FX.co ★ Trading Recommendations for the Cryptocurrency Market on October 30

Bitcoin is just a step away from reaching a new all-time high. Ether also saw significant growth yesterday.

On Tuesday, Bitcoin climbed to $73,500, just $300 below its all-time high over seven months ago. The world's largest cryptocurrency has risen nearly 75% since the start of the year and more than doubled compared to last year. Key drivers for this growth include the success of spot ETFs, new monetary easing cycles in major economies, and increased chances of a presidential win by crypto-supporting candidate Donald Trump.

To recap, Bitcoin has spent a prolonged period in consolidation since its peak on March 14. A dip to just below $50,000 over the summer created panic in the markets, but for the most part, the cryptocurrency held mainly within a $60,000-$65,000 range. Numerous attempts to reach new highs were met with strong selling from miners and long-term investors, yet significant price drops were consistently bought up, maintaining hope for further gains.

It will soon be clear whether traders can break through and, more importantly, hold around the all-time high. The market conditions are certainly favorable.

For intraday strategy on the cryptocurrency market, I'll continue to rely on any significant dips in Bitcoin and Ether, aiming to capitalize on the bullish trend in the medium term, which remains intact.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

I'll buy Bitcoin today if it reaches the entry point around $72,750, targeting a rise to $74,400. I plan to exit purchases around $74,400 and sell on the rebound. Before buying on a breakout, it's best to confirm that the Stochastic indicator is near its lower boundary, around level 20.

Sell Scenario

I'll sell Bitcoin today if it reaches the entry point around $71,960, aiming for a drop to $70,310. I'll exit sales around $70,310 and buy on the rebound. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, near level 80.

Ethereum

Buy Scenario

I'll buy Ether today if it reaches the entry point around $2,651, targeting a rise to $2,711. I plan to exit purchases around $2,711 and sell on the rebound. Before buying on a breakout, confirm that the Stochastic indicator is at its lower boundary, near level 20.

Sell Scenario

I'll sell Ether today if it reaches the entry point around $2,620, targeting a drop to $2,560. I'll exit sales around $2,560 and buy on the rebound. Before selling on a breakout, ensure the Stochastic indicator is near its upper boundary, around level 80.