06.11.202409:24 Forex Analysis & Reviews: 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.

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.

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.

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.