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07.11.202410:09 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on November 7

Relevance up to 00:00 2024-11-08 UTC--5

Trump won the US election, in which bitcoin and ether reacted with solid growth. The world's first cryptocurrency hit an all-time high of around $76,000, while Ethereum gained over 8% today.

Exchange Rates 07.11.2024 analysis

What can help the market grow further? First, the Federal Reserve's meeting results, expected today, could boost the market. Traders anticipate a 0.25% rate cut, which is historically favorable for assets like BTC. Lower interest rates typically weaken the dollar, driving investors toward alternative investments. Traders will closely watch Federal Reserve Chair Jerome Powell's signals regarding further rate cuts to stimulate the economy. Any indications of continued easing could prompt more Bitcoin buying.

Another event that could push the crypto market higher is the anticipated resignation of SEC Chairman Gary Gensler, a staunch cryptocurrency opponent. Trump has pledged to announce this on his first day as U.S. president—today could be that day.

As for the intraday strategy on the cryptocurrency market, I will continue to act, also relying on any major drawdowns of bitcoin and ether in the expectation that the bull market will continue to develop in the medium term, which has not gone anywhere.

Short-term trading strategy and conditions are detailed below.

Exchange Rates 07.11.2024 analysis

Bitcoin (BTC)

Buy Scenario:

I plan to buy Bitcoin today at an entry point of $75,230, targeting a rise to $76,930. Near $76,930, I'll exit long positions and open short trades, expecting a pullback. Important: Before buying, ensure the Stochastic indicator is near the lower boundary (around level 20).

Sell Scenario:

I plan to sell Bitcoin today at an entry point of $74,540, targeting a decline to $72,860. Near $72,860, I'll exit short positions and open long trades, expecting a pullback. Important: Before selling, ensure the Stochastic indicator is near the upper boundary (around level 80).

Exchange Rates 07.11.2024 analysis

Ethereum (ETH)

Buy Scenario:

I plan to buy Ethereum today at an entry point of $2,889, targeting a rise to $3,002. Near $3,002, I'll exit long positions and open short trades, expecting a pullback. Important: Before buying, ensure the Stochastic indicator is near the lower boundary (around level 20).

Sell Scenario:

I plan to sell Ethereum today at an entry point of $2,819, targeting a decline to $2,689. Near $2,689, I'll exit short positions and open long trades, expecting a pullback. Important: Before selling, ensure the Stochastic indicator is near the upper boundary (around level 80).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Miroslaw Bawulski,
Analytical expert of InstaSpot
© 2007-2024
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