17.03.202509:04 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on March 17

Bitcoin and Ethereum continue to consolidate within their respective channels, allowing for the expectation of a continued bullish market. However, several technical factors must be met for this to happen, which we will discuss in more detail below.

For now, there are several positive signs for the bullish market. First, whales have begun cautiously accumulating BTC since last Thursday, according to data from Santiment. This careful approach to accumulating cryptocurrency by major market players may indicate a gradual restoration of confidence and trust in Bitcoin's long-term prospects. The activity of whales, reflected in their increasing BTC reserves, is an important indicator of potential shifts in market dynamics. While retail traders are often more prone to panic and impulsive decisions, whales typically act based on deeper analysis and strategic planning.

Second, data from CryptoQuant shows that the number of short sellers on exchanges is steadily decreasing. This trend suggests a shift in sentiment within the cryptocurrency market, where bearish dominance is gradually weakening. A decline in the number of traders betting on a price drop could contribute to Bitcoin's rise. The decrease in short sellers may also result from technical factors, such as the cryptocurrency hitting support levels that indicate a possible trend reversal.

As for the intraday trading strategy, I will focus on significant dips in Bitcoin and Ethereum, anticipating continuing the bullish trend in the medium term.

For short-term trading, the strategy and conditions are outlined below.

Bitcoin

Buy Scenario

Scenario #1: Today, I plan to buy Bitcoin when the entry point reaches around $83,600, aiming for a rise to $84,800. Around $84,800, I will exit my buy positions and immediately sell on the rebound. Before buying on a breakout, ensuring that the 50-day moving average is below the current price and that the Awesome Indicator is in the zone above zero is essential.

Scenario #2: Bitcoin can also be bought from the lower boundary at $82,700 if there is no market reaction to a breakout, expecting a reversal toward $83,600 and $84,800.

Sell Scenario

Scenario #1: Today, I plan to sell Bitcoin when the entry point reaches around $82,700, targeting a decline to $81,400. Around $81,400, I will exit my sell positions and immediately buy on the rebound. Before selling on a breakout, it is crucial to confirm that the 50-day moving average is above the current price and that the Awesome Indicator is in the zone below zero.

Scenario #2: Bitcoin can also be sold from the upper boundary at $83,600 if there is no market reaction to a breakout, expecting a reversal toward $82,700 and $81,400.

Ethereum

Buy Scenario

Scenario #1: Today, I plan to buy Ethereum when the entry point reaches around $1,912, aiming for a rise to $1,938. Around $1,938, I will exit my buy positions and immediately sell on the rebound. Before buying on a breakout, ensuring that the 50-day moving average is below the current price and that the Awesome Indicator is in the zone above zero is essential.

Scenario #2: Ethereum can also be bought from the lower boundary at $1,893 if there is no market reaction to a breakout, expecting a reversal toward $1,912 and $1,938.

Sell Scenario

Scenario #1: Today, I plan to sell Ethereum when the entry point reaches around $1,893, targeting a decline to $1,866. Around $1,866, I will exit my sell positions and immediately buy on the rebound. Before selling on a breakout, it is crucial to confirm that the 50-day moving average is above the current price and that the Awesome Indicator is in the zone below zero.

Scenario #2: Ethereum can also be sold from the upper boundary at $1,912 if there is no market reaction to a breakout, expecting a reversal toward $1,893 and $1,866.