Bitcoin and Ethereum are struggling to stay afloat. Another failed attempt by Bitcoin to cling to $88,000 led to its sell-off during today's Asian trading session. Ethereum had even worse luck, with its price dropping more than 4% at one point, ultimately falling back below the landmark $2,000, which is quite negative for short-term bullish strategies.
Yesterday, after updating $85,100, Bitcoin rose but is now trading around $86,000 again. Ethereum also collapsed, and after a failed attempt at recovery, it is trading at $1,922.
On the positive side, Bitcoin ETF funds in the US extended their positive streak of inflows on Thursday. This marks 10 consecutive days of growth, the longest winning streak since December of last year. This suggests that, although institutions are not prone to aggressive risk-taking, there is still demand for Bitcoin and Ethereum in the market. According to SoSoValue, the total daily net inflow into Bitcoin ETFs was $89 million on Thursday. Fidelity's FBTC fund contributed $97.14 million, while BlackRock's IBIT received around $4 million. On the other hand, the Invesco BTCO fund saw an outflow of about $7 million, and the WisdomTree BTCW fund reported an outflow of $5 million.
However, the cryptocurrency market is still dealing with high volatility, trading lower after US President Donald Trump first announced the launch of strict tariff policies on US established trade partners. This led to a sell-off of risk assets, in particular stocks. This, in turn, dragged down the cryptocurrency market.
As for intraday strategy in the cryptocurrency market, I will continue to trade during any significant dips in Bitcoin and Ethereum, expecting the bullish market in the medium term. I'm sticking to this long-term forecast.
As 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 $86,500, with the target for growth to $87,500. At around $87,500, I will exit buy positions and sell immediately 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 in the positive zone.
Scenario 2: You can buy Bitcoin from the lower border at $85,600 if there is no market reaction to its breakout in the opposite direction to the levels of $86,500 and $87,500.
Sell scenario Scenario 1: I will sell Bitcoin today when it reaches the entry point around $85,600, reckoning a decline to $84,600. I will exit sell positions at around $84,600 and buy immediately 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 in the negative zone.
Scenario 2: You can sell Bitcoin from the upper border at $86,500 if there is no market reaction to its breakout in the opposite direction, aiming for the levels of $85,600 and $84,600.
Ethereum
Buy scenario
Scenario 1: I will buy Ethereum today when it reaches the entry point around $1,948, with the target for growth to $2,013. At around $2,013, I will exit long positions and sell immediately 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 in the positive zone.
Scenario 2: You can buy Ethereum from the lower border at $1,893 if there is no market reaction to its breakout in the opposite direction to the levels of $1,948 and $2,013.
Sell scenario
Scenario 1: I will sell Ethereum today when it reaches the entry point around $1,893, bearing in mind a decline to $1,844. At around $1,844, I will exit sell positions and buy immediately on the rebound. Before selling on a breakout, make sure that the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario 2: You can sell Ethereum from the upper border at $1,948 if there is no market reaction to its breakout. I will target the levels of $1,893 and $1,844.
