Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance

General analysis

• bitcoin hit a new all-time high for the second consecutive trading session, continuing to fuel bullish momentum.
• ethereum successfully broke its strongest resistance. Will it continue to rise more?

bitcoin Chart Analysis

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btc/USD 15-minute chart (Source: TradingView)

On November 6, 2024, during the trading session, bitcoin reached a new high of $76,004 and showed a strong upward movement. However, the market was very volatile, making it difficult for traders due to the ongoing US elections. The market was choppy in the first half, with significant swings.

On an hourly time frame, prices are currently rising within a channel. The RSI is in the ideal zone, which makes it favorable for accumulation. At the current level, the price is looking for support and trying to rise.

At a time interval of 15 minutes, clear swing formations are seen. Currently, the price is moving within a rising wedge pattern and supporting the trend line. When the price forms such a pattern, it can facilitate trade entries for traders.

If you are looking for an input activator, consider the following:

• If the price receives support from the trend line, an entry can be made targeting the resistance trend line, with a trailing stop below the previous low.
• If the price breaks below the trend line and sustains below $74,318, a sell entry could be made with a stop loss above the previous high and a target of $71,574.

ethereum Chart Analysis

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eth/USD 15-minute chart (Source: TradingView)

On November 6, 2024, ethereum rose and reached its resistance level. The price is rising, supported by the trend line, and has successfully broken the strong resistance zone between $2,774 and $2,719.

On a daily chart, the price of the crypto giants has crossed a strong zone where it has been consolidating for the last 5 months. The daily price has not yet closed above $2,774. If it holds above this level, more buying opportunities may arise on a daily basis, which could turn ethereum's sideways trend into an uptrend.

Currently, on the 15-minute time frame, the price is rising, supported by the trendline, although it faces a rejection near $2,821, a resistance area. Entry triggers are available from 15 minute periods to daily. 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 low target of 1:2.
• If the price breaks the support trend line in the 15-minute period and closes below $2,719, a sell entry could be made. Additionally, traders should set a stop loss above the previous high, targeting $2,422.
• If, in the 15-minute time frame, the price finds support at the trend line, a buy entry could be made on the rejection candle. This entry should have a stop loss below the previous low, with targets at the $2,924 and $3,000 levels.