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Bitcoin reached a new high today, hitting $76,000, but quickly fell back below $75,000. Ethereum has not reached $2,400, but a daily increase of more than 10% speaks for itself.
Meanwhile, according to data from CryptoQuant, amid Bitcoin's recent impressive price rise, there has been a significant inflow of coins into cryptocurrency exchanges. Over the last 24 hours, short-term holders—those holding assets for less than 155 days—have transferred a total of 37,500 BTC to trading platforms. At the current rate, this figure exceeds $2.8 billion, indicating a high volume of funds being moved.
A large transfer of Bitcoin to exchanges, especially from investors with relatively short holding periods, is typically associated with a desire to lock in profits. After a sharp growth phase, when Bitcoin's price reached new monthly highs, it is quite logical to expect some holders to liquidate their assets to secure previously earned profits. This may indicate caution among short-term investors who aim to avoid potential correction risks.
Regarding the intraday strategy in the cryptocurrency market, I will continue to base my actions on any significant pullbacks in Bitcoin and Ethereum, anticipating the ongoing development of the long-term bull market, which has not gone away.
For short-term trading, the strategy and conditions are outlined below.
Scenario #1: I will buy Bitcoin today when it reaches an entry point around $74,500, targeting a price of $75,600. At around $75,600, I intend to exit my purchases and immediately sell on a 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 #2: I can buy Bitcoin from the lower boundary at $73,700 in the absence of market reaction to its breakout back toward levels $74,700 and $75,600.
Scenario #1: I plan to sell Bitcoin today when it reaches an entry point around $73,700, targeting a decline to $72,400. At around $72,400, I intend to exit my sales and immediately buy on a bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario #2: I can sell Bitcoin from the upper boundary at $74,500 in the absence of market reaction to its breakout back toward levels $73,700 and $72,400.
Scenario #1: I will buy Ethereum today when it reaches an entry point around $2,334, targeting a move to $2,380. At around $2,380, I intend to exit my purchases and immediately sell on a 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 #2: I can buy Ethereum from the lower boundary at $2,306 in the absence of market reaction to its breakout back toward levels $2,334 and $2,380.
Scenario #1: I plan to sell Ethereum today when it reaches an entry point around $2,306, targeting a decline to $2,271. At around $2,271, I intend to exit my sales and immediately buy on a bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario #2: I can sell Ethereum from the upper boundary at $2,334 in the absence of market reaction to its breakout back toward levels $2,306 and $2,271.