The daily and 12-hour and daily charts are forming a descending triangle, with lower highs and lower lows. Within this descending triangle, there is also a falling wedge that is expected to test the trendline resistance by October 24. If the wedge breaks above the resistance, the target will be the descending triangle's upper trendline. The final breakout direction could be influenced by the U.S. election on November 5: if Kamala wins, the price may drop, whereas a Trump victory could lead to new all-time highs.
For now, money flow is positive, meaning more money is coming in than leaving, which is pushing the price up on higher timeframes. Additionally, it appears that the smaller timeframes are following suit, indicating a move higher toward the discussed resistance levels.
For now, money flow is positive, meaning more money is coming in than leaving, which is pushing the price up on higher timeframes. Additionally, it appears that the smaller timeframes are following suit, indicating a move higher toward the discussed resistance levels.
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