BTC/USD Analysis: BTC stuck in a triangle; wait for the breakout

31 oct. 2021

BTC/USD is stuck in a triangle. We should wait for the breakout. Cryptocurrency doesn't follow too many fundamental factors as it does not correlate with any economy and central banks.

Suppose we see any central bank or country authorize cryptocurrency. In that case, that's a good sign for BTC. Another fundamental factor in the cryptocurrency movement is if any big companies announce that they accept BTC as a payment or buy cryptocurrency.

From my experience and knowledge, I didn't find any other fundamental issues that work behind the cryptocurrency movement. However, I trade BTC and other cryptos. But I don't believe cryptocurrency has an instinct value. Even I don't consider them an asset like gold, silver, oil, and stocks.

Today or tomorrow crypto market will vanish like the Ponzi scheme; though it is harsh to hear, it is a fact. But I don't know when it will happen, but it will indeed happen.

I don't have any doubt about cryptography technology. But wealth management should have a proper regulatory body, be managed by the banking system, and be less volatile like currencies.

The Crypto market is too volatile. If you spend 5 dollars to buy a beer can in the morning, you may have to buy a beer can with 10 USD or maybe one USD because of BTC's price volatility.

Such a too volatile behavior is the main obstacle BTC and other cryptocurrencies to be an asset. But, of course, security is another issue. So there are many different reasons that cryptocurrency can't be an asset and alternative to physical currencies.

However, BTC is stuck in a triangle. From the present rate, $64000 is immediate resistance. Breaking above $64000 BTC may visit another upside target, nearly $70000 price zone.

On the other hand, breaking below the $58000 price zone, BTC has a high chance to test the $54000/53000 Price zone and strong psychological level $50000 price zone. So I think BTC may reverse for these particular price levels.