Sharp drop on October 31, potential sale

General analysis

bitcoin fell sharply on October 31 from higher levels, indicating profit booking, and missed an all-time high of just 300 points. The selling trend could last a long time.
ethereum continued to respect higher time frame levels and fell sharply in the trading session on October 31. The price could break important support levels, triggering massive selling.

bitcoin Chart Analysis

btc/USD 15-minute chart (Source: TradingView)

In the trading session of October 31, 2024, bitcoin fell sharply from a higher level, respecting all resistance areas. Price failed to create an all-time high only from 300 points.

After a huge distribution phase, which lasted almost two days, the The price showed profit booking and buyers were not interested in pushing up the price as the price waited near the resistance zone for days but after the breakout, it did not reach an all-time high, losing the confidence of the buyers. buyers.

Currently, looking at the price, we can see that it is declining sharply, simultaneously creating lower lows and lower highs.

The seller can plan an entry based on the rejection of the golden ratio or break the $69,178 level for the targets of $68,460 and $67,554, with the stop loss around the $70,024 level.

Please note: Adjust the stop loss according to your trading plan, since in such a fast market the price comes hunting for the stop loss.

ethereum Chart Analysis

eth/USD 15-minute chart (Source: TradingView)

On the trading session of October 31, 2024, ethereum broke the support trend line and heavy selling was triggered.

The timing of ethereum's price is synchronized with that of bitcoin, as the price drops in lower and lower patterns. Both cryptocurrencies made similar changes and continued their downward rally. ethereum, on a higher time frame, is stuck in a channel and continues to respect the level for a long time.

Currently, the price has dropped rapidly, allowing only one short position. Taking a long position in this market does not suit trading psychology or money management.

To create a sell position, plan an entry if the price rises above $2,490, targeting $2,468 and $2,434, with a stop loss near the $2,530 level.

If the price breaks above $2400, a significant trend will be broken, leading to substantial selling or a quick reversal. I short a position with a small stop loss and a trailing stop loss.

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