U.S. Midterm Election Results: How Did It Impact the Crypto Market?

Kiana Danial  |

We’re still waiting for that major catalyst to create that massive bullish wave across the board in the markets.

The U.S. midterm elections sure impacted the U.S. equities in a positive way but didn’t do that much for the cryptocurrency market. Some of the politicians who were elected on November 6th appear to be crypto-friendly, though, so that may help the industry in the future. For example, the Democratic governor of Colorado, Jared Polis has vowed to protect Bitcoin. Another democratic winner, Gavin Newsom, governor of California is also an early Bitcoin adopter.

Elsewhere in Connecticut, 22-year old Will Haskell made history by defeating Toni Boucher in the 26th Senate District. During his campaign, he also showed interest in the blockchain technology and may try to introduce ways of its adoption in the state of Connecticut.

Turning over to the charts, Bitcoin has kept a slow-and-steady march up inside the daily Ichimoku cloud, breaking an important pivot level and the lower band of the Ichimoku cloud at $6,456. However, Bitcoin has been having difficulty breaking above the next pivoting resistance of $6,770 in the past two months.

Another not-so-positive observation on the chart is the future Ichimoku cloud which appears to be bearish. With that, Bitcoin may continue its range trade within $6,770 and $6,200 for another round.

On the other hand, if Bitcoin’s price is able to break above the said pivot level and the daily Ichimoku cloud, it may open doors for a longer-term uptrend which could take the price up towards the 61% Fibonacci resistance level of $8,400.

Now I’d like to hear from you! What do you think of the U.S. midterm election results? How do you think it may impact the crypto industry in the future? Let me know in the comments, and subscribefor more updates.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

This article was originally published on investdiva.com.

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