Trading tips for crypto market on November 14 (North American session)

[Ben Graham]

Bitcoin has already dropped below $97,000. Interestingly, it seems that even at these levels, there aren't many willing buyers. Ethereum also remains below $3,200, which opens the road toward the $3,000 area.

While crypto traders and investors are living through far from their best day, leading figures of the crypto industry and major political personalities are trying to inject at least some optimism.

After Bitcoin fell below $100,000, Michael Saylor posted a message saying that the current volatility is a gift for those who believe. Eric Trump is also unfazed, insisting that BTC is the best protection against inflation and corruption.

However, despite the positive statements, the market is dominated by uncertainty. Above all, this is tied to technical factors. Many traders are panic-selling their assets out of fear of further decline. In moments like these, it's important to stay calm and avoid emotional decisions. Analyze the situation, study the charts, and assess your risks. Remember that the cryptocurrency market is known for its volatility, and both sharp rises and deep corrections are an integral part of it.

Fundamental factors also matter. Institutional interest in cryptocurrencies remains, although fresh capital has not yet begun flowing into the market. The most reasonable approach now may be portfolio diversification and a long-term investment strategy, which can help weather periods of volatility and realize profits later.

As for my intraday strategy in the crypto market, I will continue to act based on any major dips in Bitcoin and Ether, counting on the continuation of the medium-term bullish trend, which has not disappeared.

Bitcoin

Buy scenario

Scenario #1: I will buy Bitcoin today upon reaching the entry point around $97,400, targeting growth toward $99,800. Near $99,800, I will exit long positions and sell immediately on the rebound. Before buying on a breakout, it's necessary to ensure that the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Bitcoin may be bought from the lower border at $96,100 if there is no market reaction to a downside breakout, targeting $97,400 and $99,800.

Sell scenario

Scenario #1: I will sell Bitcoin today upon reaching the entry point around $96,100, targeting a decline toward $94,500. Near $94,500, I will exit short positions and buy immediately on the dip. Before selling on a breakout, it's necessary to ensure that the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Bitcoin may be sold from the upper border at $97,400 if there is no market reaction to an upside breakout, targeting $96,100 and $94,500.

Ethereum

Buy scenario

Scenario #1: I will buy Ethereum today upon reaching the entry point around $3,212, targeting growth toward $3,350. I will exit long positions near $3,350 and sell immediately on the rebound. Before buying on a breakout, it's necessary to ensure that the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Ethereum may be bought from the lower border at $3,123 if there is no market reaction to a downside breakout, targeting $3,212 and $3,350.

Sell scenario

Scenario #1: I will sell Ether today upon reaching the entry point around $3,123, targeting a decline toward $2,991. Near $2,991, I will exit short positions and buy immediately on the dip. Before selling on a breakout, it's necessary to ensure that the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Ether may be sold from the upper border at $3,212 if there is no market reaction to an upside breakout, targeting $3,123 and $2,991.

The material has been provided by InstaForex Company - www.instaforex.com