Recommendations for Trading in the Cryptocurrency Market on November 14

Bitcoin has fallen below $100,000, which is a rather alarming signal for traders. Ethereum is also trading around $3,100, preparing to test the $3,000 mark soon.

The sharp decline in the stock markets pulled the cryptocurrency market down yesterday, which is not particularly surprising. According to CryptoQuant and Glassnode, sales by long-term BTC holders are rising, putting strong pressure on the market. However, there are still no buyers, which previously included various spot ETFs, so don't be surprised if we see Bitcoin at $90,000 or even $80,000 in the coming days.

The pressure exerted by long-term holders is due to several factors. First, it is the realization of profits following significant price increases in Bitcoin over the previous months. Second, macroeconomic uncertainty and concerns regarding ongoing tight monetary policies compel investors to offload risky assets, including cryptocurrencies. The lack of demand from spot ETFs also exacerbates the situation. Previously, these ETFs were a significant source of liquidity and supported Bitcoin's price. However, regulatory delays and uncertainty regarding the approval of new ETFs have led to reduced investor interest and, consequently, a drop in demand.

In the current situation, Bitcoin is threatened by a further correction. If selling pressure does not ease and buyers do not return to the market, it is quite likely that BTC's price will decline further. Traders should exercise caution and consider the high risks associated with cryptocurrency trading.

Nevertheless, the long-term outlook for Bitcoin remains positive. Many experts still believe in the potential of cryptocurrencies and expect that BTC will grow again in the future. However, in the short term, heightened volatility and the possibility of further price declines should be anticipated.

Regarding the intraday strategy in the cryptocurrency market, I will also rely on any significant dips in Bitcoin and Ethereum, anticipating the continuation of a bull market in the medium term, which has not gone away.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buying Scenario

Scenario No. 1: I will buy Bitcoin today when it reaches the entry point around $97,400, targeting a move to $99,800. Around $99,800, I will exit my purchases and sell immediately on a rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Buying Bitcoin can be considered at the lower boundary of $96,100 if there is no market reaction to its breakout back to $97,400 and $99,800.

Selling Scenario

Scenario No. 1: I will sell Bitcoin today when it reaches the entry point around $96,100, targeting a drop to $94,500. Around $94,500, I will exit my sales and buy immediately on a rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.

Scenario No. 2: Selling Bitcoin can be considered at the upper boundary of $97,400 if there is no market reaction to its breakout back to $96,100 and $94,500.

Ethereum

Buying Scenario

Scenario No. 1: I will buy Ethereum today when it reaches the entry point around $3,212, targeting a move to $3,350. Around $3,350, I will exit my purchases and sell immediately on a rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Buying Ethereum can be considered at the lower boundary of $3,123 if there is no market reaction to its breakout back to $3,212 and $3,350.

Selling Scenario

Scenario No. 1: I will sell Ethereum today when it reaches the entry point around $3,123, targeting a drop to $2,991. Around $2,991, I will exit my sales and buy immediately on a rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.

Scenario No. 2: Selling Ethereum can be considered from the upper boundary of $3,212 if there is no market reaction to its breakout back to the levels of $3,123 and $2,991.