Bitcoin didn't show anything interesting in the first half of the day. Only Ethereum could be traded a bit within its sideways channel, in which it is still trapped.
Meanwhile, according to the data, BTC supply on exchanges continues to decline, and whales with wallets of 1000 BTC or more have once again started actively buying after the 5-month sell-off that was previously observed. This doesn't mean the market may experience a sharp rise in the short term, but the fact that large players are making purchases and accumulating their assets suggests that the medium-term outlook for Bitcoin remains bullish.
The decline in BTC supply on exchanges is an important indicator of investor sentiment. When Bitcoins move from exchanges to private wallets, it usually signals an intention to hold the assets in the long term, mitigating the selling pressure on the market. A new wave of purchases by whales with significant BTC reserves reinforces this trend. Their actions are often seen as leading indicators since institutional investors have the resources to conduct in-depth market analysis, and they are likely making decisions based on long-term prospects.
Regarding the intraday strategy in the cryptocurrency market, I will continue trading based on any significant dips in Bitcoin and Ethereum, expecting the bullish market in the medium term. Well, I'm still sticking to this forecast.
As for short-term trading, the strategy and conditions are described below.
Bitcoin
Buy scenario
Scenario #1: I will buy Bitcoin today when it reaches the entry point around $87,200, targeting a rise to $88,000. Around $88,000, I will exit the buy positions and immediately sell on the rebound. Before buying on a breakout, make sure that the 50-day moving average is below the current price, and the Awesome Oscillator is above zero.
Scenario #2: Bitcoin can be bought from the lower border of $86,600 if there is no market reaction to its breakout back to the levels of $87,200 and $88,000.
Sell scenario
Scenario #1: I will sell Bitcoin today when it reaches the entry point around $86,600, targeting a decline to $85,700. Around $85,700, I will exit the short positions and immediately buy on the dip. Before selling on a breakout, make sure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.
Scenario #2: Bitcoin can be sold from the upper border of $87,200 if there is no market reaction to its breakout back to the levels of $86,600 and $85,700.
Ethereum
Buy scenario
Scenario #1: I will buy Ethereum today when it reaches the entry point around $2,026, targeting a rise to $2,065. Around $2,065, I will exit the long positions and immediately sell on the rebound. Before buying on a breakout, make sure that the 50-day moving average is below the current price, and the Awesome Oscillator is above zero.
Scenario #2: Ethereum can be bought from the lower border of $2,009 if there is no market reaction to its breakout back to the levels of $2,026 and $2,065.
Sell Scenario
Scenario #1: I will sell Ethereum today when it reaches the entry point around $2,009, aiming a decline to $1,974. Around $1,974, I will exit the sell positions and immediately buy on the dip. Before selling on a breakout, make sure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.
Scenario #2: Ethereum can be sold from the upper border of $2,026 if there is no market reaction to its breakout back to the levels of $2,009 and $1,974.
