23.01.202514:57 Forex Analysis & Reviews: Cryptocurrency Trading Recommendations for January 23rd (U.S. Session)

Bitcoin continued its correction in the first half of the day, reaching the $101,000 level. Despite the correction from yesterday's $105,000 level, buyers remain hesitant to open long positions. Ethereum is also gradually sliding toward the $3,200 level, occasionally bouncing off it.

Recent news has sparked growing interest among investors keen to capitalize on XRP's potential as a financial instrument. The token's popularity is already hitting record highs and could soar even further if Ripple receives regulatory approval. This approval could pave the way for active use of XRP in international settlements and interbank transfers. Moreover, integrating XRP into the US banking system could enhance liquidity and reduce transaction costs. Financial institutions would benefit from faster and cheaper transactions, making the system more competitive on the global stage. The transparency and security of blockchain technology also play a key role in building user trust.

Recently, Sound Planning Group stated that Bank of America now processes 100% of its internal transactions using Ripple and holds 83 different patents for this technology. It is believed that, in the future, all major players will adopt Ripple's technology.

Amid this, discussions are gaining traction about CME potentially launching futures on XRP and SOL as early as February 10. Applications are already awaiting regulatory approval. If XRP and SOL futures are introduced on CME, the cryptocurrency market could see significant changes. These instruments will allow investors to hedge risks and explore new speculative opportunities. Given the growing interest in these assets, increased liquidity and participation on the platform are expected. This development is also likely to affect XRP and SOL prices, introducing new levels of volatility. In just a few weeks, we may witness substantial market shifts and new opportunities for traders.

For short-term trading, I will continue to focus on leveraging major pullbacks in Bitcoin and Ethereum, expecting the medium-term bullish market trend to persist.

Details of the strategy and conditions for short-term trading are outlined below.

Bitcoin (BTC)

Buy Scenarios

1. Entry Point: Buy Bitcoin at $102,200, targeting a rise to $104,000.
   • Exit Strategy: Close positions at $104,000 and sell on the pullback.
   • Conditions: Ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone before entering.
2. Alternative Entry: Buy Bitcoin near the lower boundary at $100,900 if there's no breakout reaction.
   • Targets: Levels $102,200 and $104,000.

Sell Scenarios

1. Entry Point: Sell Bitcoin at $100,900, targeting a decline to $99,300.
   • Exit Strategy: Close positions at $99,300 and buy on the pullback.
   • Conditions: Ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone before entering.
2. Alternative Entry: Sell Bitcoin near the upper boundary at $102,200 if there's no breakout reaction.
   • Targets: Levels $100,900 and $99,300.

Ethereum (ETH)

Buy Scenarios

1. Entry Point: Buy Ethereum at $3,223, targeting a rise to $3,295.
   • Exit Strategy: Close positions at $3,295 and sell on the pullback.
   • Conditions: Ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone before entering.
2. Alternative Entry: Buy Ethereum near the lower boundary at $3,178 if there's no breakout reaction.
   • Targets: Levels $3,223 and $3,295.

Sell Scenarios

1. Entry Point: Sell Ethereum at $3,178, targeting a decline to $3,117.
   • Exit Strategy: Close positions at $3,117 and buy on the pullback.
   • Conditions: Ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone before entering.
2. Alternative Entry: Sell Ethereum near the upper boundary at $3,223 if there's no breakout reaction.
   • Targets: Levels $3,178 and $3,117.