empty
06.11.2024 09:24 AM
Trading Recommendations for the Cryptocurrency Market on November 6

Bitcoin is soaring to a new all-time high following news that Donald Trump has an estimated 98% chance of winning the U.S. presidential election. He has already secured 246 of the 270 electoral votes needed, sparking a buying spree in the cryptocurrency market. Many experts believe Bitcoin could soon surpass the $100,000 mark if Trump wins.

This image is no longer relevant

Currently, BTC is trading at around $75,000, having gained over 10% in just a day. Ethereum, along with several other altcoins, is also climbing and showing impressive growth.

The crypto community's strong support for Trump during the presidential race is the main reason for the current bullish trend, which seems unstoppable for now. The fact that major players holding short positions are experiencing significant losses speaks for itself. One whale, shorting Bitcoin, faced liquidation for $75 million after Bitcoin hit its new peak. Another trader lost $36.4 million.

This scenario suggests that caution is necessary, and decisions shouldn't be rushed. While there may be a chance of missing out on further upward movement, if the market reverses for any reason, the drop could be equally substantial.

For intraday strategy in the cryptocurrency market, I'll continue to act based on major pullbacks in Bitcoin and Ethereum, anticipating continuing the bullish market trend in the medium term.

As for short-term trading, the strategy and conditions are described below.

This image is no longer relevant

Bitcoin

Buy Scenario

I plan to buy Bitcoin today at the entry point of around $75,230, targeting a rise to $77,668. Around $77,668, I will exit from buying and sell immediately on the rebound. Before buying on the breakout, it's best to ensure that the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Bitcoin today if it reaches the entry point of around $73,540, with a target of $71,200. Around $71,200, I will exit from selling and buy immediately on the rebound. Before selling on the breakout, ensure the Stochastic indicator is at the upper boundary, around the 80 level.

This image is no longer relevant

Ethereum

Buy Scenario

I plan to buy Ethereum today at the entry point of around $2,609, with a target of $2,691. Around $2,691, I will exit from buying and sell immediately on the rebound. Before buying on the breakout, ensure the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Ethereum today if it reaches the entry point of around $2,557, targeting a drop to $2,471. Around $2,471, I will exit from selling and buy immediately on the rebound. Before selling on the breakout, ensure the Stochastic indicator is at the upper boundary, around the 80 level.

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2025
Bitcoin
Summary
Strong buy
Urgency
1 day
Analytic
Maxim Magdalinin
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on January 3

Bitcoin and Ethereum have seen a rebound at the beginning of the year, recovering from significant support levels that had threatened the continuation of their uptrend late last December. While

Miroslaw Bawulski 08:55 2025-01-03 UTC+2

Which Month Will Be Key for Bitcoin?

By the end of 2024, Bitcoin's record-breaking rally had slowed, resulting in its first monthly decline since August. In December 2024, the digital asset dropped by 3.2% as U.S. investors

Irina Yanina 12:33 2025-01-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on December 30

Bitcoin and Ethereum are experiencing a gradual decline as the year comes to a close, and it appears that any potential new highs may not occur until 2025. However, there

Miroslaw Bawulski 08:48 2024-12-30 UTC+2

Bitcoin: Countdown to 21 Million

On Christmas Eve 2024, Bitcoin reached a significant milestone: 19.8 million coins have been mined, leaving less than 1.2 million coins remaining until the maximum supply cap of 21 million

Ekaterina Kiseleva 23:33 2024-12-26 UTC+2

Bitcoin in 2024: Reviewing the Year and Assessing Forecasts

This year has been a significant milestone for the cryptocurrency market, primarily due to the launch of spot ETFs and the growing involvement of institutional investors. Although numerous predictions about

Ekaterina Kiseleva 23:29 2024-12-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on December 24

Bitcoin and Ethereum continue to struggle with upward momentum. Each significant upward movement faces selling pressure as some market participants offload their cryptocurrency assets, creating notable downward pressure on prices

Miroslaw Bawulski 07:31 2024-12-24 UTC+2

Technical Analysis of Intraday Price Movement Bitcoin Cryptocurrency, Tuesday December 24, 2024.

There are some interesting things that we can find on the 4-hour chart of the Bitcoin cryptocurrency where even though the current price movement of #BTC is below

Arief Makmur 06:33 2024-12-24 UTC+2

Trading Recommendations for the Cryptocurrency Market on December 23

After a decent correction in Bitcoin and Ethereum observed since the end of last week, good news is starting to return to the market. President-elect Donald Trump announced over

Miroslaw Bawulski 08:17 2024-12-23 UTC+2

Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday December 20, 2024.

Simply by looking at the 4-hour chart of the Cardano cryptocurrency which is moving harmoniously in the Bearish Pitchfork channel and below the SMA (100) which has a decreasing slope

Arief Makmur 08:58 2024-12-20 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Friday December 20, 2024.

Although on the 4-hour chart, the Filecoin cryptocurrency appears to be dominated by Sellers, which can be seen from its price movement which moves harmoniously within the bearish channel

Arief Makmur 08:58 2024-12-20 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.