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Bitcoin and Ethereum have resumed their decline today, as it has become clear that a quick deal with Iran is not in sight. Currently, Bitcoin has fallen back to $70,000, while Ethereum is trading at $2,119.
Meanwhile, news has emerged that several major representatives from the crypto industry have again voiced their opposition to the latest version of the Clarity Act regarding cryptocurrency market regulation amid protracted debates about the yield on stablecoins. Coinbase stated to the Senate that it cannot support the latest version of the bill, which includes a compromise aimed at alleviating banks' concerns regarding stablecoin yields.
The report indicates that Coinbase expressed serious concerns about the latest provisions on stablecoin yields initiated by Senators Thom Tillis and Angela Alsobrooks. It was previously reported that the new law would prohibit cryptocurrency exchanges from paying rewards for holding stablecoins and would impose a number of other restrictions that significantly impact the incentive system.
It is worth noting that banks strongly oppose the accrual of income on unused stablecoins, arguing that such incentives could lead to a loss of deposits from traditional financial institutions, which rely on these funds for lending.
On the other hand, the crypto industry contends that providing income from stablecoins will expand financial flexibility for customers and create additional profit opportunities for banks and other institutions.
Despite the White House's attempts to hold several closed meetings to reach a compromise between the two sides, no agreement has been reached on this issue.
As for the intraday strategy in the cryptocurrency market, I will also rely on significant dips in Bitcoin and Ethereum, anticipating the continued development of a long-term bullish market, which hasn't disappeared.
Regarding short-term trading, the strategy and conditions are outlined below.
Scenario #1: I plan to buy Bitcoin today upon reaching an entry point around $70,200, targeting a move to $70,800. Near $70,800, I will exit my purchases and sell immediately on the rebound. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario #2: I can buy Bitcoin at the lower boundary at $69,800 if there is no market reaction to its breakout back towards $70,200 and $70,800.
Scenario #1: I plan to sell Bitcoin today upon reaching an entry point around $69,800, targeting a drop to $69,000. Near $69,000, I will exit my sales and buy immediately on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario #2: I can sell Bitcoin at the upper boundary at $70,200 if there is no market reaction to its breakout back towards $69,800 and $69,100.
Scenario #1: I plan to buy Ethereum today upon reaching an entry point around $2,125, with a target for growth towards $2,146. Near $2,146, I will exit my purchases and sell immediately on the rebound. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario #2: I can buy Ethereum at the lower boundary at $2,108 if there is no market reaction to its breakout back towards $2,125 and $2,146.
Scenario #1: I plan to sell Ethereum today upon reaching an entry point around $2,108, targeting a drop to $2,087. Near $2,087, I will exit my sales and buy immediately on the rebound. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario #2: I can sell Ethereum at the upper boundary at $2,125 if there is no market reaction to its breakout back towards $2,108 and $2,087.
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