Bitcoin and Ethereum faced challenges again after a recent sell-off on the U.S. stock market, but buyers and major players once again showed their strength, purchasing all downward movements of the trading instruments.
After reaching a high of around $81,200, Bitcoin is currently trading at $83,100, while Ethereum, after reaching a price of $1,872, quickly recovered to around $1,938, where it is now trading. New large players in the cryptocurrency market, known as "whales," continue to buy BTC.
According to CryptoQuant data, these wallets have accumulated more than 1 million BTC since November 2024. Their accumulation pace has notably increased in recent weeks. Just this month, this group of investors bought more than 200,000 BTC.
Such aggressive accumulation of Bitcoin by whales signals strong confidence in the cryptocurrency's long-term potential. They may be anticipating further BTC price growth driven by institutional adoption and limited supply. Their actions certainly impact the market, creating additional demand.
At the same time, it is important to remember that the concentration of a significant amount of BTC in the hands of a small number of investors also creates certain risks. A sharp sell-off of a large number of coins by one or more whales could cause a short-term price drop, negatively affecting retail investors already in a challenging position.
As for the intraday trading strategy, I will focus on significant dips in Bitcoin and Ethereum, anticipating continuing the bullish trend in the medium term.
For short-term trading, the strategy and conditions are outlined below.
Bitcoin
Buy Scenario
Scenario #1: I will buy Bitcoin today when it reaches the entry point around $83,400, aiming for a rise to $84,800. At $84,800, I will exit the buy position and immediately sell on the rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome oscillator is above zero.
Scenario #2: Bitcoin can be bought from the lower boundary of $82,700 if there is no market reaction to the breakout in the opposite direction, aiming for levels of $83,400 and $84,800.
Sell Scenario
Scenario #1: I will sell Bitcoin today when it reaches the entry point of around $82,700, aiming for a decline to $81,400. At $81,400, I will exit the sell position and immediately buy on the rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome oscillator is below zero.
Scenario #2: Bitcoin can be sold from the upper boundary of $83,400 if there is no market reaction to the breakout in the opposite direction, aiming for levels of $82,700 and $81,400.
Ethereum
Buy Scenario
Scenario #1: I will buy Ethereum today when it reaches the entry point around $1,953, aiming for a rise to $1,985. At $1,985, I will exit the buy position and immediately sell on the rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome oscillator is above zero.
Scenario #2: Ethereum can be bought from the lower boundary of $1,921 if there is no market reaction to the breakout in the opposite direction, aiming for $1,953 and $1,985.
Sell Scenario
Scenario #1: I will sell Ethereum today when it reaches the entry point of around $1,921, aiming for a decline to $1,890. At $1,890, I will exit the sell position and immediately buy on the rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome oscillator is below zero.
Scenario #2: Ethereum can be sold from the upper boundary of $1,953 if there is no market reaction to the breakout in the opposite direction, aiming for levels of $1,921 and $1,890.
