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Bitcoin and Ethereum continue to struggle with upward momentum. Each significant upward movement faces selling pressure as some market participants offload their cryptocurrency assets, creating notable downward pressure on prices.
The crypto community, particularly speculative traders, is feeling puzzled and frustrated. Meanwhile, Donald Trump is solidifying his position with new policies designed to promote the growth of the cryptocurrency industry. Let's take a closer look at some key appointments.
Stephen Miran has been appointed as Chair of the Council of Economic Advisers. He is a supporter of cryptocurrencies and aims to integrate blockchain technology and decentralized finance into the U.S. economy. Another significant appointment is Bo Hines, a former professional football player, who will lead the newly established Cryptocurrency Council. Hines has been tasked with finding a balance between encouraging innovation and ensuring consumer protection by creating a regulatory framework for digital assets. Additionally, David Sacks, a veteran of Silicon Valley and an ardent supporter of blockchain technology, has been named the "AI and Crypto Czar." Sacks intends to combine blockchain with artificial intelligence while enhancing U.S. leadership in both fields.
These appointments represent a significant shift from Trump's previous skepticism regarding digital assets. The key question now is how these actions will translate into meaningful policies, especially amidst regulatory gridlock and political friction. These changes also demonstrate the administration's new approach to cryptocurrency and blockchain regulation, indicating an effort to create a more innovation-friendly environment. This shift could attract investments and position the U.S. at the forefront of the global digital economy. However, overcoming legislative hurdles will require compromises among various interest groups, including investors and law enforcement agencies. Nevertheless, with Trump maintaining control over Congress, overcoming these challenges seems to be only a matter of time.
In my intraday strategy for the cryptocurrency market, I will continue to focus on significant dips in Bitcoin and Ethereum, anticipating that the bullish trend will continue in the medium term, which remains intact.
Below, I have outlined the trading strategy and conditions for short-term trading.
Buy Scenario
Today, I plan to buy Bitcoin upon reaching the entry point near $94,755, aiming for a rise to the level of $96,100. At $96,100, I will exit purchases and sell immediately on a rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.
Sell Scenario
Today, I plan to sell Bitcoin at the entry point near $93,970, aiming for a drop to $92,600. At $92,600, I will exit sales and buy immediately on a rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero.
Buy Scenario
Today, I plan to buy Ethereum upon reaching the entry point near $3,429, aiming for a rise to $3,539. At $3,539, I will exit purchases and sell immediately on a rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the zone above zero.
Sell Scenario
Today, I plan to sell Ethereum upon reaching the entry point near $3,378, aiming for a drop to $3,283. At $3,283, I will exit sales and buy immediately on a rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the zone below zero.
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