Mid-Term Elections USA 2024: How Would You React To The Market Crypto?

 The mid-term elections of the united States was preceded by a sharp drop in the market of the criptomonedas , in 2014 and 2018. It is debatable whether the same thing will occur in the elections today.

Both in 2014 and in 2018, the price of the criptomonedas collapsed just after the mid-term elections USA. UU. However, several signs indicate that this time it will happen otherwise.

These signs are mainly related to the total market capitalization of criptomonedas. In addition, the prices of the criptomonedas can become bullish if the republicans gain a majority in the house and/or senate, as it is generally considered that the republicans are friendly with the criptomonedas. The same can be said of a possible candidacy of Donald Trump in 2024.

In any case, the market of crypto has fallen in the last 24 hours. Given that today is the day of the election, it is worth to observe the movement of prices and determine why this occurs.

The price of Bitcoin remains above the support

The price of Bitcoin (BTC) has remained above the area of support horizontal $ 19,000 since June of 2022. The area has been validated on numerous occasions. Throughout this period, the RSI weekly generated divergence bullish (green line). Despite the drop in the course, the tendency of the RSI weekly is still intact.

Therefore, the trend can still be considered bullish, as the price of Bitcoin is trading above the support area and the divergence RSI is intact. It would require a breakdown of the RSI, and a weekly closing below the area of $ 19,000 for the trend to become bearish.

Key levels to next or break

The technical analysis of the daily chart shows that the price of Bitcoin is trading within a parallel channel upward. After not getting a break on the 5th of November, has returned to his line of support.

In addition, the daily RSI barely clings to its trend line of divergence bullish, which has been in place from 5 September. A break of these levels could accelerate the bearish movement.

As a result, if the price of BTC falls to the channel, taking with it the RSI, or if you are invested and retrieves the 21,470 usd (green line), will likely determine the direction of the future trend.