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General analysis
- bitcoin began to move in a channel structure, with price moving downwards. Still, November 4 turned out to be favorable to the seller.
- ethereum tried to keep the price higher but failed in the second half. The price moves in the channel, indicating the seller's market.
bitcoin Chart Analysis
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/Analysis-of-channels-and-entry-points.png" alt="btc/USD 15-minute chart” width=”1200″ height=”555″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/11/Analysis-of-channels-and-entry-points.png 1200w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-300×139.png 300w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-1024×474.png 1024w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-768×355.png 768w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-908×420.png 908w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-696×322.png 696w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-66-1068×494.png 1068w” sizes=”(max-width: 1200px) 100vw, 1200px”/>
btc/USD 15-minute chart (Source: TradingView)
In the trading session of October 4, 2024, bitcoin fell after trying to maintain the price at a higher level during the first half. It is moving in lower and lower patterns, indicating a selling trend in the crypto.
Furthermore, the price is currently moving in a channel, allowing buyers and sellers to create safe positions. Looking at the current trend, the cryptocurrency is trying to retest the resistance zone. We can clearly see the RSI synchronized with the price trend.
In such scenarios, market drivers have a good chance of earning high returns as prices move systematically, allowing both buyers and sellers to play it safe. So far, $66,511, which is a major support zone, has not been tested, but the price could retest the level so that buyers can plan an entry.
Speaking of entry, below are entry triggers.
- Sellers can plan the entry if btc price is rejected by a resistant trend line with the stop loss above the previous low and the target of $66,832.
- If the price breaks the resistance channel and stays above it, then the buy-side entry can be planned. However, traders should select a very small stop loss, as instant buying in a selling trend can be risky. They should place the stop loss below the previous low or the breakout candle, with a target of $69,759.
ethereum Chart Analysis
<img decoding="async" loading="lazy" src="https://technicalterrence.com/wp-content/uploads/2024/11/1730920210_575_Analysis-of-channels-and-entry-points.png" alt="eth/USD 15-minute chart” width=”1200″ height=”555″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/11/1730920210_575_Analysis-of-channels-and-entry-points.png 1200w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-300×139.png 300w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-1024×474.png 1024w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-768×355.png 768w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-908×420.png 908w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-696×322.png 696w, https://www.financebrokerage.com/wp-content/uploads/2024/11/unnamed-67-1068×494.png 1068w” sizes=”(max-width: 1200px) 100vw, 1200px”/>
eth/USD 15-minute chart (Source: TradingView)
In the trading session on October 4, 2024, ethereum tried to maintain the price at a higher level but ultimately failed and fell sharply. The price can be clearly seen in the selling trend, respecting previous swings and highs.
Furthermore, ethereum offers minor swings compared to bitcoin as its price is in a strong zone on the daily time frame.
Apart from small swings, prices are moving in the channel, indicating a safe entry for market drivers.
When looking for an entry on the chart, we see the entry trigger mentioned below.
- It is better to let the price retest the resistance zone and face rejection of the level. Once the price rejects the trend line, traders can plan sell-side entry with a stop loss above the previous high and target up to $2,357.
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