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Bitcoin and Ethereum continue to seize any opportunity they can. In the second half of the day, it seemed like an almost hopeless situation when cryptocurrencies began to lose value significantly. This could have brought serious pressure back to the market, putting an end to all the plans for an upward correction observed this week. However, the sharp rise in tech stocks pulled the cryptocurrency market up with it.
During Asian trading, the value of bitcoin exceeded $58,000. This surge was driven by the rally in U.S. tech companies and positive trends in Asian stock markets. Despite Bitcoin's price increase, U.S. spot Bitcoin ETFs continued to face outflows. ARKB, managed by Ark Invest, recorded a significant outflow of $54 million.
Yesterday's U.S. inflation data for August confirmed the expectation of a Federal Reserve rate cut next week. However, it's unlikely that borrowing costs will fall lower than economists predict. This doesn't instill much confidence in buyers of risky assets, who were earlier hoping for more aggressive rate cuts. Nonetheless, the chances of Bitcoin and Ethereum rising remain, though trading is likely to continue within horizontal channels since stronger bullish momentum requires solid fundamental support.
For intraday strategies in the cryptocurrency market, I will focus on significant dips in Bitcoin and Ethereum, anticipating further development of the medium-term bullish market trend, which remains intact. The strategy and conditions for short-term trading are outlined below.
Bitcoin
Buy Scenario
I will buy Bitcoin today upon reaching the entry point around $58,582, aiming for a rise to the level of $59,890. Around $59,890, I will exit the purchases 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 $57,754, aiming for a drop to the level of $56,322. Around $56,322, I will exit the sales 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 $2374, aiming for a rise to the level of $2434. Around $2434, I will exit from buying 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 $2345, aiming for a drop to the $2288. Around $2288, I will exit from selling 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.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
