After another significant sell-off of Bitcoin last Friday down to the $80,000 range, the price has recovered slightly, and during today's morning trades, Bitcoin has already surpassed the $88,000 mark. However, further bullish prospects remain in question.
With the arrival of more sellers from the same spot ETFs, pressure on the cryptocurrency market is expected to return quickly, so it's premature to speak of an end to the bearish trend even in the short term. Before buying, it's essential to ensure that the active sellers observed over the past weeks are no longer present.
In the meantime, last week, realized losses for BTC rose to levels not seen since the FTX collapse. A Glassnode report indicates that short-term holders drove a significant portion of the capitulation. Such massive losses from short-term holders usually signal a potential market bottom in a bearish phase. However, the current situation is complicated by macroeconomic uncertainty and other risks that could further pressure the cryptocurrency market. Despite the negative trends, long-term holders of BTC remain resilient. They are not only holding their assets but are actively accumulating them, taking advantage of current low prices to increase their positions. This indicates ongoing confidence in Bitcoin's long-term potential.
Overall, the situation in the Bitcoin market remains complex and ambiguous. On the one hand, realized losses suggest a potential market bottom; on the other hand, macroeconomic factors indicate the risk of further declines.
Regarding intraday strategies in the cryptocurrency market for November 24, I will proceed based on any significant dips in Bitcoin and Ethereum, anticipating the continuation of a bullish market in the medium term, which has not disappeared.
As for short-term trading, the strategy and conditions are described below.
Bitcoin
Buy Scenario
- Scenario #1: Buy Bitcoin today upon reaching the entry point around $87,900, targeting a rise to the $89,800 level. Around $89,800, I will exit the purchases and sell immediately on a rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is in the zone above zero.
- Scenario #2: Buy Bitcoin from the lower boundary at $86,300 if there is no market reaction to a breakout, targeting levels of $87,900 and $89,800.
Sell Scenario
- Scenario #1: Sell Bitcoin today upon reaching the entry point around $86,300, targeting a drop to the $83,600 level. Around $83,600, I will exit the sales and buy immediately on a rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is in the zone below zero.
- Scenario #2: Sell Bitcoin from the upper boundary at $87,900 if there is no market reaction to a breakout, targeting levels of $86,300 and $83,600.
Ethereum
Buy Scenario
- Scenario #1: Buy Ethereum today upon reaching the entry point around $2,872, targeting a rise to the $2,960 level. Around $2,990, I will exit the purchases and sell immediately on a rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is in the zone above zero.
- Scenario #2: Buy Ethereum from the lower boundary at $2,793 if there is no market reaction to a breakout, targeting levels of $2,872 and $2,960.
- Scenario #1: Sell Ethereum today upon reaching the entry point around $2,793, targeting a drop to the $2,701 level. Around $2,701, I will exit the sales and buy immediately on a rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is in the zone below zero.
- Scenario #2: Sell Ethereum from the upper boundary at $2,872 if there is no market reaction to a breakout, targeting levels of $2,793 and $2,701.
