October 15, 2024 – ETH & BTC Market Analysis: Big Moves Coming, Get Ready!

Like I mentioned before, the overall trend is bullish, and if you stick to the bigger picture, you won’t go wrong. You don’t need to trade every day—catching two or three big moves a week is more than enough to double your position. Right now, everything is moving along with the trend lines, and from the charts, it’s clear they’re super accurate.

ETH Trend (see Chart 1): This is the major trend for the month. On the daily chart, ETH has been stuck under the trendline, and today it hit 2,688, right on the money at the upper cross of the trendline. This area is the perfect spot for shorting, with a potential drop of around 200 points. But keep an eye on the news, especially with Line 38 heating up—once that kicks off, things could get wild. If ETH stays above 2,688, we could be looking at a run to 3,000. If it doesn’t, we could see a pullback of over 200 points.

BTC Trend (see Chart 2): BTC’s trendline is almost identical to ETH’s, but with a bigger opening, meaning Bitcoin has more room to rally. The highest point today hasn't been hit yet, with the major cross at 68,511 acting as a key dividing line. It’s either going to break above and head for 75K, or it’ll hit resistance and see a big drop. Right now, neither chart has broken through the trendline, so shorts are still the way to go, with a solid risk-to-reward ratio.

As for ETH’s technical indicators, they’re kind of useless after big spikes or dips—doesn’t mean much for the bigger picture. Wait for things to settle down tomorrow for better reads. The daily chart is still bullish overall, but after tonight’s bounce, shorting might be the safer bet.

ETH Plan: Short around 2,600-2,610, targeting 2,520, and maybe even down to 2,500.

I don’t post analysis every day, so follow me for more detailed updates!