What is going on with the crypto market?
Following all-time highs last week, Bitcoin and Ethereum would need to break out from last week’s highs to prevent a decline in the next week.
Bitcoin (BTC)- After many cryptocurrencies hit new all-time highs, hodlers expect Bitcoin price movement to become positive. Despite major wallet investors selling their holdings, Bitcoin liquidity on exchanges has steadily declined. According to market response, the BTC price will continue to rise to a new all-time high.
Analysts estimate Bitcoin price to rise beyond RM 265,990.00, with Ethereum, Solana, and Shiba Inu setting new all-time highs. The price level has climbed skyrocketed RM 265,990.00 in recent market action, pushing Bitcoin price to new all-time highs versus USD Tether. For Bitcoin to make a recovery, the bullish views this level to be essential.
The bullish sentiment for BTC pricing was strengthened by Bitcoin’s recent resurgence above RM 253,524.00. Based on the latest market trend and the upcoming Taproot update, on-chain experts predict a year-end objective of RM 415,586.00 for Bitcoin to be the gloomy or “worst-case scenario.” Market participants claimed that the BTC price forecast works like clockwork and that RM 415,586.00 is likely before the current bull run ends.
Although supporters are eager for a Bitcoin price decline, some say that the chances of hitting the perfect bottom in BTC are fewer than hitting the jackpot.
Chart provided by TradingView
Ethereum (ETH)- The price of Ethereum has been relatively stable since Friday. As we can see the market momentum goes on. Buyers who have been out of the market for a while may be expecting a huge price reduction before re-entering the market. A pullback to RM 16,623.00 for Ethereum would be favorable.
The price of Ethereum has fallen for the third day in a row. On November 3rd, Ethereum achieved a higher all-time high, prompting this action. This weekend, Ethereum is expected to make a push to the Kijun-Sen, an indicator and important component of the Ichimoku Kinko Hyo method of technical analysis at RM 16,623.0, marking the first test of that level since it broke above it on October 1st. Considering the extent of weekend price activity in the past, a move downward for Ethereum would be foreseen.
On the daily chart, the oscillators also indicate a move abroad. The Relative Strength Index and the Optex Bands also indicate a minor downward trajectory, but nothing as dramatic as the Composite Index. At its present angle, the Composite Index has an enormously high spike that is essentially perpendicular. Considering that the Composite Index frequently outperforms the Relative Strength Index and the Optex Bands, the extreme of its inclination indicates that a further push downward is highly probable. Nevertheless, that might not be a dreadful thing for the price of Ethereum.
Investors seem to have little excitement after setting new all-time highs at the RM 18,700.00 value level. For liquidity to return to the buy-side, a pullback is anticipated. And, from a long-term bullish position, a decline sooner than expected would be considered to prevent a deeper corrective move. If Ethereum continues to rise on that date, a correction dip below RM 16,622.00 is expected.
Alternatively, unless Ethereum can slow down the momentum and stay there around November 9th, a small swing low might be formed, providing Ethereum the time cycle and price levels needed to initiate another wave skyward.
Chart provided by TradingView.
Legal Risk Disclosure:
Trading on cryptocurrency carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you. Before deciding to trade with MX Global, you should carefully consider your investment objectives, level of experience and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor.
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
MX Global Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.