29.07.202508:42 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on July 29

Bitcoin corrected by the end of yesterday, testing the $117,500 level, but is already trading above $119,000 today, indicating sustained high demand even during minor pullbacks. Ethereum has also recovered significantly, trading above $3,800 and targeting the $4,000 mark.

Meanwhile, billionaire and founder of Bridgewater Associates Ray Dalio, in a recent public appearance, advised investors to keep 15% of their money in Bitcoin. "If you optimized your portfolio for the best return-to-risk ratio, about 15% of your money would be in gold or Bitcoin," Dalio said. He noted that he owns a small amount of Bitcoin, which may increase in the near future.

As in many of his recent public comments, Dalio dedicated much of the interview to the dire economic situation facing the U.S. government, given the ongoing accumulation of public debt. He identified currency devaluation as the core issue. "We've reached a point of no return," Dalio warned, claiming that next year, the government will likely have to issue nearly 12 trillion dollars in Treasury bonds to service the growing debt. "And it's not just the U.S.; all Western countries are caught in a similar debt trap," he added.

Regarding Bitcoin, considering his cautious stance on digital assets, Dalio stated that it's difficult to say exactly how effective Bitcoin is as a form of money, but many already view it as an alternative. He also expressed concern about privacy on the blockchain.

As for the intraday cryptocurrency market strategy, I will continue to act based on any major dips in Bitcoin and Ethereum, aiming for further medium-term bullish development, which remains intact.

Below is the short-term trading strategy and relevant conditions.

Bitcoin

Buy Scenario

Scenario No. 1: I plan to buy Bitcoin today at the entry point around $119,100 with a target of rising to $120,100. At around $120,100, I will exit my long positions and sell immediately on a rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario No. 2: Buying Bitcoin is also possible from the lower boundary of $118,400, provided there is no market reaction to its breakout, with the intention of rebounding to $119,100 and $120,100.

Sell Scenario

Scenario No. 1: I plan to sell Bitcoin today at the entry point around $118,400 with a target of dropping to $117,500. At around $117,500, I will exit my short positions and buy immediately on a rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario No. 2: Selling Bitcoin is also possible from the upper boundary of $119,100, provided there is no market reaction to its breakout, with the intention of moving down to $118,400 and $117,500.

Ethereum

Buy Scenario

Scenario No. 1: I plan to buy Ethereum today at the entry point around $3,824 with a target of rising to $3,898. At around $3,898, I will exit my long positions and sell immediately on a rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario No. 2: Buying Ethereum is also possible from the lower boundary of $3,787, provided there is no market reaction to its breakout, with the intention of rebounding to $3,824 and $3,898.

Sell Scenario

Scenario No. 1: I plan to sell Ethereum today at the entry point around $3,787 with a target of dropping to $3,705. At around $3,705, I will exit my short positions and buy immediately on a rebound. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario No. 2: Selling Ethereum is also possible from the upper boundary of $3,824, provided there is no market reaction to its breakout, with the intention of moving down to $3,787 and $3,705.