24.10.202408:29 Forex Analysis & Reviews: Cryptocurrency Market Trading Recommendations for October 24

After a significant correction and the update of key levels, Bitcoin and Ethereum are gradually regaining demand. However, don't rush to enter the market and buy, as pressure could return at any moment.

During the Asian trading session, Bitcoin rose above $67,000 again following the release of the Federal Reserve's latest economic report, commonly known as the "Beige Book. " The report pointed to modest economic prospects and confirmed the need for further rate cuts in the coming months.

Nine of the twelve regional banks reported stagnant or slightly weaker economic activity since the beginning of September. Most districts experienced a decline in manufacturing activity and some signs of slowing consumer demand. Inflation, or the cost of living, continued declining as prices increased slightly in most districts. Employment rose somewhat, but hiring focused mainly on replacements rather than growth.

Overall, the weak outlook contradicts the more positive-than-expected September employment report and opens up the possibility of further Fed rate cuts. The cryptocurrency market is responding to this with growth, but whether it will continue is a complex question. For that to happen, stronger arguments are needed from Fed officials, who have been expressing a cautious approach to rate cuts until the end of the year.

As for the intraday strategy in the cryptocurrency market, I will continue to rely on any major dips in Bitcoin and Ethereum. I expect the medium-term bull market to continue, as it hasn't disappeared.

Below is the strategy and conditions for short-term trading.

Bitcoin

Buy Scenario

I plan to buy Bitcoin today when the entry point at $67,567 is reached, with a target of rising to $68,760. Around $68,760, I will exit from buying and sell immediately on the bounce. Before buying on the breakout, it's best to ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Bitcoin today when the entry point at $67,000 is reached, with a target of falling to $65,868. Around $65,868, I will exit from selling and buy immediately on the rebound. Before selling on the breakout, ensure that the Stochastic indicator is near the upper boundary, around the 80 level.

Ethereum

Buy Scenario

I plan to buy Ethereum today when the entry point at $2,561 is reached, with a target of rising to $2,623. Around $2,623, I will exit from buying and sell immediately on the rebound. Before buying on the breakout, ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I plan to sell Ethereum today when the entry point at $2,531 is reached, with a target of falling to $2,469. Around $2,469, I will exit selling and buy immediately on the rebound. Before selling on the breakout, ensure that the Stochastic indicator is near the upper boundary, around the 80 level.