empty
21.10.2024 06:32 AM
Trading Recommendations for the Cryptocurrency Market on October 21

No one wants to sell Bitcoin and Ethereum even at current highs—for now. These trading instruments' lack of active upward movement will likely lead to a major sell-off or a decent correction. Without such a correction, the chances of Bitcoin reaching a new all-time high are pretty slim.

Among the positive technical signals, the most notable is the MACD histogram moving into positive territory for the first time since April of this year. This can be seen on the weekly chart, indicating a resumption of the upward trend and suggesting a bullish resolution to the prolonged period of Bitcoin trading between $50,000 and $70,000.

This positive technical outlook aligns with the consensus that the Federal Reserve's renewed inclination to lower rates and the increasing likelihood of Republican Party candidate Donald Trump winning the U.S. elections on November 5 could positively impact the entire cryptocurrency market. As a result, Bitcoin might reach around $100,000 by the end of December. There are currently more positive signals than negative ones, such as geopolitical tensions, so it is best to follow the trend.

For intraday trading in the cryptocurrency market, I will focus on any significant dips in Bitcoin and Ethereum, aiming to capitalize on continuing the medium-term bullish trend, which has not gone anywhere.

The strategy and conditions for short-term trading are detailed below.

This image is no longer relevant

Bitcoin

Buy Scenario

Today, I plan to buy Bitcoin upon reaching the entry point around $69,192, targeting a rise to $70,419. Around $70,419, I will exit from buying and sell immediately on the rebound. Before buying on a breakout, it's best to ensure that the Stochastic indicator is near its lower boundary, around the 20 level.

Sell Scenario

Today, I plan to sell Bitcoin upon reaching the entry point of around $68,512, targeting a drop to $67,500. Around $67,500, I will exit selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.

This image is no longer relevant

Ethereum

Buy Scenario

Today, I plan to buy Ethereum upon reaching the entry point around $2,746, targeting a rise to $2,802. Around $2,802, I will exit from buying and sell immediately on the rebound. Before buying on a breakout, ensure the Stochastic indicator is near its lower boundary, around the 20 level.

Sell Scenario

Today, I plan to sell Ethereum upon reaching the entry point around $2,724, targeting a drop to $2,657. Around $2,657, I will exit selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around the 80 level.

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2025
Bitcoin
Summary
Buy
Urgency
1 day
Analytic
Maxim Magdalinin
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Crypto market shows extremely low volatility

Bitcoin volatility has dropped to a historic low, while Bitcoin itself is trading within 2% of its all-time high. The lack of willingness to buy at current prices could become

Jakub Novak 13:46 2025-07-09 UTC+2

Crypto market resilient despite dollar volatility

BTC/USD is rising again today after yesterday's dip, overall maintaining its bullish momentum. Fundamentally, conditions continue to support BTC/USD growth in the medium term. The global economic and market landscape

Jurij Tolin 14:14 2025-07-08 UTC+2

Japan's digital bank by Metaplanet

While Bitcoin stubbornly refuses to decline, fueled by massive demand from ETF funds, the Japanese firm Metaplanet is planning to use its Bitcoin reserves to create the first digital bank

Jakub Novak 13:46 2025-07-08 UTC+2

Trading tips for crypto market on July 8

Both Bitcoin and Ethereum remain on a sound footing, poised to continue a bullish trend. As long as BTC continues trading above the $105,000 mark, the odds of further growth

Miroslaw Bawulski 12:16 2025-07-08 UTC+2

Clarity act on digital asset market gains support

Bitcoin and Ethereum have returned to the channels in which they spent most of last week. While Bitcoin has yet to break above the $109,000 mark, the prospects

Jakub Novak 11:00 2025-07-08 UTC+2

Elon Musk's America party advocates for Bitcoin and digital assets

The recently formed political party, America Party led by Elon Musk, will support Bitcoin. This was announced by the Tesla CEO himself on social media. "Fiat is hopeless

Jakub Novak 15:31 2025-07-07 UTC+2

Bitcoin will test its Support.1 after successfully breaking through and closing below the Uptrendline intraday chart, Friday, July 4, 2024.

Bitcoin – Friday, July 4, 2025. With an inflow into the Bitcoin ETF around USD$ 50 billion, it shows strong interest from investors, thus strengthening the legitimacy of this cryptocurrency

Arief Makmur 07:58 2025-07-04 UTC+2

Ripple has the potential to correct and weaken down to the Support level of 2.1924, Friday, July 4, 2025.

Ripple – Friday, July 4, 2025 Friendly regulatory pressure and the case with the SEC that seems to be stopped and open interest in the derivatives market that has jumped

Arief Makmur 07:58 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 4

Bitcoin has encountered significant resistance around $110,000, and it is unlikely to break through this level easily in the near term. Ethereum is also facing difficulties moving above the $2,600

Miroslaw Bawulski 07:27 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 3

Bitcoin and Ether have resumed growth, reaching new weekly highs amid favorable macroeconomic conditions. Over the past 24 hours, Bitcoin has risen by 2.5%, trading above $109,000. Ethereum also advanced

Miroslaw Bawulski 08:47 2025-07-03 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.