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Despite everything happening in the world, Bitcoin shows considerable resilience, trading at $67,000. Ethereum also remains around $2,000, indicating a sideways market condition following an unsuccessful attempt to rise above $2,200 last week.
While not much is happening in the cryptocurrency market, a noteworthy piece of information has surfaced: the short-seller fund Culper Research has opened a massive short position on ETH and the stocks of Tom Lee's BitMine. This move, made by a market participant specializing in betting against assets, has immediately drawn attention due to the scale of the position and the fund's reputation.
The firm explained that ETH's tokenomics have significantly deteriorated following the Fusaka upgrade, revenues have fallen, and the number of spam transactions has increased. These fundamental changes in the Ethereum network's economy, according to Culper Research, cast doubt on the asset's long-term attractiveness. The decline in real activity and the rise in inefficient transactions may indicate structural problems that have not yet been fully reflected in the price.
Moreover, there is a trend of Vitalik Buterin, co-founder of Ethereum, selling ETH. It cannot be ignored that large holders, especially those who were at the project's inception, may have insider knowledge or may be simply adjusting their investment strategies; however, all these speculations are unlikely to be grounded in reality. As Buterin has repeatedly explained, the sales are related to investments in new crypto projects aimed at developing the cryptocurrency market, not profit-taking.
As for the intraday strategy in the cryptocurrency market, I will continue to rely on major pullbacks in Bitcoin and Ethereum, anticipating the continued development of a long-term bullish market, which has not disappeared.
Regarding short-term trading, the strategy and conditions are outlined below.
Scenario No. 1: I plan to buy Bitcoin today when the entry point reaches around $67,800, targeting a move to $68,900. At around $68,900, I plan to exit my buys and sell immediately on the rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: Buying Bitcoin is feasible from the lower boundary of $66,800, provided there is no market reaction to its breakout in the opposite direction towards the levels of $67,800 and $68,900.
Scenario No. 1: I plan to sell Bitcoin today when the entry point reaches around $66,800, targeting a decline to $65,700. At around $65,700, I plan to exit my sales and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price, and the Awesome indicator is in the zone below zero.
Scenario No. 2: Selling Bitcoin can be done from the upper boundary of $67,800, provided there is no market reaction to its breakout in the opposite direction towards the levels of $66,800 and $65,700.
Scenario No. 1: I plan to buy Ethereum today when the entry point reaches around $2,005, targeting a move to $2,051. At around $2,051, I plan to exit my buys and sell immediately on the rebound. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: Buying Ethereum is feasible from the lower boundary of $1,968, provided there is no market reaction to its breakout in the opposite direction towards the levels of $2,005 and $2,051.
Scenario No. 1: I plan to sell Ethereum today when the entry point reaches around $1,968, targeting a decline to $1,916. At around $1,916, I plan to exit my sales and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price, and the Awesome indicator is in the zone below zero.
Scenario No. 2: Selling Ethereum can be done from the upper boundary of $2,005, provided there is no market reaction to its breakout in the opposite direction towards the levels of $1,968 and $1,916.
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