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More Post Election Uncertainty

All kinds of good jokes are coming out of this prolonged election uncertainty, at some point, but now is way to soon!  Bitcoin and Ethereum are pumping.  We still lack full confidence in this run up.  We see a dump coming back down in the 12K to 13K area.  Bitcoin may very well hit $16K before it dumps though.  There is not enough trading volume to sustain the pump Bitcoin is experiencing.  It is up 13% since yesterday morning.   We have not seen this large of a pump without trading volume supporting it significantly. The chart below demonstrates that:

The lower level bars are trading volume and they are clearly dropping off as price accelerates up.  That is a clear bearish divergence.  Neutral ATM won’t sell but we do expect a dump in the coming days.  If Trump gets a couple of these states going his way and the expected Biden victory gets threatened, that could do it.  Seems $16K is not unlikely as strong as this pump has been.  That leaves Bitcoin room to dump 25% and test the $12K resistance it flipped to support.  If Bitcoin bounces off of that support.  $18K to $20K could be in play by November 30th.  We are watching Ethereum as it is looking healthy again.  This chart demonstrates some realistic targets for Ethereum:


Longer term, $700 is an area where ETH could pump to.  By the end of this bull cycle it could easily 10X from there.  We view both of these coins as long term positions.  We keep watching Theta and now Litecoin is interesting, since it will be a coin PayPal will offer to its 345 Million customers starting in two weeks.  

The PayPal and DBS deals whereby both companies will get into Crypto in different ways will change the landscape for Crypto Currency longterm.  First, PayPal and Venmo will compete with CashApp and Square for utilizing Crypto Currency transactions for their 345 Million customers online.  However, due to AML liabilities they will not let customers move the Crypto off of the PayPal platform.  It will open up 345 Million individuals to Bitcoin, Bitcoin Cash, Litecoin, Ethereum on PayPal.  This may very well be part of the incredible October and November Bitcoin is having.  DBS, southeast Asia’s largest bank, will offer a Crypto Currency Exchange.  That will take longer but Avanti and Kraken now have been approved for banking licenses in the US (Wyoming).  So in 2021 and 2022 we will see Crypto Exchanges become banks, or merge with banks.  This change will take a few years after 2022 to materialize.  By 2025, Crypto Currency will be so mainstream that bull markets after the 2024 and 2028 halvings may not have the impact the first three had.  Not as much, not to say they wont be significant.  So as this crazy time, post election, settles out, we see Bitcoin, Ethereum, Litecoin all having huge gains.  Looking out to 2030 those gains become more subdued over time.  For now, getting into Bitcoin should be paramount for everyones portfolio.  Neutral ATM is here to get everyone off of zero Bitcoin. 


Give Neutral ATM a try.  We have low rates, convenient locations and we are expanding. Contact Neutral ATM, we will answer all your questions about Bitcoin and using our ATM machines. Find a Neutral ATM Bitcoin machine location near you.