{"id":4265,"date":"2024-10-29T18:04:10","date_gmt":"2024-10-29T18:04:10","guid":{"rendered":"https:\/\/investingsstrategist.com\/index.php\/2024\/10\/29\/btc-and-eth-technical-analysis-of-recent-price-action\/"},"modified":"2024-10-29T18:04:10","modified_gmt":"2024-10-29T18:04:10","slug":"btc-and-eth-technical-analysis-of-recent-price-action","status":"publish","type":"post","link":"https:\/\/investingsstrategist.com\/index.php\/2024\/10\/29\/btc-and-eth-technical-analysis-of-recent-price-action\/","title":{"rendered":"BTC and ETH: Technical Analysis of Recent Price Action"},"content":{"rendered":"
\n

Overall Analysis<\/strong><\/h2>\n

Bitcoin tries to break the previous day\u2019s high of $68759 but fails and closes negative.\u00a0<\/strong>
\nEthereum opened sideways and continued directionless moments in the last hours, showing a rally towards the upside.\u00a0<\/strong><\/p>\n

Bitcoin Chart Analysis<\/strong><\/h2>\n

BTC\/USD 15-Minute Chart (Source: TradingView<\/a>)<\/em><\/p>\n

On October 25th, Bitcoin (BTC) broke the previous day\u2019s high of $68,759 within 15 minutes but faced a major rejection at this level, forming a double-top pattern on the chart. Later that day, the price broke the neckline of this pattern, delivering returns of up to 2%. On a larger time frame, such as the daily chart<\/a>, we can observe that the price is currently moving within a channel and attempting to break higher levels.<\/p>\n

Analyzing the RSI, we see that Bitcoin faced rejection due to an overbought scenario, as the price moved upward too quickly without consolidation. This led to a price reversal at that level.<\/p>\n

Currently, the price is pausing at higher levels, with the RSI<\/a> providing support. If the price breaks through the current resistance, buyers can enter with a target of $69,385 and a strict stop loss of $68,350.<\/p>\n

However, if the price once again faces rejection at higher levels, it could form a triple top pattern, which presents a potential trading opportunity with a small stop loss and higher profit targets.<\/p>\n

Ethereum Chart Analysis<\/strong><\/h2>\n<\/p>\n

ETH\/USD 15-Minute Chart (Source:<\/em> TradingView<\/a>)<\/em><\/p>\n

On October 27th, Ethereum continued to display sideways momentum, creating opportunities for scalping trades only. On a larger time frame (daily chart), Ethereum is trading in a tight range, which means even small swings on smaller time frames are driving the RSI into overbought territory.<\/p>\n

The current level shows limited room for upward movement<\/a>, as $2,556 acts as a major rejection level. A retest of the supporting trendline could trigger a buying opportunity. If the price holds the support, traders can enter with a target of $2,556 and place a stop loss below the recent swing low.<\/p>\n

If the second largest crypto<\/a> continues to make higher highs and higher lows, breaking the $2,556 level could provide a safer entry, with a stop loss below the swing low and targets at $2,585 and $2,621.<\/p>\n

Option sellers can also take advantage of the sideways market by selling 2700 CE and 2300 PE options.<\/p>\n

The post BTC and ETH: Technical Analysis of Recent Price Action<\/a> appeared first on FinanceBrokerage<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Overall Analysis Bitcoin tries to break the previous day\u2019s high of $68759 but fails and closes negative.\u00a0 Ethereum opened sideways and continued directionless moments in the last hours, showing a rally towards the upside.\u00a0 Bitcoin Chart Analysis BTC\/USD 15-Minute Chart (Source: TradingView) On October 25th, Bitcoin (BTC) broke the previous day\u2019s high of $68,759 within […]<\/p>\n","protected":false},"author":0,"featured_media":4266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/4265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/comments?post=4265"}],"version-history":[{"count":0,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/4265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media\/4266"}],"wp:attachment":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media?parent=4265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/categories?post=4265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/tags?post=4265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}