levels.
If the price jumps above $16,000 it would be a signal to buy Bitcoin (BTC) and we have the open path to $16,500. Short-term traders should always use “Stop Loss” and “Take Profit” orders when opening their positions, as the risk is extremely high.
A rise above $17,000 supports the continuation of the uptrend, and the next price target could be around $18,000. On the other hand, if the price falls below $14,000, this would be a “sell” signal and we have the open path to $13,000.
Joe Biden won the presidential elections in his native Pennsylvania on Saturday and will become the 46th President of the United States. President of the United States. He currently has 273 votes, which is more than enough to win the White House and deny President Trump a second term. The price of Bitcoin has weakened after the news that Joe Biden has become the 46th President of the United States, but as long as the price of Bitcoin remains above $13,000, this crypto currency is not in the “sell zone”.