Let’s share some BTC and ETH analysis.
First, the short-term BTC outlook: BTC is currently finding support around 76,300 as it drops. I think it may consolidate above support over the weekend. The price was rejected after pushing up to 78,800 earlier today. Combined with the previous support now turning into resistance, the 78,800–79,300 range has become resistance.
So we can look for short positions around 78,800–79,300 (this setup is invalidated if the price breaks below 76,000 early and reaches 75,000).
No short-term analysis for ETH.
Mid- to long-term analysis:
In my last analysis, I hadn’t added to my BTC position a second time yet. BTC has now fallen ahead of schedule, driven by news of a hacker attack. This could mean that the bearish impact of the midterm elections later on will be just like the rate hike in September: the price dips a little, makes a low, and the correction is over.
At the moment, we think the possible take-profit levels for the mid- to long-term position are the 0.382 Fibonacci level, the previous low, the monthly support around 75,000, and 73,500. I think 72,000—the 0.5 Fibonacci level and the vacuum area below it—is unlikely to be reached.
So we’ve decided to take profit on 40% at 76,200 and 50% at 75,100, respectively. We hope the remaining 10% reaches 73,500. After taking profit on 90%, the breakeven stop will be set at 79,000. Meanwhile, our mid- to long-term stop-loss is set at the breakeven level of 84,000.
I don’t want to say much about ETH, because we didn’t get in.
For the ETH mid- to long-term position, we should have taken profit on 60% already. We should be able to take profit on 40% at 2,130.
First, the short-term BTC outlook: BTC is currently finding support around 76,300 as it drops. I think it may consolidate above support over the weekend. The price was rejected after pushing up to 78,800 earlier today. Combined with the previous support now turning into resistance, the 78,800–79,300 range has become resistance.
So we can look for short positions around 78,800–79,300 (this setup is invalidated if the price breaks below 76,000 early and reaches 75,000).
No short-term analysis for ETH.
Mid- to long-term analysis:
In my last analysis, I hadn’t added to my BTC position a second time yet. BTC has now fallen ahead of schedule, driven by news of a hacker attack. This could mean that the bearish impact of the midterm elections later on will be just like the rate hike in September: the price dips a little, makes a low, and the correction is over.
At the moment, we think the possible take-profit levels for the mid- to long-term position are the 0.382 Fibonacci level, the previous low, the monthly support around 75,000, and 73,500. I think 72,000—the 0.5 Fibonacci level and the vacuum area below it—is unlikely to be reached.
So we’ve decided to take profit on 40% at 76,200 and 50% at 75,100, respectively. We hope the remaining 10% reaches 73,500. After taking profit on 90%, the breakeven stop will be set at 79,000. Meanwhile, our mid- to long-term stop-loss is set at the breakeven level of 84,000.
I don’t want to say much about ETH, because we didn’t get in.
For the ETH mid- to long-term position, we should have taken profit on 60% already. We should be able to take profit on 40% at 2,130.
