{"id":415975,"date":"2022-03-14T18:45:00","date_gmt":"2022-03-14T15:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\/"},"modified":"2022-03-14T18:45:00","modified_gmt":"2022-03-14T15:45:00","slug":"bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\/","title":{"rendered":"# Bitcoin could crush Russian ruble by rising another 140%, classic technical setup suggests"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2409a150423\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2409a150423\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\/#%E2%80%9D_Bitcoin_could_crush_Russian_ruble_by_rising_another_140_classic_technical_setup_suggests_%E2%80%9C\" >&#8221; Bitcoin could crush Russian ruble by rising another 140%, classic technical setup suggests &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\/#Bitcoin_heads_towards_11_million_rubles\" >Bitcoin heads towards 11 million rubles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\/#Russias_capital_controls\" >Russia&#8217;s capital controls<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_could_crush_Russian_ruble_by_rising_another_140_classic_technical_setup_suggests_%E2%80%9C\"><\/span>&#8221; Bitcoin could crush Russian ruble by rising another 140%, classic technical setup suggests &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) has declined by around 30% after topping out at 5.8 million rubles a token on March 9. Nonetheless, the said drop could be an excuse for traders to dump another big stash of the Russian national currency if a classic bullish continuation pattern plays out.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_heads_towards_11_million_rubles\"><\/span>Bitcoin heads towards 11 million rubles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dubbed the &#8220;ascending triangle,&#8221; the pattern <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears when the price consolidates between a rising lower trendline (support) and a flat upper trendline (resistance). It completes after the price breaks out of the consolidation range in the direction of its previous trend, eyeing levels at length equal to the maximum distance between the triangle&#8217;s upper and lower trendline.<\/p>\n<p>BTC&#8217;s price against the ruble has been trending inside a similar structure since January 2021, as shown in the chart below. It closed above the triangle&#8217;s upper trendline, rising more than 20% to its all-time high of 5.88 million rubles. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/bdc9024e-c952-4a05-a773-790470d1ada2.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/RUB weekly price chart featuring &#8220;ascending triangle&#8221; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Nonetheless, BTC corrected to test the range&#8217;s resistance as support, a common sight following breakouts as traders seek confirmation of the pattern with more upside. <\/p>\n<p>If this is the case, the likelihood of rebounding and continuing toward 11 million rubles appears high in the future, an almost 140% rise.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Russias_capital_controls\"><\/span>Russia&#8217;s capital controls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The technical bullish outlook for the BTC\/RUB market also comes amid an ongoing exodus from Russian assets since Russia&#8217;s invasion of Ukraine, as western nations have collaborated to damage the country&#8217;s ties with the global banking system.<\/p>\n<p>As a result, Moscow Exchange has suspended trading from Feb. 28 until further notice. Similarly, shares of Russia-backed companies abroad have suffered, with an MSCI index tracking their exchange-traded funds reporting nearly a 78% outflow since the invasion began on Feb. 24.<\/p>\n<p><strong><em>Related:\u00a0Ally or suspect? The war in Ukraine as a stress test for the crypto industry<\/em><\/strong><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/7d0180df-c216-4a53-801d-b05045844ebf.png\"><figcaption style=\"text-align: center;\"><em>iShares MSCI Russia ETF weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As of March 7, the ruble had tumbled by more than 50% year-to-date against the U.S. dollar, its biggest decline since 1998 when Russia defaulted on its debt. The Russian central bank intervened through a sequence of capital control measures,\u00a0including a ban on foreign currency sales for six months.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-could-crush-russian-ruble-by-rising-another-140-classic-technical-setup-suggests\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin could crush Russian ruble by rising another 140%, classic technical setup suggests &#8220; Bitcoin (BTC) has declined by around 30% after topping out at 5.8 million rubles a token on March 9. Nonetheless, the said drop could be an excuse for traders to dump another big stash of the Russian national currency if&#8230;<\/p>\n","protected":false},"author":1,"featured_media":415976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvZGZiOTIzNTYtMTRjNS00NjllLWI3MmUtMmVmZWY3Nzc3MzMxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75581,74862,126782,74863,74939,71644,73711,73785,4975,71523],"class_list":["post-415975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-russia","tag-bitcoin","tag-capital-control","tag-cryptocurrencies","tag-market-analysis","tag-dubai","tag-investments","tag-markets","tag-russia","tag-sanctions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/415975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=415975"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/415975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/415976"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=415975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=415975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=415975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}