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 and Ethereum continue to lose ground as the prospects of tighter monetary policy from several central banks grow exponentially. Trading for BTC is currently around $76,700, while Ethereum has returned to $2,100.
As the cryptocurrency market remains under significant pressure, long-term holders are demonstrating confidence in Bitcoin's future by steadily accumulating coins. Data from CryptoQuant shows impressive activity: approximately 316,000 BTC were directed to their wallets over the past month. This trend indicates that large players with a long-term investment horizon see the current prices as an attractive opportunity to increase their positions. Such a strategy often precedes periods of sustained growth, as it reduces selling pressure on the market.
Other indicators confirm this trend, showing a gradual depletion of supply from sellers. Data indicates that nearly 60% of the circulating supply of BTC has been inactive for more than a year. This means that a significant portion of the coins is held by investors who are not inclined to sell quickly, even with short-term price fluctuations. Additionally, the ongoing decline in balances on cryptocurrency exchanges indirectly indicates that coins are being moved off trading platforms, likely for long-term storage.
The overall picture suggests that the Bitcoin market is approaching a phase in which supply shortages from active purchases by long-term holders and low seller activity could lead to a substantial price increase. However, in the current bear market, rushing into long positions is not advisable.
Regarding the intraday strategy in the cryptocurrency market, I will continue to focus on any significant pullbacks in Bitcoin and Ethereum in anticipation of the long-term bullish market, which is still very much alive.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: I plan to buy Bitcoin today upon reaching the entry point around $77,100, with a target for growth to $77,900. At $77,900, I will exit the buy trades and sell back immediately on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario #2: I can buy Bitcoin from the lower boundary at $76,500 in the absence of any market reaction to its breakout back toward the levels of $77,100 and $77,900.
#1: I plan to sell Bitcoin today upon reaching the entry point around $76,500, with a target to decline to $75,400. At $75,400, I will exit the sell trades and buy back immediately on the rebound. 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 #2: I can sell Bitcoin from the upper boundary at $77,100 in the absence of any market reaction to its breakout back toward the levels of $76,500 and $75,400.
#1: I plan to buy Ethereum today upon reaching the entry point around $2,124, with a target for growth to $2,155. At $2,155, I will exit the buy trades and sell back immediately on the rebound. Before buying on a breakout, ensure 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 at $2,104 in the absence of any market reaction to its breakout back toward $2,124 and $2,155.
Scenario #1: I plan to sell Ethereum today upon reaching the entry point around $2,104 with a target for a decline to the level of $2,065. At $2,065, I will exit the sell trades and buy back immediately on the rebound. 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 #2: I can sell Ethereum from the upper boundary at $2,124 in the absence of any market reaction to its breakout back toward the levels of $2,104 and $2,065.
*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.
