Bitcoin remains afloat. Several desperate attempts to pressure Bitcoin yesterday were met with active buying around $86,300, keeping the chances of further upward correction of the trading instrument alive. Ethereum also attempted to bounce back to $3,000, but has not yet managed to break above this level.
Yesterday, it was reported that Texas became the first state in the US to start purchasing a spot Bitcoin ETF for its reserves. The first purchases took place on November 20, with the state investing $10 million. Texas is currently buying BTC through the BlackRock ETF IBIT but will eventually move towards self-custody of Bitcoin. This news was received positively within the cryptocurrency community and beyond. Many experts see this step as a sign of increasing institutional interest in Bitcoin and cryptocurrencies as a whole. The Texas state investment, though relatively small compared to the state's total reserve volume, could serve as a precedent for other states and even countries.
One reason Texas chose Bitcoin may be its desire to diversify its reserves and protect against inflation. Bitcoin is often referred to as digital gold due to its limited supply and decentralized nature. In an unstable economic environment, Bitcoin can serve as insurance against the devaluation of traditional assets. Equally important is Texas's progressive legislation regarding cryptocurrencies. The state has long aimed to become a leader in digital assets, attracting crypto startups and creating favorable conditions for industry development. The purchase of a Bitcoin ETF is a logical continuation of this policy and could solidify Texas's position as a crypto hub.
As for the intraday strategy in the cryptocurrency market, I will continue to act on any significant pullbacks in Bitcoin and Ethereum, anticipating the continuation of the bullish market in the medium term, which has not yet disappeared.
For short-term trading, the strategy and conditions are described below.
Bitcoin
Buy Scenario
- Scenario #1: I will buy Bitcoin today if it reaches the entry point around $88,000, targeting a growth to $89,000. Around $89,000, I will exit the buys and sell immediately on the rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.
- Scenario #2: Buying Bitcoin can be considered from the lower boundary of $87,400 if there is no market reaction to its breakout back to levels $88,000 and $89,000.
Sell Scenario
- Scenario #1: I will sell Bitcoin today if it reaches the entry point around $87,400, targeting a drop to $86,300. Around $86,300, I will exit the sell and buy immediately on the rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.
- Scenario #2: Selling Bitcoin can be considered from the upper boundary of $88,000 if there is no market reaction to its breakout back to levels $87,400 and $86,300.
Ethereum
Buy Scenario
- Scenario #1: I will buy Ethereum today if it reaches the entry point around $2,955, targeting a growth to $3,017. Around $3,017, I will exit the buys and sell immediately on the rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.
- Scenario #2: Buying Ethereum can be considered from the lower boundary of $2,924 if there is no market reaction to its breakout back to levels $2,955 and $3,017.
Sell Scenario
- Scenario #1: I will sell Ethereum today if it reaches the entry point around $2,924, targeting a drop to $2,866. Around $2,866, I will exit the sell and buy immediately on the rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.
- Scenario #2: Selling Ethereum can be considered from the upper boundary of $2,955 if there is no market reaction to its breakout back to levels $2,924 and $2,866.
