Trading Recommendations for the Cryptocurrency Market on October 1

[Ben Graham]

Bitcoin rebounded yesterday but failed to break above the $115,000 mark, which raises questions about its short-term bullish outlook. Ethereum, meanwhile, remained relatively flat, continuing to trade around the same levels as the previous day.

A particularly interesting interview with Pavel Durov surfaced yesterday, in which he revealed that he lives off early investments in BTC. Durov shared that he had purchased several thousand BTC at around $700. "In reality, my cryptocurrency investments, primarily in Bitcoin, support my lifestyle. Many believe that my affinity for luxury homes and private jets is funded by Telegram. However, as I've said before, Telegram is a non-profit project for me. Bitcoin is what has allowed me to maintain financial independence," Durov said.

This story is more than just a curious detail about a famous entrepreneur — it's a powerful example of cryptocurrency's potential as a tool for financial freedom. Durov's foresight to invest in Bitcoin early on enabled him to turn modest initial capital into a foundation that now supports not only his personal needs but also his ability to run a passion project like Telegram without profitability pressures. His words come across not only as a personal confession but also as a manifesto of sorts for innovation and vision in the world of finance, showing how embracing new technologies and believing in their potential can lead to remarkable outcomes.

According to Durov, BTC will hit $1 million in the near future.

As for the intraday crypto trading strategy, I will continue to focus on buying dips in Bitcoin and Ethereum, expecting the mid-term bullish trend to continue. Below are the conditions for short-term trading.

Bitcoin

Buy Scenario

• Scenario #1: I will buy Bitcoin today if the price reaches $114,800 with a target of $115,700. I plan to exit long trades around $115,700 and sell on a bounce. Before entering a breakout buy, make sure the 50-day moving average is below the current price, and the Awesome Oscillator is above zero.
• Scenario #2: Buy from the lower boundary around $113,900 in the absence of a strong market reaction to a downside breakout, targeting $114,800 and $115,700.

Sell Scenario

• Scenario #1: I will sell Bitcoin today if the price reaches $113,900 with a target of $112,600. Near $112,600, I plan to exit short trades and buy on a bounce. Before entering a breakout sell, confirm that the 50-day moving average is above the current price, and the Awesome Oscillator is in negative territory.
• Scenario #2: Consider selling from the upper boundary at $114,800 if the market fails to sustain a breakout, targeting a move back to $113,900 and $112,600.

Ethereum

Buy Scenario

• Scenario #1: I plan to buy Ethereum today at the $4,157 entry point with a target of $4,208. I'll exit long positions at $4208 and sell on a bounce. Before entering a breakout buy, ensure the 50-day moving average is below the current price, and the Awesome Oscillator is above zero.
• Scenario #2: Buy ETH from the lower boundary at $4117 if the market shows no reaction to a downside breakout, aiming for rebounds to $4257 and $4208.

Sell Scenario

• Scenario #1: I will sell Ethereum today at $4117, targeting $4077. At $4077, I will exit shorts and consider buying on the bounce. Before breakout selling, the 50-day moving average should be above the current price, and the Awesome Oscillator should be in negative territory.
• Scenario #2: Consider selling from the upper boundary at $4157 if the market fails to confirm a true breakout, aiming for $4117 and $4077.

The material has been provided by InstaForex Company - www.instaforex.com