By Overall Analysis
- Bitcoin moves upwards in the 3rd Nov trading session, facing rejection from a higher level and indicating sideways momentum.
- Ethereum, on the 3rd Nov trading session, synced with Bitcoin and is currently moving near major support levels.
Bitcoin Chart Analysis
BTC/USD 15-Minute Chart (Source: TradingView)
In the trading session on October 3, 2024, Bitcoin showed an upside rally in a 15-minute time frame, eventually facing rejection at the $69,600 level.
Currently looking at trends on higher time frames (daily time), Bitcoin is in a bull run, and the price is taking a pause on a higher level, hence creating swings.
Looking at Bitcoin in a 15 min time frame, we can see price is currently moving in a tight zone, creating a sideways moment. The price has faced strong rejection multiple times, between $69,500 and $69,916.
If talking about the trade opportunities, then scalping trade can be captured in the current market with strict stop loss. Here are a few entry triggers.
- If the price takes support from the swing trendline, then entry can be made based on a strong buying candle with a stop loss below the recent swing and a target of $69,500 and $69,900 based on trailing stop loss.
- If the price breaks the trend line and settles below it, then plan to sell-side entry once the price breaks the $68,667 level with a stop loss above the recent swing high and target to $67,887.
Please note that Bitcoin is currently in the sideways zone; one must use a stick-trailing method.
Ethereum Chart Analysis
ETH/USD 15-Minute Chart (Source: TradingView)
During the trading session on October 3, 2024, Ethereum moved upside down and faced rejection at the $2,490 level. Price moment can be clearly seen syncing with Bitcoin; hence, both the major cryptos are in a sideways zone.
Looking at Ethereum on a daily time frame, we can clearly see that the price has been in the channel for a very long time; hence there are low moments in the price.
If planning for an entry make sure the price is moving in a strict area impacting risk to reward ratio. Talking about entry triggers, there are a few mentioned below.
- If the price takes support from the recent trend line, then entry can be made for the target of $2,490 and stop loss below the previous swing low. Make sure to trail the target, as a price break above the $2,496 level and a successful settlement could lead to higher levels.
- If the price breaks the supporting trendline and settles below it, then wait for it to break the $2,450 level, then make an entry for the targets of $2,420 with a stop loss above the previous swing high.
The post Bitcoin and Ethereum Analysis: Price Movement & Key Levels appeared first on FinanceBrokerage.
