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Bitcoin reached just below $100,000, while Ethereum hit $1,900. Such a major growth in the cryptocurrency market once again confirms its bullish outlook, which has been discussed quite a lot lately.
Bitcoin is currently trading at $98,700 after pulling back from $99,400, while Ethereum is around $1,905, having updated its level to $1,913 during the Asian session.
This significant rally in the cryptocurrency market once again confirms its bullish outlook, which has recently been a major topic of discussion. The market also responded positively to President Donald Trump's announcement of plans to present a "major" trade agreement with several countries, boosting optimism that the U.S. is making progress in negotiations. The bullish momentum in leading cryptocurrencies like Bitcoin and Ethereum reflects a broader risk-on sentiment across financial markets, fueled by hopes of easing trade tensions.
Traders, previously concerned about the negative effects of trade wars on the global economy, now see opportunities for growth and diversification in their portfolios. Rumors suggest the trade deal may be with the United Kingdom. This quickly spurred risk asset buyers into action, driving up stock indices, which pulled up other risk assets, including Bitcoin and Ethereum.
Going forward, I will continue to focus on buying dips in Bitcoin and Ethereum, expecting the medium-term bullish trend to remain intact.
Below is the short-term trading strategy for both instruments:
Scenario #1: I plan to buy Bitcoin today at the entry point around $99,200 with a target of rising to $100,400. I'll exit long positions near $100,400 and immediately sell on the pullback. Before buying the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.
Scenario #2: Buying from the lower boundary at $98,400 is also viable if there is no bearish reaction to its breakout, with targets at $99,200 and $100,400.
Scenario #1: I will sell Bitcoin today if the price reaches $98,400 with a target of $97,300. I'll exit shorts and buy on the bounce near $97,300. Before selling the breakout, ensure the 50-day MA is above the current price and the Awesome Oscillator is in negative territory.
Scenario #2: If the breakout fails, selling from the upper boundary at $99,200 is also an option, targeting $98,400 and $97,300.
Scenario #1: I plan to buy Ethereum today upon reaching the entry point at $1,907 with a target of $1,941. I'll exit longs and sell on the bounce near $1,941. Before buying the breakout, confirm that the 50-day MA is below the current price and the Awesome Oscillator is in positive territory.
Scenario #2: Buying from the lower boundary at $1,885 is also viable if there is no bearish reaction to its breakout, with targets at $1,907 and $1,941.
Scenario #1: I will sell Ethereum today if the price reaches $1,885 with a target of $1,856. I'll exit shorts and buy on the bounce near $1,856. Before selling the breakout, ensure the 50-day MA is above the current price and the Awesome Oscillator is in negative territory.
Scenario #2: If the breakout fails, selling from the upper boundary at $1,907 is an option, targeting $1,885 and $1,856.
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