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19.11.202409:43 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on November 19

Relevance up to 01:00 2024-11-20 UTC--5
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Bitcoin and Ethereum continue to consolidate, trading near monthly highs, hinting at the potential continuation of the bull market—if not today, then certainly soon.

Meanwhile, Donald Trump's appointments of crypto enthusiasts and advocates for the new industry to key positions have bolstered investor sentiment, preventing Bitcoin from experiencing a deeper correction. The introduction of options trading on spot Bitcoin exchange-traded funds (ETFs) is a long-awaited tool that, according to market participants, will attract more institutional interest in cryptocurrencies. This instrument could become available today, further driving interest and demand for Bitcoin.

Exchange Rates 19.11.2024 analysis

Currently, the market has eleven U.S. spot Bitcoin ETFs, but only one of them—iShares Bitcoin Trust (IBIT) by BlackRock—is listed on Nasdaq and, therefore, eligible for options trading.

Options are a form of derivatives that allow investors to buy or sell an underlying asset—in this case, IBIT—at a predetermined price within a specific timeframe. These instruments attract traders by enabling leveraged directional bets and hedging against risks and positions.

As a reminder, the SEC approved the listing of options on IBIT in September this year. It also approved rule changes filed by the New York Stock Exchange (NYSE) and Cboe Global Markets, which list other spot Bitcoin ETFs.

The emergence of options is a reason to revisit Bitcoin and other cryptocurrency assets, which have been "stagnating."

As for the intraday strategy in the cryptocurrency market, I plan to continue leveraging significant pullbacks in Bitcoin and Ethereum to anticipate a continuation of the intact mid-term bull market.

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

Exchange Rates 19.11.2024 analysis

Bitcoin

Buy Scenario

I plan to buy Bitcoin today upon reaching the entry point at $92,180, targeting a rise to $94,000. Around $94,000, I will exit purchases and sell immediately on a rebound. Important! Before buying on a breakout, ensure the Stochastic indicator is near the lower boundary around the 20 level.

Sell Scenario

I plan to sell Bitcoin today upon reaching the entry point at $91,220, targeting a decline to $88,870. Around $88,870, I will exit sales and buy immediately on a rebound. Important! Before selling on a breakout, ensure the Stochastic indicator is near the upper boundary around the 80 level.

Exchange Rates 19.11.2024 analysis

Ethereum

Buy Scenario

I plan to buy Ethereum today upon reaching the entry point at $3,151, targeting a rise to $3,247. Around $3,247, I will exit purchases and sell immediately on a rebound. Important! Before buying on a breakout, ensure the Stochastic indicator is near the lower boundary around the 20 level.

Sell Scenario

I plan to sell Ethereum today upon reaching the entry point at $3,113, targeting a decline to $3,025. Around $3,025, I will exit sales and buy immediately on a rebound. Important! Before selling on a breakout, ensure the Stochastic indicator is near the upper boundary around the 80 level.

Miroslaw Bawulski
Analytical expert of InstaForex
© 2007-2024

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