FX.co ★ Trading Recommendations for the Cryptocurrency Market on November 21

Bitcoin and Ethereum continue to rise. At the start of the Asian trading session, BTC was trading above $98,000, less than 5% below the milestone of $100,000, which could push its market capitalization beyond $2 trillion.

Bitcoin's momentum shows no signs of slowing down as the rally triggered by the Republican victory earlier this month continues. Despite significant Bitcoin sales by major players—approximately 125,000 BTC sold in recent days—these actions have been absorbed by inflows into ETFs, which are providing much-needed liquidity in the market.

Over the past 14 days, Bitcoin has risen by nearly 30%, fueled by a pro-crypto U.S. government and a new round of Federal Reserve rate cuts, which have rekindled traders' risk appetite. The growing interest in the recently launched BlackRock IBIT options has also prompted traders to increase their long positions.

Reports suggest that Trump's transition team is considering Teresa Goody Guillen, a partner at the law firm BakerHostetler and a blockchain leader, among several candidates for the next SEC chairperson. Meanwhile, the first-day trading volume of IBIT options reached $2 billion, highlighting a shift in the market structure.

Numerous economic studies and analyses of current trends have shown that investment growth in the cryptocurrency market is expected to continue. Experts note that tax policy changes and deregulation could boost consumer and business confidence, leading to increased spending. Banks and analysts predict that Bitcoin's price could reach $200,000 next year.

For intraday strategies in the cryptocurrency market, I will continue relying on significant dips in Bitcoin and Ethereum to position for the continuation of the medium-term bullish trend, which remains intact.

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

Bitcoin

Buy Scenario:

I will buy Bitcoin today if the entry point reaches $97,990, targeting a rise to $100,000. Near $100,000, I plan to exit purchases and sell immediately on a pullback. Before buying on a breakout, ensure the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario:

I will sell Bitcoin today if the entry point reaches $96,470, targeting a drop to $94,290. Near $94,290, I plan to exit sales and buy immediately on a pullback. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, around the 80 level.

Ethereum

Buy Scenario:

I will buy Ethereum today if the entry point reaches $3,133, targeting a rise to $3,201. Near $3,201, I plan to exit purchases and sell immediately on a pullback. Before buying on a breakout, ensure the Stochastic indicator is at the lower boundary, around the 20 level.

Sell Scenario:

I will sell Ethereum today if the entry point reaches $3,092, targeting a drop to $3,022. Near $3,022, I plan to exit sales and buy immediately on a pullback. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, around the 80 level.