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Bitcoin has returned to the $76,700 area after a slight upward correction during Asian trading. Ethereum is also at $2,283, just one step away from yesterday's low.
The cryptocurrency market declined following news of Donald Trump's dissatisfaction with Iran's latest proposal to resolve the Middle Eastern conflict. Bitcoin and Ethereum, the most capitalized and most sensitive to geopolitical factors, demonstrated negative dynamics, reflecting raiders' concerns about a possible escalation in the region.
The current geopolitical environment, characterized by tensions between Iran and the United States, has been putting pressure on risk assets for some time. Any new signs of conflict escalation, whether verbal statements or actual actions, can prompt capital outflows from riskier asset classes, including cryptocurrencies, into more conservative instruments.
Currently, all traders are closely monitoring developments in the Middle East. Such news can act as a catalyst for further declines in cryptocurrency prices and affect their long-term prospects.
As for the intraday strategy in the cryptocurrency market, I will continue to work, relying on any major pullbacks in Bitcoin and Ethereum in anticipation of the continued development of the bullish market in the long term, which has not gone away.
Regarding short-term trading, the strategy and conditions are described below.
Scenario No. 1: I will buy Bitcoin today when the entry point reaches around $77,200, with a target of $78,100. Around $78,100, I will exit from the buys and sell immediately on the bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: I can buy Bitcoin at the lower boundary of $76,600 in the absence of a market reaction to its breakout back to $77,200 and $78,100.
Scenario No. 1: I will sell Bitcoin today when the entry point reaches around $76,700, with a target decline to $75,800. Around $75,800, I will exit from the sales and buy immediately on the bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.
Scenario No. 2: I can sell Bitcoin at the upper boundary of $77,200 in the absence of a market reaction to its breakout back to $76,600 and $75,800.
Scenario No. 1: I will buy Ethereum today when the entry point reaches around $2,293, with a target of $2,325. Around $2,325, I will exit from the buys and sell immediately on the bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: I can buy Ethereum from the lower boundary of $2,277 in the absence of a market reaction to its breakout back to levels of $2,325 and $2,325.
Scenario No. 1: I will sell Ethereum today when the entry point reaches around $2,277, with a target decline to $2,249. Around $2,249, I will exit from the sales and buy immediately on the bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price and that the Awesome indicator is in the zone below zero.
Scenario No. 2: I can sell Ethereum at the upper boundary of $2,293 in the absence of a market reaction to its breakout back to $2,277 and $2,249.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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