Overall Analysis
- Bitcoin continues making higher highs and higher lows on the 29th Oct trading session, missing all-time highs just by 400 points.
- Ethereum continues its rally towards the upside, price took a pause from higher levels and closed sideways.
Bitcoin Chart Analysis
BTC/USD 15-Minute Chart (Source: TradingView)
On the 29th Oct 2024 trading session, Bitcoin broke out of all resistance and showed a huge rally towards the upside. The crypto king missed reaching an all-time high of just roughly 350 points.
Bitcoin kept on taking trendline support for a long time keeping its trend strong and intact. On the 30th Oct trading session price broke the trendline and went on sideways momentum.
RSI also indicated the same sideways story. Currently, this level can contribute to the creation of multiple things like a sideways market, rejection from a higher level and price moving towards an all-time high, as this is a FOMO zone.
Looking deep into the chart for the opportunity, we have a few prepared for you.
- If price again enters the supporting upside trendline, then wait for swing creation and let price come and retest the trendline. Make an entry with stop loss below trendline and targets based on trailing, as market is near all-time high.
- If price breaks $71,883 level and closes below it, then entry can be planned for the targets of $70,811 and $69,704 with stop loss of $72,585.
- If price breaks previous day’s high of $73,624 and faces rejection, then wait for the price to break $71,883 level, which will trigger double top pattern. Enter the trade with the target and stop loss mentioned in the second point.
Ethereum Chart Analysis
ETH/USD 15-Minute Chart (Source: TradingView)
On 29th Oct 2024 trading session Ethereum gave an upside momentum, continuing its previous four days bull run rally.
Price did give an upside momentum initially but took a pause in an area for several hours. The halt zone indicated strength for the buying position, where buyers kept the price stable on the higher side.
Looking at the chart for an entry, we can see that the price there is a double bottom pattern formation. Buyers can plan an entry in two ways, and sellers can plan one entry.
Buyer:
- If the price breaks $2,648 level and closes above it, then entry can be made for the targets of $2,682 and $2,712 with $2,625 as stop loss.
- This can be a risky trade. If price breaks $2,682 level and settles above it, wait for the price to retest the level and make an entry for targets of $2,712 and $2,740 with $2,663 as stop loss.
Seller:
- If price breaks previous day’s high and rejects from $2,680, then wait for the price to break $2,599 level and settle below it, as this will trigger double top formation. Make a seller-side entry for the targets of $2,560 and $2,494 with $2,635 as stop loss. Price will fall quickly due to rejection from the higher side on a higher time frame.
The post Bitcoin and Ethereum: Analysing the Market’s Next Move appeared first on FinanceBrokerage.
