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No one wants to sell Bitcoin and Ethereum even at current highs—for now. These trading instruments' lack of active upward movement will likely lead to a major sell-off or a decent correction. Without such a correction, the chances of Bitcoin reaching a new all-time high are pretty slim.
Among the positive technical signals, the most notable is the MACD histogram moving into positive territory for the first time since April of this year. This can be seen on the weekly chart, indicating a resumption of the upward trend and suggesting a bullish resolution to the prolonged period of Bitcoin trading between $50,000 and $70,000.
This positive technical outlook aligns with the consensus that the Federal Reserve's renewed inclination to lower rates and the increasing likelihood of Republican Party candidate Donald Trump winning the U.S. elections on November 5 could positively impact the entire cryptocurrency market. As a result, Bitcoin might reach around $100,000 by the end of December. There are currently more positive signals than negative ones, such as geopolitical tensions, so it is best to follow the trend.
For intraday trading in the cryptocurrency market, I will focus on any significant dips in Bitcoin and Ethereum, aiming to capitalize on continuing the medium-term bullish trend, which has not gone anywhere.
The strategy and conditions for short-term trading are detailed below.
Buy Scenario
Today, I plan to buy Bitcoin upon reaching the entry point around $69,192, targeting a rise to $70,419. Around $70,419, I will exit from buying and sell immediately on the rebound. Before buying on a breakout, it's best to ensure that the Stochastic indicator is near its lower boundary, around the 20 level.
Sell Scenario
Today, I plan to sell Bitcoin upon reaching the entry point of around $68,512, targeting a drop to $67,500. Around $67,500, I will exit selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.
Buy Scenario
Today, I plan to buy Ethereum upon reaching the entry point around $2,746, targeting a rise to $2,802. Around $2,802, I will exit from buying and sell immediately on the rebound. Before buying on a breakout, ensure the Stochastic indicator is near its lower boundary, around the 20 level.
Sell Scenario
Today, I plan to sell Ethereum upon reaching the entry point around $2,724, targeting a drop to $2,657. Around $2,657, I will exit selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
