Over the last 24 hours, Bitcoin has successfully confirmed a swing failure pattern and is currently breaking out of a falling wedge - higher to come.

Price action has morphed into a bullish pattern know as the falling wedge alongside confirming a Swing Failure Pattern. If you where present at the time, this pattern allowed to a long trade entry - more discussed in the Technical Analysis section.

Bitcoin is clearly trying to break out of this current consolidation, meaning an expansion is on the horizon - time to pay attention.

In recent news events, Donald Trumps Harris on Polymarket Once Again and Cardano’s Chang Hard Fork Goes Live.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

In yesterday’s update, price action was at a critical support level with key lows being tested. The area was being defended into the Weekly Open, the Asian session held price steady whilst the London Open followed with a pump.

Price Action has now morphed into a Falling Wedge formation that has broken bullish in this last few hours. This type of price action typically marks a temporary bottom in the immediate trend.

The technical target for this specific directional move will be the overall swing high. That specific high is quite obvious and has a resting liquidity that remains untapped.

Long Trade Entry Strategy.

Over the past few issues we have discussed the Swing Failure Pattern in great detail. Now wth the current price action, we have a text book example of how to trade it.

Within Bitcoin’s price action, you can see a clear low with a long wick, this was the last low before a bounce. Naturally traders will place stop losses who have long the current move up - creating liquidity.

As evident, price action on Bitcoin took the last low which is essentially the trigger for this strategy. In this case, the trade worked out perfectly, allowing for a risk defined entry for a long trade (currently approaching target).

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

Latest Market News

Donald Trumps Harris on Polymarket Once Again

The information you've provided reflects the dynamic shifts in betting odds on Polymarket for the 2024 U.S. Presidential Election, where Donald Trump has recently regained favor over Kamala Harris. Here's a breakdown based on the details:

• Current Betting Odds: Donald Trump has regained a slight lead over Kamala Harris with odds at 51% to 47% respectively on Polymarket, a crypto-based prediction market.

• Recent Trends: Trump's odds peaked at 71% in July but dropped to 44% in August after Biden's withdrawal. Harris's odds rose above 55% in August but have since declined.

• Market Dynamics: Over $194 million has been wagered on this election, reflecting significant interest. The odds reflect real-time sentiment shifts among bettors.

• Implications: These odds might influence political strategies, media narratives, and voter sentiment, though prediction markets aren't infallible predictors of election outcomes.

• Public Sentiment: The shifts could be influenced by various factors, including policy announcements or broader political climate changes, not captured by traditional polls.

This summary captures the essence of the betting odds, market dynamics, and potential implications without diving into specifics or external analyses.

Cardano’s Chang Hard Fork Goes Live 

Cardano, a blockchain platform founded by Charles Hoskinson, has implemented its "Chang" upgrade, transitioning towards decentralized governance. Here's a concise overview:

• Upgrade Activation: The "Chang" upgrade went live, allowing ADA holders to influence Cardano's development through voting on proposals and electing representatives.

• Governance Structure: The upgrade introduces three governance bodies:

  • Constitutional Committee: Likely responsible for overarching governance rules.

  • Delegate Representatives (dReps): Representing ADA holders in decision-making.

  • Stake Pool Operators (SPOs): Involved in network operation and potentially governance.

• Shift in Control: The upgrade removes the upgrade authority from Cardano's founding entities (Cardano Foundation, IOHK, Emurgo), transferring it to these new community-led groups.

This upgrade signifies Cardano's move towards a more democratic blockchain management, where community stakeholders have a direct say in the platform's evolution.

Crypto X Segment

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Daily Wisdom

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