Key Findings: BTC Technical Analysis
- Bitcoin prices jumped following Trump’s election victory on November 5.
- A 25-point rate cut on November 7 boosted Bitcoin, reaching a record high above $76,800.
- BTC/USD nears the $80,000 resistance, with $75,000 as critical support to maintain momentum.
Bitcoin Technical Analysis—BTC Daily Chart
Donald Trump’s victory in the November 5 polls served as the initial catalyst for the recent week-long increase in the price of bitcoin.
On November 7, however, the US Federal Reserve (Fed) issued a 25 basis point rate drop, which accelerated the bullish momentum in the cryptocurrency market.
The accompanying graphic illustrates how, after the rate cut decision, the price of Bitcoin shot to a new all-time high above $76,800. Bitcoin avoided an early decline thanks to new momentum created by the Fed’s rate decrease announcement on Thursday.
The $80,000 milestone price level represents the next significant resistance level for Bitcoin in terms of upward price movements.
If $75,000 is not held, Bitcoin may decline back toward the 50-EMA, which is at $67,867. As of this writing on November 10, Bitcoin is up 17% from its opening price of $67,866 on election day, November 5, and is currently trading at $79,355.
Key Findings: ETH Technical Analysis
- Ethereum may retest the $3,296 resistance if it holds steady above the $3K support zone.
- The daily RSI approaches the oversold zone, signaling a possible short-term correction.
- ETH/USD might pull back near $2,815 before rallying towards the $3.5K level.
Ethereum Technical Analysis—ETH Daily Chart
Ethereum may rise to test the resistance level around $3,296 if it sustains above the current suppport zone ($3K-$3.2K). However, ETH can drop to the $2,815 support level if it is rejected at this point.
On the daily chart, the Relative Strength Index (RSI) is attempting to test its oversold line. A brief corrective could result from a cross into this area.
Since August 5, all upward price movement has been constrained by the 50-day EMA, which ETH is trying to surpass on the weekly chart. Before aiming for the ATH, ETH may turn the $3,296 resistance into a support and rally to meet its annual high resistance of $4,093 if it breaks above the immediate barriers.
