Bitcoin and Ethereum Trading Strategy: Key Price Levels, Potential Scenarios

Crypto analyst CryptoCred presents a detailed trading strategy for Bitcoin BTC/USD and Ethereum ETH/USD, focusing on key price levels and potential scenarios for the coming week.

Crypto analyst CryptoCred presents a detailed trading strategy for Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), focusing on key price levels and potential scenarios for the coming week.

Analyst Presents Bitcoin Trading Strategy: In a recent “Monday Markets” podcast, CryptoCred analyzed Bitcoin’s technical outlook after its strong weekly close. He presented three potential scenarios.

Bitcoin had a strong close last week, and now we’re looking at three scenarios:

Scenario 1: We get an aggressive continuation higher from here.

Scenario 2: We pull back before making further gains.

Scenario 3: We get a bearish reversal.

If Bitcoin pulls back, there are key support levels to watch.

Scenario 1 bullish continuation: We hold these levels and continue rallying.

Scenario 2 bearish continuation: We lose these levels and continue dropping.

Scenario 3: We get a bearish lower high and eventually lose these levels.

For potential bullish continuation, CryptoCred highlighted:

We had a strong weekly close, putting in a higher low from last week’s lows. If we continue rallying from here, the next potential price target would be the range highs of $72,000-$73,000. We’re also watching the 50% Fibonacci retracement level of $67,000, which could act as support if we pull back.

He advised traders to remain flexible, stating, “It’s about giving the market a chance. Are you going to be bullish aggressively, are you going to be bullish having put in a higher low, or you not going to be bullish at all?”

Bitcoin’s bullish structure could be threatened if it drops below $64,000, according to the analyst.

I think a lot of market structure based arguments start to become really treacherous sub 64k.

CryptoCred’s Ethereum Analysis: For Ethereum, the analyst suggested watching the $2,700-$2,800 range high and potential support around $2,600. He noted that Ethereum would likely trade in tandem with Bitcoin.

We’re watching the $2,700-$2,800 range high as potential resistance and potential support around $2,600. It’s likely going to trade in tandem with Bitcoin, so if we’re pulling back, I’d expect ETH to follow suit, and if we continue rallying, I’d expect ETH to do the same.

What’s Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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This article was generated by Benzinga’s artificial intelligence engine and reviewed by a human editor. The artificial intelligence engine used a combination of natural language processing, machine learning, and other techniques to write this article based on the available data.

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