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Bitcoin and Ethereum declined slightly yesterday without reaching new weekly highs, which raises questions about the strength of the ongoing bull market. Bitcoin retraced to around $77,700, while Ethereum fell to the $2,300 level.
It is important to note that the sharp rise observed this week has impacted the entire cryptocurrency space. In just four days, market participants' sentiment toward Bitcoin has shifted dramatically: from "extreme fear" to "euphoria." This rapid change indicates increased optimism and, consequently, significantly raises the risk of a correction.
In the current situation, with Bitcoin at quite significant price levels from which we have frequently observed active declines this year, traders should exercise extreme caution. Historical data shows that similar peaks often become reversal points, and a new wave of growth may not be sustainable. The risks associated with investing at these levels are high, and premature buying could lead to substantial losses.
Moreover, it is important not to overlook external factors that can have an immediate impact on the cryptocurrency market. Any escalation of geopolitical tensions in the Middle East could suddenly put pressure back onto the market. Therefore, when making investment decisions, it is crucial to consider not only internal market sentiments but also the overall global context.
As for my intraday strategy in the cryptocurrency market, I will continue to trade by capitalizing on any significant pullbacks in Bitcoin and Ethereum, anticipating that the long-term bull market—which is still very much intact—will continue.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: I plan to buy Bitcoin today when the price reaches around $77,900, targeting an increase to $78,700. At around $78,700, I will exit the buy positions and immediately sell on the rebound (expecting a 30-35-pip move in the opposite direction from this level). Important! Before buying at a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can also buy Bitcoin at the lower boundary of $77,200 if there is no market reaction to its downside breakout back to $77,900 and $78,700.
Scenario #1: I plan to sell Bitcoin today after the price reaches around $77,200, targeting a decline to $76,300. At around $76,300, I will exit the sell positions and immediately buy on the rebound (expecting a 20-25-pip move in the opposite direction from this level). Important! Before selling at a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.
Scenario #2: I can also sell Bitcoin at the upper boundary of $77,900 if there is no market reaction to its upside breakout back to $77,200 and $76,300.
Scenario #1: I plan to buy Ethereum today when the price reaches around $2,320, targeting an increase to $2,368. At around $2,368, I will exit the buy positions and immediately sell on the rebound (expecting a 30-35-pip move in the opposite direction from this level). Important! Before buying at a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can also buy Ethereum at the lower boundary of $2,304 if there is no market reaction to its downside breakout back to $2,320 and $2,368.
Scenario #1: I plan to sell Ethereum today when the price reaches around $2,304, targeting a decline to $2,267. At around $2,267, I will exit the sell positions and immediately buy on the rebound (expecting a 20-25-pip move in the opposite direction from this level). Important! Before selling at a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.
Scenario #2: I can also sell Ethereum at the upper boundary of $2,320 if there is no market reaction to its upside breakout back to $2,304 and $2,267.
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