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Bitcoin has climbed above $100,000, while Ethereum is trying to consolidate above $2,000.
After yesterday's sharp rally, which continued during today's Asian session, Bitcoin is now trading at $103,000, having bounced off $104,700. Ethereum is hovering around $2,215, reaching $2,245 during Asian trading hours.
Many experts believe that ETH is currently significantly undervalued relative to BTC. After reaching similar ratios, ETH has historically tended to outperform BTC in price growth, as evidenced by yesterday's surge of more than 18% in a single day. However, before giving in to euphoria and diving headfirst into ETH purchases, it's important to recognize that the fundamental issues that led to Ethereum's declines over the past few quarters haven't disappeared because of the new Pectra upgrade. Whether this upgrade can truly address these issues remains to be seen. And one must not forget the inherent volatility of the cryptocurrency market, where even the most well-reasoned forecasts can miss the mark.
As for intraday strategy on the crypto market, I will continue to base my actions on any major dips in Bitcoin and Ethereum, counting on the ongoing development of a mid-term bull market.
Below is the short-term strategy and conditions.
Scenario #1: I plan to buy Bitcoin today at the entry point around $103,400, targeting a rise to $105,400. Around $105,400, I'll exit the long position and immediately sell on a pullback. Before buying on the breakout, ensure the 50-day moving average is below the current price and that the Awesome Oscillator is in the positive zone.
Scenario #2: If the market does not react to a breakout, Bitcoin can also be bought from the lower boundary at $102,100, with targets at $103,400 and $105,400.
Scenario #1: I plan to sell Bitcoin today at the entry point around $102,100, targeting a drop to $100,300. Around $100,300, I'll exit the short position and immediately buy on a rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: If the market does not react to a breakout, Bitcoin can also be sold from the upper boundary at $103,400, with targets at $102,100 and $100,300.
Scenario #1: I plan to buy Ethereum today at the entry point around $2,253, targeting a rise to $2,364. Around $2,364, I'll exit the long position and sell immediately on a pullback. Before buying on the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone.
Scenario #2: If the market does not react to a breakout, Ethereum can also be bought from the lower boundary at $2,187, with targets at $2,253 and $2,364.
Scenario #1: I plan to sell Ethereum today at the entry point around $2,187, targeting a drop to $2,077. Around $2,077, I'll exit the short position and immediately buy on a rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: Ethereum can also be sold from the upper boundary at $2,253 if there is no market reaction to a breakout, with targets at $2,187 and $2,077.
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