Crypto outlook | Strong positive momentum due to US election

Fundamental data:

Crypto markets have reacted positive after the US election. With the election of Donald Trump tokens have reacted positive. Fresh upside momentum might be seen due to the election having passed now and Trump being elected. He has been an advocate for digital tokens in general, which seems to elevate trends of this sector. That said, also the general mood of investors in equities turned bullish again. Indices ended the week positive helping the general sentiment of investors.

Bitcoin was able to trade beyond the USD 77,000 level, which marked a 15% increase in prices last week, whereas the recent rate cut of the Fed suggest that cheaper funding might also support the positive market sentiment moving forward.

Technical analysis:

– BTC: Bitcoin is trading at USD 76,600. The weekly chart marked a clear break of the recent technical resistance pattern. The technical pinbar candlestick pattern, marked below in orange color, should have suggested a fallback to lower levels below the USD 70.000 level.

Yet due to the election of Trump in the US, the market sentiment turned positive again causing prices to rise. Any potential retracement to lower levels might be used as entry levels to the upside. However, if the price falls back below the USD 67,550 zone, downside momentum might resume causing this market to turn negative.

– ETH: Ethereum is trading at USD 3,035.00. Also, Ethereum was able to gear up steam causing the recent momentum to turn strongly positive. The market has been rising off the back of the current support zone, which can be found at USD 2,500.00. This is also there the rising trendline in blue color can be found acting as further support.

Only a break below that zone might ignite market sentiment to turn lower. The positive sentiment might now head towards the USD 3,300.00 and further towards the USD 3,750.00 level.

– XRP: Ripple is trading at USD 0.5530. The daily chart significantly shows the positive market impact from the US election. As price has previously traded below the falling trendline in blue color the news caused the upside to be unleashed.

Since the technical resistance level of USD 0.5500 has now been broken, fresh upside momentum might now follow. Levels to watch, which might act as next resistance, can be found above.

– LTC: Litecoin is trading at USD 73.85 and has also been able to capitalize after the US election. After the market sentiment had been disappointing, now further positive momentum might be found.

In particular a breakout above the USD 75.00 level might offer further positive market momentum. The price might then start to push towards the USD 90.00 zone. Long-term charts also suggest the upside momentum might continue.

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