Bitcoin volatility may surge after the US elections, potentially affecting the trends of ETH, DOGE, LTC, and XMR.
Bitcoin's price has experienced significant volatility, especially following a breakthrough of historical highs. As traders take profits, the substantial correction has drawn attention to key support levels. The 20-day exponential moving average (EMA) is currently around $68194, and traders will closely monitor this level. If Bitcoin can rebound from this level and break above $70000, it could trigger a rally towards $72000 or even $73777, laying the groundwork for a target of $93554.
The upcoming US elections will have a significant impact on market sentiment, and if the election results are too close to call, the ensuing uncertainty could amplify market volatility. A drop below the 20-day moving average may indicate a bearish outlook, with potential declines towards the 50-day simple moving average of 65002. Conversely, establishing a solid foundation above $70000 could reignite buying interest and attract momentum for altcoins.
Ethereum recently tested the support line of a symmetrical triangle pattern, a signal that may attract buying interest. If ETH breaks above the 20-day moving average of $2550, it will confirm this message, suggesting a potential rebound to $3400. However, failing to hold the support level could weaken market sentiment, leading to a price drop to $2150 and $2110.
Dogecoin faces resistance at $0.18, recently dipping to the 20-day moving average of $0.14. If the price rises from this level, a breakout above $0.18 could see the token rebound to $0.21. On the other hand, a sustained drop below the 20-day moving average increases the likelihood of further declines towards $0.12.
Litecoin continues to trade within an ascending channel, providing some advantage to buyers. A rebound from the support line and a breakout above the 20-day moving average of $69.65 could pave the way towards resistance around $77. Conversely, a drop below the ascending channel support could indicate a short-term bearish trend, with a risk of falling to $59.
Monero's trading range has remained between $135 and $180, reflecting a balance between buying on dips and selling on highs. After breaking below key moving averages, the resilience of the bulls is crucial. If Monero can return above the moving averages, its target price might be $166, but a significant drop below $150 would increase bearish control, potentially leading to a price drop to $135.
The interaction between Bitcoin price volatility and the upcoming US elections highlights a critical moment in the cryptocurrency space. With volatility looming, investors should closely monitor key support and resistance levels of major cryptocurrencies. As the situation develops, strategic trading will be crucial. A decisive upward trend could lay the foundation for a new bullish outlook.
As the situation develops, strategic trading will be crucial. A decisive upward trend could lay the foundation for a new bullish outlook.
Intraday Bitcoin short-term outlook
68500: Long accumulation point at 67700
Risk Control: 67450
Target: Around 70000
Short at 70300
Risk Control: 70850
Target: 1000-1300 points
