Hello, dear colleagues.
According to BTCUSD, we are currently monitoring the development of the downward structure of October 9; the level of 213.30 is the key resistance and the level of 229.50 is the key support. According to Ethereum, we are currently following the development of the downward cycle of October 11; the level of 171.50 is the key resistance and the level of 183.06 is the key support.
Forecast for October 16:
Analytical review of cryptocurrency in H1 scale:
According to the BTCUSD instrument, the key levels on the H1 scale are 240.70, 229.46, 223.48, 213.38, 201.56, and 195.16. At the moment, we are following the development of the downward structure of October 9. We expect the downward movement to continue after the breakdown of 213.38. In this case, the target is 201.56. The potential value for the bottom is still considered the level of 195.16, near this value we expect consolidation, as well as a pullback to the correction.
The short-term upward movement is possible in the range of 223.48 – 229.46 and the breakdown of the last value should be accompanied by a pronounced upward movement. The potential target is 240.70, up to this level, we expect the initial conditions for the upward cycle to be formed.
The main trend is the downward cycle from October 9.
Trading recommendations:
Buy: 223.48 Stop Loss: 213.38 Take Profit: 229.50
Buy: 250.00 Stop Loss: 213.38 Take Profit: 240.70
Sell: 213.00 Stop Loss: 229.50 Take Profit: 201.50
Sell: 201.00 Stop Loss: Take Profit: 195.00
For the #Ethereum instrument, the key levels on the H1 scale are 193.02 183.06, 177.48, 171.77, 164.71, and 159.90. We follow the development of the downward cycle of October 11. We expect the downward movement to continue after the breakdown of 171.50. In this case, the target is 164.71. The potential value for the downtrend is the level of 159.90, at which we expect consolidation, as well as a pullback upwards.
The short-term upward movement is possible in the range of 177.48 – 183.06 and the breakdown of the last value will have to form an upward structure. The target is 193.02 and in the range of 193.02 – 196.92 is the consolidation.
The main trend is the downward structure from October 11.
Trading recommendations:
Buy: 177.50 Stop Loss: 171.70 Take Profit: 183.00
Buy: 183.50 Stop Loss: 171.70 Take Profit: 193.00
Sell: 171.50 Stop Loss: 183.00 Take Profit: 165.00
Sell: 164.50 Stop Loss: Take Profit: 160.00
