Bitcoin could crush Russian ruble by rising another 140%, classic technical setup suggests

Bitcoin (BTC) has declined by astir 30% aft topping retired astatine 5.8 cardinal rubles a token connected March 9. Nonetheless, the said driblet could beryllium an excuse for traders to dump different large stash of the Russian nationalist currency if a classical bullish continuation signifier plays out.

Bitcoin heads towards 11 cardinal rubles

Dubbed the "ascending triangle," the signifier appears erstwhile the terms consolidates betwixt a rising little trendline (support) and a level precocious trendline (resistance). It completes aft the terms breaks retired of the consolidation scope successful the absorption of its erstwhile trend, eyeing levels astatine magnitude adjacent to the maximum region betwixt the triangle's precocious and little trendline.

BTC's terms against the ruble has been trending wrong a akin operation since January 2021, arsenic shown successful the illustration below. It closed supra the triangle's precocious trendline, rising much than 20% to its all-time precocious of 5.88 cardinal rubles.

BTC/RUB play terms illustration featuring "ascending triangle" setup. Source: TradingView

Nonetheless, BTC corrected to trial the range's absorption arsenic support, a communal show pursuing breakouts arsenic traders question confirmation of the signifier with much upside.

If this is the case, the likelihood of rebounding and continuing toward 11 cardinal rubles appears precocious successful the future, an astir 140% rise.

Russia's superior controls

The method bullish outlook for the BTC/RUB marketplace besides comes amid an ongoing exodus from Russian assets since Russia's penetration of Ukraine, arsenic occidental nations person collaborated to harm the country's ties with the planetary banking system.

As a result, Moscow Exchange has suspended trading from Feb. 28 until further notice. Similarly, shares of Russia-backed companies overseas person suffered, with an MSCI scale tracking their exchange-traded funds reporting astir a 78% outflow since the penetration began connected Feb. 24.

Related: Ally oregon suspect? The warfare successful Ukraine arsenic a accent trial for the crypto industry

iShares MSCI Russia ETF play terms chart. Source: TradingView

As of March 7, the ruble had tumbled by much than 50% year-to-date against the U.S. dollar, its biggest diminution since 1998 erstwhile Russia defaulted connected its debt. The Russian cardinal slope intervened done a sequence of superior power measures, including a prohibition connected overseas currency income for six months.

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