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Bitcoin and Ethereum have surged sharply. Over the last 24 hours, BTC has risen by 5%, breaking the key resistance level of $70,000 with a trading volume of $48 billion, nearly double Monday's volume. This has led to a significant liquidation of over $143 million in short positions.
The rise was partly fueled by whale activity on major trading platforms and a substantial influx into Bitcoin ETFs. According to data, the net increase in funds over the past two weeks reached 47,000 BTC. The bullish market is also gaining support ahead of the upcoming U.S. elections, as traders bet on favorable market conditions regardless of the outcome. Investor greed is also rising in such a market. The Fear and Greed Index has now hit a high level, encouraging traders to buy.
For intraday trading in the cryptocurrency market, I'll focus on any significant dips in Bitcoin and Ethereum, aiming to leverage a mid-term bullish market trend that remains intact.
The short-term trading strategy and conditions are outlined below.
Buy Scenario
Today, I plan to buy Bitcoin upon reaching the entry point near $71,446, targeting a rise to $72,540. Around $72,540, I will exit the purchase and sell immediately on a bounce. Before buying on a breakout, it is best to confirm that the Stochastic indicator is near the lower boundary, around the 20 level.
Sell Scenario
Today, I'll sell Bitcoin if it reaches the entry point around $70,800, aiming for a decline to $69,730. At $69,730, I will exit the sale and buy immediately on a bounce. Before selling on a breakout, ensure the Stochastic indicator is near the upper boundary, around the 80 level.
Buy Scenario
Today, I'll buy Ethereum at an entry point of around $2630, aiming for a rise to $2692. Near $2692, I'll exit the purchase and sell immediately on a bounce. Before buying on a breakout, ensure the Stochastic indicator is near the lower boundary, around the 20 level.
Sell Scenario
I'll sell Ethereum today upon reaching the entry point of around $2600, with a target level of $2519. Near $2519, I will exit the sale and buy immediately on a bounce. Before selling on a breakout, confirm that the Stochastic indicator is at the upper boundary, around the 80 level.
*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.
