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28.05.202608:42 Forex Analysis & Reviews: Cryptocurrency Market Trading Recommendations for May 28

Bitcoin has already fallen below $73,000 today and shows no signs of stopping. Ethereum has also dropped below $2,000, preparing for further declines.

All of this is happening amid complex geopolitical conditions that remind the crypto market of its influence on pricing. News of the U.S. striking Iran and imposing sanctions against the body controlling the Strait of Hormuz, along with Israel's powerful attacks on Lebanon, has instantly pushed Bitcoin below $73,000.

Within an hour, the market liquidated nearly $500 million in long positions—one of the largest forced closures in recent months. Ethereum reacted similarly, exacerbating an already prolonged series of losses: eleven consecutive red days of outflows from ETFs were met with sharp price pressure. The market, already in a state of caution, received the trigger sellers needed to accelerate the downward movement.

The crash exposed Bitcoin's structural vulnerability, which we noted throughout this week. The asset, positioned as digital gold and a hedge against uncertainty, behaved like a risk instrument during a real geopolitical shock—falling alongside stock indices instead of against them. This is a direct consequence of its high correlation with the Nasdaq. The situation is likely to worsen further, as the chances of saving Bitcoin and its return, at least within a sideways channel, have been completely dashed by the new bear market.

Regarding the intraday strategy in the cryptocurrency market, the strategy and conditions are described below.

Bitcoin

Buy Scenario

• Scenario #1: I will buy Bitcoin today when it reaches an entry point around $73,200, targeting a rise to $74,300. I will exit from the buy position around $74,300 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: Bitcoin can be bought from the lower boundary of $72,500 if there is no market reaction to its breakout in the opposite direction, targeting $73,200 and $74,300.

Sell Scenario

• Scenario #1: I will sell Bitcoin today when it reaches an entry point around $72,500, targeting a decline to $71,600. I will exit from the sell position around $71,600 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: Bitcoin can be sold from the upper boundary of $73,200 if there is no market reaction to its breakout in the opposite direction, targeting $72,500 and $71,600.

Ethereum

Buy Scenario

• Scenario #1: I will buy Ethereum today when it reaches an entry point around $1,984, targeting a rise to $2,017. I will exit from the buy position around $2,017 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: Ethereum can be bought from the lower boundary of $1,960 if there is no market reaction to its breakout in the opposite direction, targeting $1,984 and $2,017.

Sell Scenario

• Scenario #1: I will sell Ethereum today when it reaches an entry point around $1,960, targeting a decline to $1,922. I will exit from the sell position around $1,922 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: Ethereum can be sold from the upper boundary of $1,984 if there is no market reaction to its breakout in the opposite direction, targeting $1,960 and $1,922.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Miroslaw Bawulski,
Analytical expert of InstaSpot
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