Originally published on: November 04, 2024
Are you ready for a rollercoaster ride in the market this week? Bitcoin is showing signs of aiming for a new all-time high amid the United States Presidential elections and the Federal Reserve’s interest rate decision. Excited to see what this volatility brings? Let’s analyze the possibilities ahead.
According to Daan Crypto Trades, a pseudonymous trader, Bitcoin may witness a significant move of at least 10% in either direction based on the election results. CoinShares’ Digital Asset Fund Flows Weekly Report highlights the bullish sentiment among investors, with a massive $2.2 billion inflow into digital investment products last week, predominantly in Bitcoin.
However, amidst the enthusiasm, some experts are predicting a sell-off post-election. QCP Capital has cautioned its followers about a potential Bitcoin price plunge resembling the Nashville Bitcoin conference.
On the other side of the spectrum, there’s a glimmer of hope for a relief rally in the Bitcoin market. The big question looms – will altcoins follow suit? Let’s break down the current scenarios on the charts to decipher the potential outcomes.
SPX Preview: The S&P 500 Index is facing challenges below the 20-day exponential moving average, indicating a weakening bullish momentum. Bulls need to defend crucial support levels to avoid a dive to new lows.
DXY Insights: The US Dollar Index game is afoot with a rebound off the 20-day EMA, but the bears are relentless. A breach in key levels could trigger further downside moves.
BTC Drama Continues: Bitcoin’s battle near the 20-day EMA suggests a struggle to maintain a positive stance. Key support levels must be upheld to prevent a plunge.
ETH Exploration: Ether is under bearish pressure, striving to survive the symmetrical triangle pattern. A break below support could signify more downside risk.
BNB Mystery Unfolds: Binance Coin trapped within a wide range is showcasing buying dips and selling rallies trends. The pair’s ability to hold above key support will determine its next move.
SOL Unveiled: Solana’s descent below breakout levels could hint at more downside implications. Buyers must strategize to push the price back above crucial hurdles for a potential uptrend.
XRP Battle: Ripple is locked in a combat zone near $0.50 support, amid bears’ dominance. A breakthrough above key levels could pave the way for a favorable rally.
DOGE Strength: Dogecoin is seeking to establish a base near the 20-day EMA, indicating buyer interest. However, a firm breakout is crucial to initiate an upward trajectory.
TON Mystery Unfolds: TON Coin’s precarious position within crucial support levels requires a firm push to defy the impending bearish signs and initiate a rally.
ADA Journey Continues: Cardano’s rejection from key resistance levels calls for a retest of support ranges. A break below critical levels could spell trouble for the ADA/USDT pair.
With the market dynamics heating up, it’s time to buckle up for a thrilling week ahead. Stay tuned for the latest updates and keenly assess the charts to make informed decisions. Trading amidst volatility requires a strategic approach and a keen eye on the unfolding market scenarios. Let’s navigate the waves together towards potential profitable ventures.
