This week has been bullish for bitcoin after the number one cryptocurrency broke out of the trend in an upward direction followed by the bull flag which saw Bitcoin break major resistance at $11100 and holding above $11300. The next level of major resistance is expected at the $12100 level which is a significant level dating from 2017. Although there is a lot of uncertainty in the overall markets as a result of the global pandemic and the impending election time in the US. If Bitcoin was to break lower as a result of external risks, it would find first level of support at $10800.
The goal in the markets now is to remain rational and cautious. Speaking of higher numbers in cryptocurrency industry, the stable coin Tether has been in a tear with more stable coins being minted which is bullish for Bitcoin because the stable coins could potentially be used to buy Bitcoin