empty
 
 
08.11.2024 09:49 AM
Trading Recommendations for the Cryptocurrency Market on November 8

Bitcoin has hit a new all-time high, and Ethereum surged by over 10% in a single day after the U.S. Federal Reserve reduced its federal funds rate by 25 basis points to 4.5%-4.75% on Thursday. This move followed the example of other central banks in easing monetary policy. The Fed noted that labor market conditions have generally improved since the start of the year, with unemployment rising slightly but remaining low. The press release also highlighted that inflation is nearing the committee's 2% target but has not yet reached it.

This image is no longer relevant

Following Powell's statements, Bitcoin's price climbed to $76,951, marking a new all-time high before slightly pulling back, though it still recorded a 1.6% gain over the last 24 hours. The broader CoinDesk 20 market index rose by 4.5% during the same period. U.S. stock indices also hit session highs: the S&P 500 rose 0.8%, and the tech-heavy Nasdaq gained 1.5%. Expectations for the Fed pausing rate hikes at its upcoming December meeting fell to 28% from 33%, offering further reasons to buy risk assets, including cryptocurrencies.

Bitcoin's consolidation above $74,000 is a strong bullish signal. The longer it stays above this range, the higher the chances of a bull market developing, potentially targeting $100,000 for Bitcoin.

For intraday cryptocurrency trading strategies, I plan to continue leveraging any significant dips in Bitcoin and Ethereum prices, betting on continuing the medium-term bull market that remains intact.

Below are the strategies and conditions for short-term trading.

This image is no longer relevant

Bitcoin

Buy Scenario

I plan to buy Bitcoin today at the $76,100 level, targeting a rise to $77,370. Near $77,370, I will exit long positions and sell on a pullback. Before buying on a breakout, confirm that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Bitcoin today at $75,540, targeting a decline to $74,510. Near $74,510, I will exit short positions and buy on a pullback. Before selling on a breakout, confirm that the Stochastic indicator is near the upper boundary, around the 80 level.

This image is no longer relevant

Ethereum

Buy Scenario

I plan to buy Ethereum today at $2,928, targeting a rise to $3,002. Near $3,002, I will exit long positions and sell on a pullback. Before buying on a breakout, confirm that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Ethereum today at $2,883, targeting a decline to $2,805. Near $2,805, I will exit short positions and buy on a pullback. Before selling on a breakout, confirm that the Stochastic indicator is near the upper boundary, around the 80 level.

Bitcoin
Summary
Buy
Urgency
1 day
Analytic
Maxim Magdalinin
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $5000 más!
    ¡En Noviembre, sorteamos $5000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback