20.02.202608:51 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on February 20

Bitcoin declined yesterday to around $66,600 but has since bounced back to approximately $68,000 today, suggesting the possibility of a more substantial upward move under certain circumstances. Ethereum remains below $2,000, which limits its upward potential.

It is quite possible that yesterday's closed-door White House meeting between cryptocurrency advocates and banking groups positively influenced Bitcoin's price. However, there have been no substantial outcomes, just as after the previous two meetings.

Ji Hoon Kim from the Crypto Council for Innovation described the lengthy meeting on Thursday as "constructive." "The conversation was based on previous meetings and focused on creating a foundation that meets the interests of American consumers while also strengthening the competitiveness of the US," he said. "There is still a lot of work ahead to build on the progress made."

Coinbase's Chief Legal Officer, Paul Grewal, made similar remarks in his statement, stating that "the dialogue was constructive, and the tone was friendly," adding, "To be continued."

On one hand, the lack of results is a result in itself. On the other hand, participants continue to seek compromises, which gives a chance for cryptocurrency legislation to be adopted in the near future. Some experts believe the CLARITY initiative could be passed by this summer, which would act as a trigger for the recovery of the cryptocurrency market in the second half of the year.

As for the intraday strategy in the cryptocurrency market, I will continue to act based on any significant pullbacks in Bitcoin and Ethereum, anticipating continued development of a bullish market in the long term, which has not gone away.

As for short-term trading, the strategy and conditions are described below.

Bitcoin

Buy Scenario

• Scenario #1: I plan to buy Bitcoin today upon reaching an entry point around $68,100, targeting a move to $68,900. Around $68,900, I will exit the buys and sell immediately on a rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is above zero.
• Scenario #2: I can buy Bitcoin at the lower boundary of $67,300 if there is no market reaction to its breakout back to $68,100 and $68,900.

Sell Scenario

• Scenario #1: I plan to sell Bitcoin today upon reaching an entry point around $67,300, targeting a decline to $66,600. Around $66,600, I will exit the sales and buy immediately on a rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is below zero.
• Scenario #2: I can sell Bitcoin at the upper boundary of $68,100 if there is no market reaction to its breakout back to $67,300 and $66,600.

Ethereum

Buy Scenario

• Scenario #1: I plan to buy Ethereum today upon reaching an entry point around $1,959, targeting a move to $1,980. Near $1,980, I will exit the buys and sell immediately on a rebound. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is above zero.
• Scenario #2: I can buy Ethereum at the lower boundary of $1,941 if there is no market reaction to its breakout back to $1,959 and $1,980.

Sell Scenario

• Scenario #1: I plan to sell Ethereum today upon reaching an entry point around $1,941, targeting a decline to $1,923. Around $1,923, I will exit the sales and buy immediately on a rebound. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is below zero.
• Scenario #2: I can sell Ethereum at the upper boundary of $1,959 if there is no market reaction to its breakout back to $1,941 and $1,923.