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Bitcoin continued its permanent recovery yesterday, reaching the level of $78,100 and then returning to around $77,500 today. Ethereum also saw an increase, pushing the price to $2,154 before it declined.
Bitcoin remains a hostage to the absence of buyers and sellers. Recent price movements have caused traders to doubt whether it is in a bullish market. Following the rally in early April that pushed the price above $80,000 by May 6, Bitcoin has retraced back to around $77,000, where it has remained throughout this week. However, the focus is not just on the price level but also on the asset's behavior: Bitcoin is moving almost in sync with the Nasdaq technology index.
According to some experts, this seriously undermines one of the key arguments in favor of cryptocurrency—that it is a safe haven asset or a hedge against the dollar. Additionally, Bitcoin has shown unexpected resilience amid high US interest rates, even though rate hikes traditionally put pressure on assets that do not generate interest income.
This suggests that once the sell-off of technology stocks begins, a decline in the cryptocurrency market will soon follow. Today, Kevin Warsh takes the oath as the new head of the Federal Reserve, so anything can happen. Historically, each time a new Fed chair has taken office, the US stock market has lost up to 12% over the next three months.
As for the intraday strategy in the cryptocurrency market, the strategy and conditions are outlined below.
Scenario #1: I will buy Bitcoin today when it reaches the entry point around $77,700, aiming to rise to $78,500. At around $78,500, I will exit the buy trades and immediately sell on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can buy Bitcoin from the lower boundary of $77,300 if there is no market reaction to its breakout back towards the levels of $77,700 and $78,500.
Scenario #1: I will sell Bitcoin today when it reaches the entry point around $77,300, aiming to fall to $76,200. At around $76,200, I will exit the sell trades and immediately buy on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.
Scenario #2: I can sell Bitcoin from the upper boundary of $77,700 if there is no market reaction to its breakout back towards the levels of $77,300 and $76,200.
Scenario #1: I will buy Ethereum today upon reaching the entry point around $2,131 with the target of rising to $2,161. At around $2,161, I will exit the buy trades and immediately sell on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can buy Ethereum from the lower boundary of $2,121 if there is no market reaction to its breakout back towards the levels of $2,131 and $2,161.
Scenario #1: I will sell Ethereum today when it reaches the entry point around $2,121, aiming to fall to $2,082. At around $2,082, I will exit the sell trades and immediately buy on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is below zero.
Scenario #2: I can sell Ethereum from the upper boundary of $2,131 if there is no market reaction to its breakout back towards the levels of $2,121 and $2,082.
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