Bitcoin & Ethereum: Sharp Fall on Oct 31, Potential Selling

Overall Analysis

Bitcoin fell sharply on 31st Oct from higher levels, indicating profit booking, and missed a time high of just 300 points. The selling trend might go long. 
Ethereum continued respecting levels from higher time frames and fell sharply in the 31st Oct trading session. The price might break major support levels, triggering massive selling.

Bitcoin Chart Analysis

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

On the 31st Oct 2024 trading session, bitcoin fell sharply from a higher level, respecting all the resistance areas. Price missed to create an all-time high just from 300 points.  

After a huge distribution phase, which lasted nearly two days, the price showed profit booking, and buyers were not interested in taking the price higher as the price waited near the resistance zone for days, but after the breakout, it didn’t reach an all-time high, losing the buyers’ trust. 

Currently, looking at the price, we can see it is sharply coming down, simultaneously creating lower lows and lower highs. 

The seller can plan an entry based on the swing golden ratio rejection or break the $69,178 level for the targets of $68,460 and $67,554, with the stop loss around the $70,024 level. 

Please note: adjust stop loss according to your trading plan, as in such a fast market price comes for stop loss hunting. 

Ethereum Chart Analysis

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

On the 31st Oct 2024 trading session Ethereum broke the supporting trendline and sharp selling triggered.

Ethereum price moment syncs with Bitcoin, as the price is coming down in lower low and lower high patterns. Both cryptos made similar swings and continued their rally downwards. Ethereum, on a higher time frame, is stuck in a channel, continuing to respect the level for a long time.

Currently, the price has come down rapidly, only allowing a selling position. Taking a buying position in this market will not suit trading psychology and money management.

To create a selling position, plan an entry if the price breaks $2,490, targeting $2,468 and $2,434, with a stop loss near the $2,530 level.

If the price exceeds $2,400, a significant trend will break, leading to substantial selling or a rapid reversal. Short a position with a small stop loss and a trailing stop loss.

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