10X Research: Bitcoin Could Break Upwards Again With Changing U.S. Election Odds and Slightly Favorable Risk Appetite Environment

10xResearch said in its latest analysis that Bitcoin tried to rally yesterday but failed to break out of the triangle pattern. However, with the changing election odds (this chart is a must-see) and a slightly more favorable risk appetite environment, Bitcoin could try to break upwards again. Still, there are significant risks that could lead to a correction in late September and then a potential rally before the end of the year.
All three reversal indicators are showing a strong rally with momentum above their moving averages, an encouraging sign of improving technical conditions in the market. The possibility of a rise to $65,000 is in the range. However, we will keep a close eye on the direction of the triangle breakout. Risk management remains critical.
As expected, long positions in perpetual contracts are limited following the sharp decline following the August 5 crash. Unpositioned squaring contracts in Ethereum remain relatively unchanged, while small short positions in Bitcoin may be positioned squaring, driving prices up. On a positive note, derivatives positions are no longer over-stretched, unlike in late July, when excessive leverage led to an inevitable pullback.