Over the last 24 hours, Bitcoin has had a local bearish expansion that ended up being a Swing Failure Pattern - leading to an intra-day oversold bounce.

Price action is currently is approaching an inflection point where a strong expansion will be imminent. A local bullish case will hold once the current dynamic resistance is breached - more discussed in the technical analysis section.

“Slow and steady consolidation brings the market back into its equilibrium before the next expansion” 🧠 

In recent news events: X Is Reportedly Now Banned in Brazil and Crypto Holders Disproportionately Favour Trump for the next U.S election.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Trading Channel and Dynamic Resistance

Converting to the Line chart on price action, Bitcoin is trading in a clear defined channel - currently hovering around the channel low support. Further consolidation here is limited as there is a present Apex zone.

The Dynamic Resistance is currently squeezing price action into a corner with the channel low support. This is known as the Apex zone, Bitcoin will need to make a decision here which will dictate the next directional expansion.

Since price action is consolidating at the lows of the channel support with Swing Failure Patterns - it implies a bullish context. Such price action is showing demand at the lows, confirmation will only be a bullish break of the dynamic resistance.

Swing Failure Pattern Example

As mentioned earlier, price action over the past 24 hours has established a clear Swing Failure Pattern. This is a very powerful pattern that will allow for exceptionable entries.

It is important to note that Swing Failure Patterns happen when liquidity is taken. The liquidity generation event is used by larger traders to fill in their positions for the opposite direction - this then causes a local squeeze.

Bitcoin has done just that, by taking the lows, it generated liquidity that allowed traders to fill in their positions. Subsequent price action was followed by a bullish short-squeeze. Understanding this pattern will allow for better and higher quality trade entries.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

X Is Reportedly Now Banned in Brazil

A Brazilian Supreme Court judge, Alexandre de Moraes, has issued a ruling to block Elon Musk's social media platform, X, in Brazil. This decision follows a prolonged dispute regarding the platform's role in disseminating misinformation, against which Musk defended as an issue of free speech.

Despite court orders to deactivate certain accounts, X did not comply, leading to this ban. Consequently, internet service providers in Brazil are now required to prevent access to X, impacting its approximately 215 million population.

Furthermore, individuals attempting to bypass this restriction using VPNs could face significant fines, reportedly around 50,000 reais, equivalent to $8,900, as noted by local and international media.

Crypto Holders Disproportionately Favour Trump

Former U.S. President Donald Trump’s efforts to court the cryptocurrency industry this election cycle seem to be paying off, according to the results of a new poll from Fairleigh Dickinson University.Tr

The poll results, released Friday, found that crypto holders are disproportionately likely to say they will vote for Trump over Vice President Kamala Harris in the upcoming U.S. presidential election. Half of all crypto-holding survey respondents said they planned to vote for Trump, while only 38% of crypto owners preferred Harris.

Among non-crypto owners, the statistics were flipped, with Harris leading by 12 points: 53% of voters who’ve never owned crypto said they would vote for Harris, and 41% planned to vote for Trump.

Crypto X Segment

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Daily Wisdom

Bitcoin Insider bouncing back to work, See you in the next one! 👊