Crypto outlook | Will the upside be limited now? – US election may decide

Fundamental data

Last week the crypto market started with positive momentum, causing most tokens to move to higher levels. Bitcoin’s breakout higher might have caused positive signs as well for other tokens, whereby the market throughout the week started to resume some negative sentiment, mostly follow the equities sector. Important will also be the upcoming US election as this could shape markets. Donald Trump, who stated previously to support the crypto space, might cause the positive sentiment to continue, whereas Kamala Harris might bring negative sentiments to markets, following the recent setbacks alongside fallings equities. This upcoming week might hence add fresh volatility to the sector in general.

Technical analysis:

– BTC: Bitcoin is trading at USD 70,063 and was hence able to break above the important psychological zone at USD 70,000. However, the market failed to even push way beyond this zone. After the breakout higher, the positive momentum seemingly faded causing the market sentiment to be rather negative. A new all- time- high was not formed. Only if the market can trade beyond the USD 74,000 level more upside momentum might be seen.

Vice versa a break of the blue- colored trendline line might initiate the selling pressure to intensify. Prices could then proceed towards the early USD 60,000 range.

– ETH: Ethereum is trading at USD 2,524. Bitcoin was recently able to breakout above the USD 70,000 range whereas ETH was lagging behind. As we pointed out here several times, ETH oftentimes lags behind in such case. Currently the market even looks like it would be ready to lose more momentum and proceed to lower levels.

Should the price break the rising support trend line at 2,475 further downside momentum should be expected. This might happen, should Kamala Harris face the strong likelihood of being elected as new President in the US.

– XRP: Ripple is trading at USD 0.5170. The altcoin ended trading in October at lower levels. The bearish sentiment could now also be a reason that falling prices might continue. We hence like to focus on the monthly charting pattern.

Currently Ripple seems well supported by the psychological price level of 0.5000, which also marks the long- term rising trendline. Any break of that one might lead to prices heading to the downside. The ongoing lawsuits might also make positive sentiment very difficult. Only a price above the 0.6500 zone would change such view.

– LTC: Litecoin is trading at USD 70.05. Without strong positive momentum the market was still able to end the month of October in positive territory. Also, the rising trendline in blue color at the chart below might add to the positive sentiment.

However, in order to break to higher levels LTC also needs to move to the upside now to unleash further positive momentum. Then the 100.00 USD level might be in reach causing the positive sentiment to intensify.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.