The U.S., Ukraine and Europe Reach Preliminary Consensus on Next Steps; Oct. 21 Bitcoin and Ethereum Outlook

On October 20 local time, U.S. officials revealed that U.S. presidential envoy Steve Witkoff will meet with Russian President Vladimir Putin on the 21st, with Trump’s son-in-law Jared Kushner joining by video. The U.S. said earlier discussions with Ukraine and Europe covered issues related to a comprehensive peace framework, including security guarantees. Ukraine put forward new ideas and proposals, which all parties discussed in detail. At the working level, the U.S., Ukraine and Europe have now reached broad consensus on the next steps. The U.S. aims to build on the progress made with Ukraine and Europe and further discuss the proposals with Russia. But with no positive news after all this time, a deal will probably remain elusive; this is just about the midterm elections. Bitcoin moved slightly sideways yesterday, and I still couldn’t hold my short position. I set a break-even stop and got stopped out again today!

Ethereum was no less resilient, rebounding to the ideal level yesterday. Reportedly, funds flowed into spot ETFs, and the amount was sizable, but this still wasn’t enough to push the price through key resistance. So the plan to short rallies remains unchanged. As I’ve said, with no positive catalysts, a sharp drop in prices is imminent!

Oct. 21 short strategy:

Short Bitcoin again on a rebound to 83000-83500; for a more conservative entry, wait for 84000-84500. Set the stop around 85000. Targets are around 82000-81500-81000; if it breaks through, look to 80500-80k. If it breaks through again, trail the stop to lock in profits and assess the situation!

Short Ethereum again on a rebound to 2470-2500; for a more conservative entry, wait for 2530-2560. Set the stop around 2600. Targets are around 2430-2400-2370; if it breaks through, look to 2350-2320-2300. If it breaks through again, trail the stop to lock in profits and assess the situation!

Although several of Trump’s policies since taking office have pushed U.S. stocks to new heights, they’ve also driven prices up. People are really struggling, which is a serious problem for Trump. So the midterm elections will be given particular attention, but Trump’s approval rating is bound to fall, so be cautious about expecting prices to rise! Conan believes scaling into short positions is the way to go!