Bitcoin looks set for a major move in the upcoming week as traders finally get the outcome of the U.S. election.
Bitcoin came extremely close to the ATH this week, but has since suffered a temporary setback towards it's initial breakout zone.
Source: Tradingview.com
On the monthly price close bulls managed to close the monthly candle above the much-watched wedge pattern breakout.
Encouragingly, the wedge pattern breakout was accompanied by a Green monthly candle on our Vanguard 2.0 model.
Source: Tradingview.com
This week, our Vanguard 2.0 model turned Green on the weekly time frame for the first-time since June this year after moving above $72,000.
For those that don't know, our Vanguard 1.0 model only shows the colour code change once the price close has actually happened on the designated time frame.
The Vanguard 2.0 model tracks the changes in real-time and colour changes happen without price bar closes.
Source: Biyond.co
We are seeing BTC under pressure at the time of writing, so it looks like Vanguard will close an Orange candle.
It is currently not surprising to see Bitcoin under pressure as the Long Vs Short ratio has popped higher and shows a marginal Long bias.
Source: Biyond.co
Ideally, we need to see this indicator finding a short-term high soon, and then a move back to a Short bias amongst Binance global positions.
This could come if we continue to see the consolidation period extend moving into the election, and then traders become frustrated and flip to a short bias.
According to our Atlas mode, price dips should be relatively short-lived given that we have moved into the Green zone.
Source: Biyond.co
Once inside the Green zone, it suggests that bullish momentum is substantially gathering pace.
Overall, the Green close on Vanguard monthly is very encouraging for further gains.
We just need to see a move back above $72,000 fairly quickly to get the more reliable Weekly time frame Green, and ideally before the election outcome.
