Bitcoin slightly retraced to the $91,000 level, but it seems the decline is not yet over. Until we see a sharp downward momentum and the final liquidation of those who bought Bitcoin at $100,000 with high leverage, it would be inappropriate to talk about a reversal of the bear market.
Meanwhile, while retail traders and investors are panicking, Bitwise CIO Matt Hougan and BitMine Chairman Tom Lee stated that they consider the current correction in BTC a good buying opportunity and a gift for long-term investors. According to Hougan, Bitcoin's fundamentals remain strong, and the current volatility is just a temporary phenomenon caused by market overheating and profit-taking by major players. Lee adds that institutional interest in Bitcoin continues to grow, and we will see new large investments in this asset in the coming months. They both emphasize that such corrections are a common occurrence in a bull market and that there is no need to panic.
One thing is clear: despite the current correction, Bitcoin's long-term prospects remain quite optimistic. The number of companies and countries recognizing it as a means of savings and payment continues to grow year by year. After the approval of spot Bitcoin ETFs by the US regulator, it was these funds that drove prices upwards. As soon as money begins to flow back into them, we can expect a new wave of growth in the cryptocurrency market.
As for intraday strategies in the cryptocurrency market, I will continue to act based on any significant pullbacks in Bitcoin and Ethereum, anticipating the continuation of the bullish market in the medium term, which is still very much alive.
Bitcoin
Buy scenario
Scenario #1: I will buy Bitcoin today if it reaches the entry point around $92,000, aiming for growth to the $93,500 level. Around $93,500, I will exit my 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 indicator is above zero.
Scenario #2: I can buy Bitcoin from the lower border of $90,800 if there is no market reaction to its breakout back towards the levels of $92,000 and $93,500.
Sell scenario
Scenario #1: I will sell Bitcoin today if it reaches the entry point around $90,800, aiming for a decline to the $89,200 level. Around $89,200, I will exit my short positions 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 indicator is below zero.
Scenario #2: I can sell Bitcoin from the upper border of $92,000 if there is no market reaction to its breakout back towards the levels of $90,800 and $89,200.
Ethereum
Buy scenario
Scenario #1: I will buy Ethereum today if it reaches the entry point around $3,075, aiming for growth to the $3,150 level. Around $3,150, I will exit my buys 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 indicator is above zero.
Scenario #2: I can buy Ethereum from the lower border at $3,027 if there is no market reaction to its breakout back towards the levels of $3,075 and $3,150.
Sell scenario
Scenario #1: I will sell Ethereum today if it reaches the entry point around $3,027, aiming for a decline to the $2,950 level. Around $2,950, I will exit my sell positions 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 indicator is below zero.
Scenario #2: I can sell Ethereum from the upper border at $3,075 if there is no market reaction to its breakout back towards the levels of $3,027 and $2,950.
