MARKETS RISE WITH POWELL'S SPEECH: BTC AND ETH AT THE TOP AGAIN‼️
#Bitcoin Last night, Fed Chairman Jerome Powell's positive statements about inflation data and the 100 basis point interest rate cut caused the markets to move upwards. These developments caused long positions to rise again and BTC rose above the 65,000 level at midnight. Ethereum (ETH) moved parallel to BTC and reached the $ 2770 level.
STRATEGIES AND PROFITS
Last night, after the short position opened with a small loss, a long position was opened again in the morning. BTC was entered at the 62,000 level and a 2000 point profit was made around 64,000. Similarly, ETH opened a long position at 2690 and exited at 2760 with a profit of approximately 70 points.
MARKET ANALYSIS AND THE IMPORTANCE OF THE TREND
When the current market data is examined, it is seen that BTC broke the resistance around 63,000 by pressing the upper band on the daily candlestick chart and created volume with long positions. This shows that a major uptrend will continue.
STRATEGY FOR THE WEEKEND
However, since the weekend market generally tends to slow down, accumulation can be made for long positions during this period. There is currently a correction movement close to the upper band on the 4-hour charts. This correction movement is not enough to trigger too many short positions since the market data does not have a specific pullback area. Those who think short-term for the weekend can buy low and sell high.
BTC STRATEGY: Long position between 63,000-63,500, target 66,000.
ETH STRATEGY: Long position in the range of 2690-2720, target 2850.
#escoin #Binance #elg #ETH $BTC $ETH - The information contained in this article is never investment advice and is for accurate and up-to-date information purposes.STAY TUNED. Be sure to do your own research.