11.09.202408:53 Forex-elemzések és áttekintések: Recommendations for Trading on the Cryptocurrency Market for September 11

Bitcoin and Ethereum recovered quite well but failed to consolidate at the achieved highs. During today's Asian session, the key cryptocurrencies sharply declined, which shifted the upward correction into a horizontal channel. This is quite unfavorable for Bitcoin and Ethereum buyers.

In my forecast yesterday, I noted that the recent decline in Bitcoin's price was accompanied by a significant outflow of funds from 12 American exchange-traded funds (ETFs). While this may seem alarming at first glance, several experts call it a sign of a healthy market. Nothing can move in a straight upward line, just like the influx of new investors interested in the cryptocurrency market.

According to Farside Investors, the funds lost about $1.2 billion between August 27 and September 6, with a net outflow of funds observed for eight consecutive days. However, $1.2 billion represents only around 3% of the total assets in the funds, which, according to Bianco Research, amounted to $46 billion after outflows. Therefore, there isn't much cause for concern at this point. When ETFs lose between 15% to 20%, it would be time to "start worrying."

Considering that Bitcoin and Ethereum buyers made a solid effort to recover after the market dip, partially saving the situation, there is a chance for the upward intraday correction in the cryptocurrency market to resume.

As for the intraday strategy in the cryptocurrency market, I will continue to rely on significant dips in Bitcoin and Ethereum, anticipating the continuation of the medium-term bullish market, which hasn't disappeared.

The strategy and conditions for short-term trading are described below.

Bitcoin

Buy Scenario

I will buy Bitcoin today upon reaching the entry point around 56657, aiming for a rise to the level of 57900. Around 57900, I will exit the long positions and sell immediately on a rebound. Before buying on the breakout, it's best to ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I will sell Bitcoin today upon reaching the entry point around 56049, aiming for a drop to the level of 54945. Around 54945, I will exit the short positions and buy immediately on a rebound. Before selling on the breakout, ensure the Stochastic indicator is near the upper boundary, around the 80 level.

Ethereum

Buy Scenario

I will buy Ethereum today upon reaching the entry point around 2345, aiming for a rise to the level of 2397. Around 2397, I will exit the long positions and sell immediately on a rebound. Before buying on the breakout, ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I will sell Ethereum today upon reaching the entry point around 2320, aiming for a drop to the level of 2276. Around 2276, I will exit the short positions and buy immediately on a rebound. Before selling on the breakout, ensure that the Stochastic indicator is near the upper boundary, around the 80 level.