28.10.202508:51 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on October 28

After breaching a significant resistance level around $116,400, Bitcoin retraced to $114,000, with further upside potential. Ethereum also corrected, but it remained above $4,000, which is quite favorable.

While the cryptocurrency market surges ahead of the Federal Reserve's decision to lower interest rates, a Swiss legislator announced that the country is working to establish a strategic Bitcoin reserve. This unexpected development signals a growing recognition of digital assets not just as speculative tools but also as potential elements of national financial security.

Switzerland, traditionally known for its conservative financial policy, has always been cautious about new technologies. The decision to create a Bitcoin reserve could set a precedent for other countries looking to diversify their assets and strengthen their positions in a changing financial landscape. On one hand, this reflects an acknowledgment of Bitcoin's decentralized nature as an asset ungoverned by central banks and governments. On the other hand, it is a strategic step aimed at protecting against potential devaluation of traditional currencies amid global economic instability.

However, questions remain regarding the scale and mechanisms of creating this reserve. Detailed information is still forthcoming, but it is hoped that it will be available soon.

Regarding intraday strategy in the cryptocurrency market, I will continue to rely on any significant pullbacks in Bitcoin and Ethereum to capitalize on the ongoing bullish market in the medium term.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

Scenario 1: I will buy Bitcoin today upon reaching the entry point around $114,200, aiming for a rise to $115,200. At around $115,200, I will exit my purchases and immediately sell on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario 2: I can buy Bitcoin at the lower boundary of $113,400, provided there is no market reaction to its breakout back towards the levels of $114,200 and $115,200.

Sell Scenario

Scenario 1: I will sell Bitcoin today upon reaching the entry point around $113,400, aiming for a decline to $112,500. At around $112,500, I will exit my sales and immediately buy on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.

Scenario 2: I can sell Bitcoin at the upper boundary of $114,200, provided there is no market reaction to its breakout back towards the levels of $113,400 and $112,500.

Ethereum

Buy Scenario

Scenario 1: I will buy Ethereum today upon reaching the entry point around $4,117, aiming for a rise to $4,168. At around $4,168, I will exit my purchases and immediately sell on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario 2: I can buy Ethereum at the lower boundary of $4,063, provided there is no market reaction to its breakout back towards $4,117 and $4,168.

Sell Scenario

Scenario 1: I will sell Ethereum today upon reaching the entry point around $4,063, aiming for a decline to $4,001. At around $4,001, I will exit my sales and immediately buy on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.

Scenario 2: I can sell Ethereum at the upper boundary of $4,117, provided there is no market reaction to its breakout back towards the levels of $4,063 and $4,001.