10.02.202608:55 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on February 10

Bitcoin has once again fallen below $70,000, while Ethereum has dropped back to $2,000.

The active consolidation in the cryptocurrency market continues, but it is currently not favoring buyers. Do not rush into long positions; rather, wait for significant market pullbacks before buying near annual lows. Today, another meeting will take place at the White House with representatives of the cryptocurrency industry and the US banking sector regarding the yield of stablecoins. If this meeting ends in failure again, pressure on the cryptocurrency market will only increase, which can be exploited. Positive outcomes could stimulate more active buying of cryptocurrency assets.

Meanwhile, the Ministry of Finance of Vietnam has proposed equating cryptocurrency transactions to securities trading and introducing a tax regime. It has been reported that a 0.1% commission will be charged on each crypto transaction for individuals, regardless of the financial outcome. A 20% profit tax for companies is also planned, calculated from net profit after deducting acquisition costs and related expenses. All of this will complicate the conditions for cryptocurrency trading within the country and may lead to capital outflows to other jurisdictions and foreign platforms.

Regarding intraday strategies in the cryptocurrency market, I will continue to rely on any significant pullbacks in Bitcoin and Ethereum, anticipating the continuation of a bull market in the long term, which has not gone away.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

• Scenario 1: I will buy Bitcoin today upon reaching the entry point around $69,600, targeting a rise to $71,300. Near $71,300, I will exit my buys and sell on the bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
• Scenario 2: Bitcoin can be bought from the lower boundary of $68,700 if there is no market reaction to its breakout in the opposite direction back to levels of $69,600 and $71,200.

Sell Scenario

• Scenario 1: I will sell Bitcoin today upon reaching the entry point around $68,700, targeting a decline to $67,500. Near $67,500, I will exit my sales and buy on the bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
• Scenario 2: Bitcoin can be sold from the upper boundary of $69,600 if there is no market reaction to its breakout in the opposite direction back to levels of $68,700 and $67,500.

Ethereum

Buy Scenario

• Scenario 1: I will buy Ethereum today upon reaching the entry point around $2,046, targeting a rise to $2,101. Near $2,101, I will exit my buys and sell on the bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
• Scenario 2: Ethereum can be bought from the lower boundary of $1,999 if there is no market reaction to its breakout in the opposite direction back to levels of $2,046 and $2,101.

Sell Scenario

• Scenario 1: I will sell Ethereum today upon reaching the entry point around $2,000, targeting a decline to $1,935. Near $1,935, I will exit my sales and buy on the bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
• Scenario 2: Ethereum can be sold from the upper boundary of $2,046 if there is no market reaction to its breakout in the opposite direction back to levels of $2,000 and $1,935.