The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Bitcoin continues to fluctuate. Yesterday's update, hitting $84,000, was met with active buying; however, how long this will last is a rather complicated question. The market remains in a bearish trend, and every good correction is perceived as an opportunity to sell.
Meanwhile, shares of the Strategy company plummeted by 12% yesterday after it announced the creation of a $1.44 billion reserve to support dividend payments on preferred shares and interest on outstanding debt. The company also stated that it purchased an additional 130 BTC last week.
It is clear that investors reacted extremely negatively to the news, fearing that the creation of such a large reserve indicates serious financial problems within the company. Analysts have suggested that Strategy's operational activities are not generating enough profit to cover current obligations, necessitating the use of alternative funding sources to maintain payments to shareholders and creditors. The decision to buy additional bitcoins has also puzzled many experts. In light of the cryptocurrency market collapse, investing substantial funds in this asset appears risky and could further worsen the company's financial position. However, some experts believe that Strategy's management is trying to prove to everyone that, even in difficult times, the company will not abandon its plan or its cryptocurrency investment program.
As for the intraday strategy in the cryptocurrency market, I will continue to act on significant dips in bitcoin and ether, expecting the medium-term bullish market to continue.
Regarding short-term trading, the strategy and conditions are outlined below.
Scenario #1: I will buy bitcoin today upon reaching the entry point around $87,500, aiming for growth to the level of $88,900. Around $88,900, I will exit the buys and sell immediately on the bounce. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can buy bitcoin from the lower boundary of $86,700 if there is no market reaction to its breakout in the opposite direction to the levels of $87,500 and $88,900.
Scenario #1: I will sell bitcoin today upon reaching the entry point around $86,700, aiming for a decline to the level of $85,400. Around $85,400, I will exit the sales and buy immediately on the bounce. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: I can sell bitcoin from the upper boundary of $87,500 if there is no market reaction to its breakout in the opposite direction to the levels of $86,700 and $85,400.
Scenario #1: I will buy ether today upon reaching the entry point around $2,824, aiming for growth to $2,857. Around $2,857, I will exit the buys and sell immediately on the bounce. Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.
Scenario #2: I can buy ether from the lower boundary of $2,795 if there is no market reaction to its breakout in the opposite direction to the levels of $2,824 and $2,857.
Scenario #1: I will sell ether today upon reaching the entry point around $2,795, aiming for a decline to $2,752. Around $2,752, I will exit the sales and buy immediately on the bounce. Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: I can sell ether from the upper boundary of $2,824 if there is no market reaction to its breakout in the opposite direction to the levels of $2,795 and $2,752.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
