07.10.202408:50 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on October 7

Bitcoin and Ethereum rose over the weekend. Israel did not take any retaliatory actions against Iran, which were promised by the end of last week, preserving demand for risk assets, including in the cryptocurrency market.

Strong reports and a decrease in the unemployment rate in the U.S., along with an increase in new jobs, did not significantly affect Bitcoin and Ethereum, allowing bulls to continue building long positions. The fact that the Federal Reserve has much less reason for aggressive rate cuts could have provoked a sell-off in the cryptocurrency market. However, as you can see on the chart, this did not happen, and now only an escalation of the military conflict in the Middle East, which has not yet occurred—hopefully, it won't—could harm the upward potential, which remains relatively strong after the recent correction.

As for the intraday strategy in the cryptocurrency market, I will continue to act based on any significant pullbacks in Bitcoin and Ethereum, anticipating continuing the bull market in the medium term, which has not gone anywhere.

For short-term trading, the strategy and conditions are outlined below.

Bitcoin

Buy Scenario

I will buy Bitcoin today when it reaches the entry point of around $63,700, aiming for a rise to the level of $64,800. Around $64,800, I will exit my buys and sell immediately on the rebound. Before buying on a breakout, it's best to ensure that the Stochastic indicator is at the lower boundary, around the level of 20.

Sell Scenario

I will sell Bitcoin today when it reaches the entry point of around $63,250, targeting a drop to the level of $62,090. Around $62,090, I will exit from selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, around the level of 80.

Ethereum

Buy Scenario

I will buy Ethereum today when it reaches the entry point around $2,498, aiming for a rise to the level of $2,549. Around $2,549, I will exit from buying and sell immediately on the rebound. Before buying on a breakout, ensure that the Stochastic indicator is at the lower boundary, around the level of 20.

Sell Scenario

I will sell Ethereum today when it reaches the entry point around $2,479, targeting a drop to the level of $2,417. Around $2,417, I will exit selling and buy immediately on the rebound. Before selling on a breakout, ensure the Stochastic indicator is at the upper boundary, around the level of 80.