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Bitcoin has reached $71,000 today, remaining under pressure following new geopolitical upheavals. Ethereum has also dropped to around $2,195, where it trades at the time of writing.
The cryptocurrency market, known for its inherent volatility, saw a sharp decline yesterday, impacting leading digital assets such as Bitcoin and Ethereum. This crash occurred amid news of the failure of the lengthy 14-hour negotiations between the United States and Iran, which did not lead to any agreements.
An official statement released after the meeting emphasized that the American side failed to achieve the desired results. It also noted that the situation is much more unfavorable for Iran than for America. This statement subtly hints that the US's key demands went unanswered, creating a new wave of uncertainty.
The central sticking points turned out to be two critically important issues: the status of the Strait of Hormuz and questions related to Iran's nuclear program, specifically the level of uranium enrichment. These points, which Washington marked as "red lines," were ones Tehran was unable or unwilling to compromise on. The refusal to make concessions on these issues triggered negative market reactions, including a sharp decline in the value of Bitcoin and Ethereum.
Regarding intraday strategy in the cryptocurrency market, I will continue to look for major dips in Bitcoin and Ethereum, anticipating the continuation of a long-term bull market that has not yet vanished.
As for short-term trading, the strategy and conditions are described below.
Scenario 1: I will buy Bitcoin today upon reaching an entry point around $71,300, targeting a rise to $72,000. I will exit my purchases around $72,000 and sell immediately on a pullback. Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome indicator is in the positive zone.
Scenario 2: I can buy Bitcoin from the lower boundary of $70,500 if there is no market reaction to its breakout back towards $71,300 and $72,000.
Scenario 1: I will sell Bitcoin today upon reaching an entry point around $70,500, targeting a decline to $69,800. I will exit my sales around $69,800 and buy immediately on a pullback. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome indicator is in the negative zone.
Scenario 2: I can sell Bitcoin from the upper boundary of $71,300 if there is no market reaction to its breakout back towards $70,500 and $69,800.
Scenario 1: I will buy Ethereum today upon reaching an entry point around $2,200, targeting a rise to $2,228. I will exit my purchases around $2,228 and sell immediately on a pullback. Before buying on a breakout, ensure that the 50-day moving average is below the current price and that the Awesome indicator is in the positive zone.
Scenario 2: I can buy Ethereum from the lower boundary of $2,185 if there is no market reaction to its breakout back towards $2,200 and $2,228.
Scenario 1: I will sell Ethereum today upon reaching an entry point around $2,185, targeting a decline to $2,156. I will exit my sales around $2,156 and buy immediately on a pullback. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome indicator is in the negative zone.
Scenario 2: I can sell Ethereum from the upper boundary of $2,200 if there is no market reaction to its breakout back towards $2,185 and $2,156.
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