30s Summary

The US Presidential elections and Federal Reserve’s interest rate decision could cause Bitcoin to hit an all-time high, according to Crypto trader Daan Crypto Trades. Prior to the elections, Bitcoin saw a significant increase in investment. However, QCP Capital suggests the price may drop post-election. Meanwhile, the market for other cryptocurrencies is fluctuating, with each showing varied responses to bearish and bullish pressures throughout the week. The article concludes by reminding readers of the inherent risks of investing in financial markets.

Full Article

So, there are signs that Bitcoin might hit an all-time high this week. The US Presidential elections and the Federal Reserve’s interest rate decision are two big events that could shake things up.

A crypto trader known as Daan Crypto Trades has said that Bitcoin could swing at least 10% either way depending on who wins the Presidential elections.

Going into the elections, many investors are expecting Bitcoin prices to rise. Last week, a whopping $2.2 billion was pumped into digital investment products, with most of it going into Bitcoin.

Not everyone thinks prices will keep rising though. Trading firm QCP Capital has warned its Telegram channel subscribers that Bitcoin prices might drop after the elections, similar to what happened after the Nashville Bitcoin conference.

But what about other cryptocurrencies? Let’s take a look.

The S&P 500 Index dropped below the 20-day Exponential Moving Average (5,778) on Oct. 31, showing that bullish momentum is weakening. The US Dollar Index rebounded off the 20-day EMA (103.56) on Nov. 1, but didn’t manage to sustain the jump.

As for Bitcoin, buyers bought the dip below the 20-day EMA ($68,259) on Nov. 3 but are struggling to keep up the momentum.

Ether, the second-largest cryptocurrency by market cap, is trying to stay above its symmetrical triangle pattern’s support line, but the bears keep bearing down.

BNB, which operates within a big range between $460 and $635, suggests buying on dips and selling on rallies.

Cryptocurrency Solana slipped under the breakout level of $164 on Nov. 3, showing that the markets rejected the breakout.

XRP, the token of Ripple, is experiencing a head-to-head battle between the bulls and the bears near the $0.50 support.

Dogecoin is trying to find support at the 20-day EMA ($0.15), showing demand at lower price levels.

Toncoin is finding support between $4.72 and $4.44, but bears have yet to push the price past the moving averages.

Lastly, Cardano turned under the 50-day SMA ($0.35) on Nov. 2, suggesting that the bears continue to sell on rallies.

Alright, that’s it for now. Remember, investing in any financial market comes with risk, so do your own research before making a decision.