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22.11.202408:53 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on November 22

Relevan hingga 01:00 2024-11-23 UTC--5

Bitcoin is one step away from $100,000. Ethereum also gained over 10% yesterday and now targets the $3,500 mark.

News that Gary Gensler will fully step down as SEC chairman on January 20, the day of Trump's inauguration, has sparked new buying activity in the cryptocurrency market. Investors interpreted this as an opportunity to potentially loosen the strict regulations enforced under Gensler's leadership. The position of the new SEC chair has drawn attention in the crypto market, as leadership changes may bring policy shifts regarding digital assets.

Exchange Rates 22.11.2024 analysis

As a result, the prices of cryptocurrencies like Bitcoin and Ethereum have risen. Investors are optimistic about softer regulations and more favorable investment conditions for crypto assets. Many experts suggest that Gensler's departure could reignite interest in cryptocurrencies among traditional players, such as pension funds and large institutional investors. However, experts also warn against excessive optimism. Even if the new SEC leadership is more lenient towards the crypto market, unresolved issues remain, such as the degree of investor protection and compliance with financial market regulations.

In his statement yesterday, Gensler emphasized that the SEC staff is deeply mission-driven, focused on protecting investors, fostering capital formation, and ensuring markets work for investors and issuers. "It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world," Gensler said.

As mentioned, the crypto market responded with robust growth, fueled by speculation that Gensler's successor might be more favorable toward crypto assets and the digital industry overall.

For intraday strategies, I will continue to base my actions on any significant pullbacks in Bitcoin and Ethereum. I expect the medium-term bullish market to remain intact.

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

Exchange Rates 22.11.2024 analysis

Bitcoin

Buy Scenario

I plan to buy Bitcoin today at the entry point around $99,487, aiming for growth to $100,300. At $100,300, I will exit purchases and sell immediately on a rebound. Before buying on a breakout, ensure the Stochastic indicator is near its lower boundary, around the 20 level.

Sell Scenario

I plan to sell Bitcoin today at the entry point around $98,470, targeting a decline to $97,000. At $97,000, I will exit sales and buy immediately on a rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.

Exchange Rates 22.11.2024 analysis

Ethereum

Buy Scenario

I plan to buy Ethereum today at the entry point around $3,415, aiming for growth to $3,510. At $3,510, I will exit purchases and sell immediately on a rebound. Before buying on a breakout, ensure the Stochastic indicator is near its lower boundary, around the 20 level.

Sell Scenario

I plan to sell Ethereum today at the entry point around $3,365, targeting a decline to $3,275. At $3,275, I will exit sales and buy immediately on a rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Miroslaw Bawulski,
Analytical expert of InstaSpot
© 2007-2024
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