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 has successfully recovered and is currently trading at $89,300, while Ethereum has surpassed the $3,000 mark and is trying to hold that level.
Bitcoin's recent rise is driven by increasing pressure on the US dollar, which is currently facing challenging times. Yesterday, the dollar index fell to its lowest level since 2022, and it seems that no one is planning to address this situation, at least for now. This has given buyers of risk assets, including Bitcoin, confidence.
Meanwhile, various forecasts suggest that Ethereum may recover to $3,300 in the near future. The market shows signs of stabilization based on options market data and on-chain metrics. Key drivers of this potential growth include increased activity on Layer 2 (L2) blockchains and rising trading volumes in the Ethereum DEX ecosystem. Growing interest in Layer 2 solutions such as Arbitrum, Optimism, and zk-Rollups indicates users' desire for faster and cheaper transactions. The decline in gas fees in these networks attracts new participants and stimulates the development of innovative DeFi applications, which, in turn, increases demand for Ethereum tokens. The rise in Total Value Locked (TVL) in L2 protocols is a compelling indicator of this trend.
However, it is essential to remember the potential risks, such as smart contract hacks and overall market volatility. Nevertheless, the current dynamics suggest that innovations in L2 solutions and DEX platforms could become key catalysts for further development and growth of the Ethereum ecosystem in the near future.
Regarding intraday strategies in the cryptocurrency market, I will continue to focus on significant pullbacks in Bitcoin and Ethereum, anticipating the ongoing development of a long-term bullish market, which has not disappeared.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: I plan to buy Bitcoin today when it reaches the entry point around $89,500, targeting a rise to $90,200. At around $90,200, I'll exit my purchases and immediately sell on a bounce. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome Oscillator is in the positive zone.
Scenario #2: Buying Bitcoin can be considered from the lower boundary of $88,800 if there is no market reaction to its breakout in the opposite direction toward levels $89,500 and $90,200.
Scenario #1: I plan to sell Bitcoin today upon reaching the entry point around $88,800, targeting a drop to $88,000. At around $88,000, I'll exit my sales and immediately buy on a bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is in the negative zone.
Scenario #2: Selling Bitcoin can also be considered from the upper boundary of $89,500 if there is no market reaction to its breakout in the opposite direction toward levels $88,800 and $88,000.
Scenario #1: I plan to buy Ethereum today when it reaches the entry point around $3,016, targeting a rise to $3,058. At around $3,058, I'll exit my purchases and immediately sell on a bounce. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome Oscillator is in the positive zone.
Scenario #2: Buying Ethereum can be considered from the lower boundary of $2,985 if there is no market reaction to its breakout in the opposite direction toward levels $3,016 and $3,058.
Scenario #1: I plan to sell Ethereum today upon reaching the entry point around $2,985, targeting a drop to $2,938. At around $2,938, I'll exit my sales and immediately buy on a bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome Oscillator is in the negative zone.
Scenario #2: Selling Ethereum can also be considered from the upper boundary of $3,016 if there is no market reaction to its breakout in the opposite direction toward levels $2,985 and $2,938.
*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.
