Bitcoin is seeing some strong price action heading into election day, with bulls attempting to retest the resistance the crypto has established around $13,800.
Although its latest monthly candle closed above this level, it is important to note that BTC has faced multiple swift rejections here that have made it incredibly unclear where it may trend in the near-term.
One analyst is expecting downside. He believes that the next trend could send Bitcoin towards the $11,000 region before it establishes any long-term support and rallies.
Bitcoin Sees Positive Trading as Bulls Target Resistance
At the time of writing, Bitcoin is trading up just under 1% at its current price of $13,700. This is around where it has been trading for the past couple of hours.
It has yet to retest $13,800, but this level will undoubtedly spark some intense volatility if it is broken above or catalyzes another rejection.
Many investors are awaiting the results of the election before flipping long on the crypto.
Analyst: BTC to Begin Descent as Mid-Term Outlook Degrades
While explaining where he thinks Bitcoin will trend in the coming days, one analyst stated that Bitcoin’s strong resistance would likely force it down towards $11,500 before it can find serious support.
Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.
Where Bitcoin trends next will likely depend largely on tonight’s election results, as many traders believe that one candidate will bolster the macro-economic landscape more than the other.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/325LNsc
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