The Revenue Rises
Trending Now
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
DP Trading Room: Key Support Levels for the...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Stock Market News UK Update: FTSE 100 &...
Retirees ‘stunned’ as market turmoil over tariffs shrinks...
Week Ahead: NIFTY Set To Open Lower; Relative...
Market Drop Compared to 2020: What You Need...

The Revenue Rises

Economy

Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance

by admin November 9, 2024
November 9, 2024
Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance

Overall Analysis

  • Bitcoin reached a new all-time high for the second consecutive trading session, continuing to fuel upside momentum.
  • Ethereum successfully broke through its strongest resistance. Will it continue to rally further?

Bitcoin Chart Analysis

BTC/USD 15-Minute Chart (Source: TradingView)

On November 6, 2024, during the trading session, Bitcoin hit a new high of $76,004 and showed a strong upward move. However, the market was highly volatile, making it challenging for traders due to the ongoing US election. The market was choppy in the first half, with significant swings.

On an hourly time frame, prices are currently moving up within a channel. The RSI is in the ideal zone, making it favourable for accumulation. At the current level, the price is taking support and attempting to move higher.

On a 15-minute time frame, clear swing formations are visible. The price is currently moving within a rising wedge pattern and taking support from the trendline. When the price forms such a pattern, it can facilitate trading entries for traders.

If you’re looking for an entry trigger, consider the following:

  • If the price takes support from the trendline, entry can be made targeting the resistance trendline, with a trailing stop below the previous swing low.
  • If the price breaks below the trendline and sustains under $74,318, a sell-side entry could be made with a stop loss above the previous swing high and a target of $71,574.

Ethereum Chart Analysis

ETH/USD 15-Minute Chart (Source: TradingView)

On November 6, 2024, Ethereum surged upward, reaching its resistance level. The price is rising, supported by the trendline, and has successfully broken through the strong resistance zone of $2,774 to $2,719.

On a daily time frame, the crypto giants’ price has broken through a strong zone where it has been consolidating for the past 5 months. The daily price has not closed above $2,774 yet. If it sustains above this level, more buy-side opportunities may arise daily, potentially turning Ethereum’s sideways trend into an uptrend.

Currently, on the 15-minute time frame, the price is moving up, supported by the trendline, though it faces rejection near $2,821, a resistance area. Entry triggers are available from the 15-minute to daily time frames. Here are some triggers to consider:

  • If Ethereum closes above $2,774 on the daily time frame, positional traders could consider an entry. They should place a stop loss below the breakout candle and aim for a 1:2 minimum target.
  • If the price breaks the supporting trendline on the 15-minute time frame and closes below $2,719, a sell-side entry could be made. Furthermore, Traders should set a stop loss above the previous swing high, with a target of $2,422.
  • If, on the 15-minute time frame, the price takes support on the trendline, a buy-side entry could be made on the rejection candle. This entry should have a stop loss below the previous swing low, with targets at $2,924 and $3,000 levels.

The post Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance appeared first on FinanceBrokerage.

previous post
Bitcoin Hits $76,825; Ethereum Breaks Key Resistance
next post
Warner Bros. Discovery adds 7.2 million Max subscribers, the streamer’s largest single-quarter jump

Related Posts

Euro index continues its sideways consolidation on Monday

August 13, 2024

SoundHound AI Stock Drops: Q2 2024 Nvidia Portfolio...

August 20, 2024

The price of Bitcoin rose to a new...

October 16, 2024

S&P 500 and Nasdaq fall on Tuesday under...

October 17, 2024

S&P 500 and Nasdaq: new July lows for...

July 27, 2024

S&P 500 and Nasdaq: Another all-time high for...

September 30, 2024

Oil Breaks Key Pattern: Oil Volatility & Natural...

November 12, 2024

USDCHF and USDJPY: USDJPY continues bullish consolidation

August 31, 2024

Falling Stock, Nvidia Braces for Critical Earnings Report

August 28, 2024

SMR Stock Is Plunging as the SEC Demands...

August 15, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • DP Trading Room: Key Support Levels for the SPY
    • Stock Market News UK Update: FTSE 100 & 250 Rise
    • Stock Market News UK Update: FTSE 100 & 250 Rise

    Popular Posts

    • 1

      Polls show some good early signs for Kamala Harris

      July 26, 2024
    • 2

      Solana and Cardano: Solana is waiting for a new impulse

      July 18, 2024
    • 3

      The presidential race shifts — modestly, so far — toward Harris

      August 6, 2024
    • 4

      Donald Trump’s imaginary and frightening world

      September 23, 2024
    • 5

      DP Trading Room: PMO Sort on Earnings Darlings

      July 18, 2024

    Categories

    • Business (663)
    • Economy (965)
    • Politics (873)
    • Stocks (749)

    Disclaimer: therevenuerises.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 The Revenue Rises. All Rights Reserved.