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Bitcoin and Ethereum have experienced significant declines, with Bitcoin hitting a new yearly low and Ethereum testing the $2,300 mark after trading around $2,800 just days ago. The world's largest cryptocurrency fell 6% to $89,617, while the drop in major altcoins was even steeper: XRP plunged 10.5% to $2.21, and Solana dropped 12.6% to $138.6. The entire cryptocurrency market has declined 6.8% in the past 24 hours, while the GMCI 30 index, which tracks the performance of the 30 largest cryptocurrencies, dropped 8.96%.
The correction in cryptocurrencies comes amid broader market uncertainty. Stock markets have faced downward pressure after U.S. President Donald Trump announced on Monday his intention to impose tariffs on Canada and Mexico once the 30-day suspension period expires next week. This announcement fueled further sell-offs in equities, continuing last week's trend. The pressure on risk assets has also affected the crypto market, reducing investors' willingness to take risks. The growing bearish sentiment is reflected in the Crypto Fear & Greed Index, which recently fell to a five-month low of 25 points.
For intraday trading, my approach will remain focused on capitalizing on Bitcoin and Ethereum's major pullbacks, expecting the medium-term bullish trend to persist.
The short-term trading strategy is outlined below.
Bitcoin (BTC/USD)
Scenario #1: Buy Bitcoin at $90,400, targeting $93,600. At $93,600, I will exit long positions and sell on the pullback. Before buying on a breakout, I will ensure that the 50-day moving average is below the current price, and the Awesome Oscillator is in positive territory.
Scenario #2: Buy Bitcoin from the lower boundary of $87,900 if there is no market reaction to a downward breakout, aiming for $90,400 and $93,600.
Scenario #1: Sell Bitcoin at $87,900, targeting a decline to $85,300. At $85,300, I will exit short positions and buy on the pullback. Before selling on a breakout, I will confirm that the 50-day moving average is above the current price, and the Awesome Oscillator is in negative territory.
Scenario #2: Sell Bitcoin from the upper boundary of $90,400 if there is no market reaction to an upward breakout, aiming for $87,900 and $85,300.
Scenario #1: Buy Ethereum at $2,461, targeting $2,561. At $2,561, I will exit long positions and sell on the pullback. Before buying on a breakout, I will ensure that the 50-day moving average is below the current price, and the Awesome Oscillator is in positive territory.
Scenario #2: Buy Ethereum from the lower boundary of $2,385 if there is no market reaction to a downward breakout, aiming for $2,461 and $2,561.
Scenario #1: Sell Ethereum at $2,385, targeting a decline to $2,279. At $2,279, I will exit short positions and buy on the pullback. Before selling on a breakout, I will confirm that the 50-day moving average is above the current price, and the Awesome Oscillator is in negative territory.
Scenario #2: Sell Ethereum from the upper boundary of $2,461 if there is no market reaction to an upward breakout, aiming for $2,385 and $2,279.
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