ETH plunges 14%! BTC is still holding up, but ETH has fallen back to where its surge began! Is this a chance to buy the dip at 2,400?
ETH has plunged 14%, falling back to where its surge began—severely oversold
1. In this downturn, ETH fell from 2,730, breaking through the support zone around 2,560 along the way, for a total drop of 14%.
BTC’s decline📉 did not break through the support zone at 80,300. Instead, it found firm support there and staged a V-shaped reversal and rally, with a drop of just 8%.
2. This also means there was huge profit potential in shorting ETH. That’s why, after we took profit on the short position at 2,730 once, we suggested going short a second time on October 4. So far, that short has fallen all the way from 2,730 to 2,400, delivering a profit of 300 points.
3. Because ETH is severely oversold, we also recommend holding off on going long on BTC for now. The plan for BTC remains to short between 84,200 and 85,600, while ETH is a candidate for a long position. Our long at 2,420, entered after taking profit on the short, let us profit in both directions and pick up another 120 points.
4. Going forward, look to short BTC between 84,000 and 85,600.
Our ETH long from 2,420 is already up by over 100 points. You can keep holding it and wait for a rebound after the oversold decline👌🏻
ETH has plunged 14%, falling back to where its surge began—severely oversold
1. In this downturn, ETH fell from 2,730, breaking through the support zone around 2,560 along the way, for a total drop of 14%.
BTC’s decline📉 did not break through the support zone at 80,300. Instead, it found firm support there and staged a V-shaped reversal and rally, with a drop of just 8%.
2. This also means there was huge profit potential in shorting ETH. That’s why, after we took profit on the short position at 2,730 once, we suggested going short a second time on October 4. So far, that short has fallen all the way from 2,730 to 2,400, delivering a profit of 300 points.
3. Because ETH is severely oversold, we also recommend holding off on going long on BTC for now. The plan for BTC remains to short between 84,200 and 85,600, while ETH is a candidate for a long position. Our long at 2,420, entered after taking profit on the short, let us profit in both directions and pick up another 120 points.
4. Going forward, look to short BTC between 84,000 and 85,600.
Our ETH long from 2,420 is already up by over 100 points. You can keep holding it and wait for a rebound after the oversold decline👌🏻