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Demand for Bitcoin and Ethereum is back. Significant buying activity was noted during the Asian trading session, similar to the previous day. Bitcoin has risen toward the $97,000 mark, while Ethereum has surpassed critical resistance at $2,750.
Yesterday, remarks by U.S. President Donald Trump supported the cryptocurrency market. "Bitcoin has set multiple all-time highs because everyone knows I intend to make America the crypto capital," Trump declared at the Future Investment Initiative Institute conference in Miami on Wednesday. We want to stay at the forefront of everything, and that includes cryptocurrency. Miami appears to be the hub of activity, and if you think about it, it may remain that way," he added.
Before being elected president last year, Trump had expressed his intention to establish the U.S. as the global crypto capital. Both before and after taking office, he has taken several steps to demonstrate his support for digital assets, including appointing pro-crypto former regulator Paul Atkins as head of the U.S. Securities and Exchange Commission (SEC). Trump also launched the TRUMP meme coin before his inauguration, followed by his wife, Melania Trump. Both of these coins reached multi-billion-dollar market capitalizations before collapsing, leaving an infamous mark in meme coin history.
Yesterday, Trump also discussed his executive orders focused on maintaining U.S. leadership in artificial intelligence and addressing Joe Biden's approach to Bitcoin and cryptocurrency.
Recent developments have been viewed positively by traders, resulting in a short-term strengthening of Bitcoin and Ethereum. However, it is still premature to discuss the establishment of a fully-fledged bullish market trend.
For intraday trading, I will continue to focus on buying major dips in Bitcoin and Ethereum, assuming that the broader medium-term bull market remains intact. Below are the short-term trading strategies and conditions for today's session.
Scenario #1: I plan to buy Bitcoin today upon reaching the entry point of around $97,500, with a target of $98,600. Around $98,600, I will exit long positions and sell immediately on a pullback. Before buying on a breakout, confirming that the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero is necessary.
Scenario #2: Bitcoin can also be bought from the lower boundary at $96,700 if there is no market reaction to its breakout downward, with expected targets at $97,500 and $98,600.
Scenario #1: I plan to sell Bitcoin today upon reaching the entry point of around $96,700 with a target of $95,500. Around $95,500, I will exit short positions and buy immediately on a rebound. Before selling on a breakout, confirming that the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero is necessary.
Scenario #2: Bitcoin can also be sold from the upper boundary at $97,500 if there is no market reaction to its breakout upward, with expected targets at $96,700 and $95,500.
Scenario #1: I plan to buy Ethereum today upon reaching the entry point around $2,764 with a target of $2,805. Around $2,805, I will exit long positions and sell immediately on a pullback. Before buying on a breakout, confirming that the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero is necessary.
Scenario #2: Ethereum can also be bought from the lower boundary at $2,729 if there is no market reaction to its breakout downward, with expected targets at $2,764 and $2,805.
Scenario #1: I plan to sell Ethereum today upon reaching the entry point around $2,729 with a target of $2,685. Around $2,685, I will exit short positions and buy immediately on a rebound. Before selling on a breakout, confirming that the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero is necessary.
Scenario #2: Ethereum can also be sold from the upper boundary at $2,764 if there is no market reaction to its breakout upward, with expected targets at $2,729 and $2,685.
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