empty
21.11.2024 10:20 AM
Trading Recommendations for the Cryptocurrency Market on November 21

Bitcoin and Ethereum continue to rise. At the start of the Asian trading session, BTC was trading above $98,000, less than 5% below the milestone of $100,000, which could push its market capitalization beyond $2 trillion.

Bitcoin's momentum shows no signs of slowing down as the rally triggered by the Republican victory earlier this month continues. Despite significant Bitcoin sales by major players—approximately 125,000 BTC sold in recent days—these actions have been absorbed by inflows into ETFs, which are providing much-needed liquidity in the market.

This image is no longer relevant

Over the past 14 days, Bitcoin has risen by nearly 30%, fueled by a pro-crypto U.S. government and a new round of Federal Reserve rate cuts, which have rekindled traders' risk appetite. The growing interest in the recently launched BlackRock IBIT options has also prompted traders to increase their long positions.

Reports suggest that Trump's transition team is considering Teresa Goody Guillen, a partner at the law firm BakerHostetler and a blockchain leader, among several candidates for the next SEC chairperson. Meanwhile, the first-day trading volume of IBIT options reached $2 billion, highlighting a shift in the market structure.

Numerous economic studies and analyses of current trends have shown that investment growth in the cryptocurrency market is expected to continue. Experts note that tax policy changes and deregulation could boost consumer and business confidence, leading to increased spending. Banks and analysts predict that Bitcoin's price could reach $200,000 next year.

For intraday strategies in the cryptocurrency market, I will continue relying on significant dips in Bitcoin and Ethereum to position for the continuation of the medium-term bullish trend, which remains intact.

For short-term trading, the strategy and conditions are outlined below.

This image is no longer relevant

Bitcoin

Buy Scenario:

I will buy Bitcoin today if the entry point reaches $97,990, targeting a rise to $100,000. Near $100,000, I plan to exit purchases and sell immediately on a pullback. Before buying on a breakout, ensure the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario:

I will sell Bitcoin today if the entry point reaches $96,470, targeting a drop to $94,290. Near $94,290, I plan to exit sales and buy immediately on a pullback. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, around the 80 level.

This image is no longer relevant

Ethereum

Buy Scenario:

I will buy Ethereum today if the entry point reaches $3,133, targeting a rise to $3,201. Near $3,201, I plan to exit purchases and sell immediately on a pullback. Before buying on a breakout, ensure the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario:

I will sell Ethereum today if the entry point reaches $3,092, targeting a drop to $3,022. Near $3,022, I plan to exit sales and buy immediately on a pullback. Before selling on a 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
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin in the Eye of the Inflationary Storm

At the beginning of the week, the price of Bitcoin experienced a sharp drop, falling to $94,000 after the release of the U.S. Consumer Price Index (CPI) data for January

Ekaterina Kiseleva 23:45 2025-02-13 UTC+2

BTC/USD Analysis – February 13th: The Fed Unintentionally Supports Bitcoin

The wave structure on the 4-hour chart for BTC/USD remains clear and structured. Following a prolonged and complex corrective pattern (a-b-c-d-e) from March 14 to August 5, a new impulsive

Chin Zhao 11:19 2025-02-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on February 13

Bitcoin and ether are falling again after a brief increase yesterday, suggesting that the development of a bull market is in a precarious position. Many traders have been closely monitoring

Miroslaw Bawulski 10:12 2025-02-13 UTC+2

Bitcoin Losing Investor Support: A Sell Signal?

Bitcoin has dropped to around $95,000 per coin. More significantly, the Coinbase premium index has recorded a negative value for the first time since February. This index compares the price

Ekaterina Kiseleva 23:36 2025-02-12 UTC+2

Diverging Opinions on Cryptocurrency Regulation

While Bitcoin and Ethereum are contemplating their next moves, U.S. lawmakers remain divided on the regulation of stablecoins and cryptocurrencies, highlighting ongoing disagreements on the matter. The situation has been

Jakub Novak 14:35 2025-02-12 UTC+2

Trading Recommendations for the Cryptocurrency Market on February 12

Bitcoin and Ethereum are currently facing challenges, as both assets approach critical support levels that will test the resilience of investors and traders. For Bitcoin, this support level

Miroslaw Bawulski 10:40 2025-02-12 UTC+2

BTC/USD Analysis – February 12th: Bitcoin Gathers Strength Ahead of a New Rally

The wave analysis of the 4-hour BTC/USD chart is straightforward. Following a prolonged and complex a-b-c-d-e corrective structure (from March 14 to August 5), a new impulsive wave began forming

Chin Zhao 10:16 2025-02-12 UTC+2

Bitcoin and Ethereum perk up

Following the same well-trodden path, Bitcoin and Ethereum have returned to growth after a fairly long pause and a period of low volatility observed over the past weekend. Since

Jakub Novak 09:22 2025-02-11 UTC+2

Wave analysis of BTC/USD on February 11. Bitcoin trapped in range-bound market

The wave structure of the 4-hour chart for BTC/USD appears completely clear. After a long and complex a-b-c-d-e corrective structure, which formed between March 14 and August

Chin Zhao 07:35 2025-02-11 UTC+2

Crypto market to deal with another challenge

Mixed US labor market data at the end of last week initially favored Bitcoin and other digital assets, but the momentum fizzled out over the weekend. As a result

Jakub Novak 09:44 2025-02-10 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.