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18.10.202408:54 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on October 18

Relevancia 02:00 UTC--4
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The panic surrounding Tesla and its Bitcoins seems to have subsided. The prices of Bitcoin and Ethereum have returned to an upward trend after the market dipped slightly due to concerns about why Tesla moved its BTC to other wallets for the first time in over two years. Rumors quickly spread that the company had decided to liquidate its assets and that they might soon appear on the market, potentially causing a significant drop. However, it seems that none of these Bitcoins have yet been transferred to exchange wallets or exchanged for stablecoins.

Exchange Rates 18.10.2024 analysis

Upon analyzing the details, cryptocurrency market experts concluded that regulatory compliance or internal audits at Tesla might have prompted this move. This could be necessary for meeting accounting or legal obligations related to reporting or internal audits. There is also speculation that Tesla may use multiple wallets for operational purposes. It's possible that this could be part of a strategy to reorganize its Bitcoin holdings in anticipation of future sales or loans, similar to movements seen in the case of Mt. Gox. However, this is currently the weakest theory circulating online.

Against this backdrop, Bitcoin has resumed its rise and is ready to reach the $70,000 mark, potentially aiming to set a new all-time high. However, it's important to note that the recent growth has occurred without any significant corrections, so be cautious when buying at peak levels.

As for the intraday strategy in the cryptocurrency market, I will continue to focus on taking advantage of any significant dips in Bitcoin and Ethereum. I anticipate the continuation of the bullish market trend in the medium term, which remains intact.

The short-term trading strategy and conditions are outlined below.

Exchange Rates 18.10.2024 analysis

Bitcoin

Buying Scenario

I plan to buy Bitcoin today if it reaches the entry point around $68,512, with a target of $69,718. Around $69,718, I will exit my buy positions and immediately sell on a pullback. Before buying on a breakout, it's best to ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Selling Scenario

I plan to sell Bitcoin today if it reaches the entry point around $67,851, aiming for a drop to the $66,780 level. Around $66,780, I will exit my sell positions and buy immediately on a pullback. Before selling on a breakout, ensure the Stochastic indicator is near the upper boundary, around the 80 level.

Exchange Rates 18.10.2024 analysis

Ethereum

Buying Scenario

I plan to buy Ethereum today if it reaches the entry point around $2,637, with a target of $2,695. Around $2,695, I will exit my buy positions and immediately sell on a pullback. Before buying on a breakout, ensure the Stochastic indicator is near the lower boundary, around the 20 level.

Selling Scenario

I plan to sell Ethereum today if it reaches the entry point around $2,619, aiming for a drop to the $2,566 level. Around $2,566, I will exit my sell positions and buy immediately on a pullback. Before selling on a breakout, ensure the Stochastic indicator is near the upper boundary, around the 80 level.

Desarrollado por un Miroslaw Bawulski
experto de análisis de InstaForex
© 2007-2024

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