Trading Conditions
Products
Tools
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.
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.
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.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
We may place cookies for analysis of our visitor data, to improve our website and measure advertising performance. Overall this data is used to provide a better website experience. More information
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 Instant Trading EU Ltd 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?
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.