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Bitcoin Near All-Time High, Ethereum Shows Slow Uptrend 

by October 31, 2024
October 31, 2024
Bitcoin Near All-Time High, Ethereum Shows Slow Uptrend 

Overall Analysis

Bitcoin continues to move within a sideways zone, showing strength on the upside. The previous swing is only 300 points away from its all-time high.
Ethereum is slowly rallying upward, with high volatility evident in its price movement.

Bitcoin Chart Analysis

BTC/USD 15-Minute Chart (Source: TradingView)

On the October 30, 2024 trading session, Bitcoin is moving within a sideways zone. On a higher time frame, the price is pausing near its all-time high, indicating potential accumulation for an upward move.

This is a critical level, with resistance at 72,907 and support at 71,449. Entering at this point can be risky due to the low market momentum.

Risk-tolerant traders may consider a buying entry if the price breaks above 72,907, targeting 73,808, with a stop loss below the recent swing low. Conversely, if the price breaks below 71,449 and closes under this level, sellers could enter, aiming for a target of 70,494, with a stop loss above the recent swing high.

Currently, Bitcoin’s movements are not highly rewarding, so only high-risk traders are advised to trade.

Ethereum Chart Analysis

ETH/USD 15-Minute Chart (Source: TradingView)

On the October 30, 2024 trading session, Ethereum showed upward momentum initially, but in the second half, the price was rejected from higher levels, closing near the day’s opening.

The price is currently experiencing high volatility, moving within a channel, and this market is recommended exclusively for high-risk traders, as minor profit-taking is occurring.

If you’re planning an entry, buyers might consider entering once the price finds support at the trendline and closes above it. Consequently, the target could be set at 2721, with a stop loss placed below the recent swing low.

A selling opportunity may arise if the price breaks below the 2599 level, though an immediate drop might not occur.

Final Thoughts

Both Bitcoin and Ethereum are navigating critical levels, with Bitcoin showing strength near its all-time high and Ethereum moving upward with significant volatility. Bitcoin’s sideways movement, coupled with low market momentum, makes it a more cautious trading environment. It is suitable mainly for high-risk traders who are prepared for potential swings at key resistance and support levels.

Similarly, Ethereum’s volatile channel suggests a limited immediate reward. Entry opportunities may emerge if the price confirms support at the trendline or experiences a decisive breakout.

Overall, high-risk traders should stay alert to price movements near these key levels. Conservative traders, on the other hand, may prefer to wait for clearer momentum before committing to any positions.

The post Bitcoin Near All-Time High, Ethereum Shows Slow Uptrend  appeared first on FinanceBrokerage.

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