23.12.202409:17 Forex Analyse & Reviews: Trading Recommendations for the Cryptocurrency Market on December 23

After a decent correction in Bitcoin and Ethereum observed since the end of last week, good news is starting to return to the market.

President-elect Donald Trump announced over the weekend that he is appointing Stefan Miran, a former Treasury official from the White House and now an economist at Hudson Bay Capital Management, as chairman of the Council of Economic Advisers (CEA). The role of the CEA is to advise the president on economic matters, including evaluating the effectiveness of federal policies and programs, analyzing economic trends, and developing recommendations to promote growth and stability.

However, even more significant is that Miran has long advocated for the cryptocurrency industry and recently stated that the U.S. needs to reform its current cryptocurrency market regulations to allow innovation to thrive. He emphasized that the existing legal framework does not align with the rapid pace of development in the cryptocurrency market. In his view, the lack of regulatory clarity makes the U.S. a less attractive location for blockchain startups, forcing many innovative projects to relocate to jurisdictions with more favorable laws, ultimately harming the American economy.

Given that this new appointment coincides with Trump's promise to make the U.S. the "crypto capital of the world," the chances of further growth in the cryptocurrency market are looking quite positive.

It's noteworthy that Trump recently appointed crypto advocate Paul Atkins as the chairman of the Securities and Exchange Commission (SEC). Atkins previously served as a commissioner at the SEC during the George W. Bush administration. Trump also appointed former congressional candidate Bo Hines as executive director of the Presidential Council of Advisers on Digital Assets.

As for an intraday strategy in the cryptocurrency market, I plan to continue acting based on any major dips in Bitcoin and Ethereum. I expect the continuation of a medium-term bullish market, which remains intact.

For short-term trading, the strategy and conditions are detailed below.

Bitcoin

Buying Scenario

I plan to buy Bitcoin today at the entry point of around $95,991, with a target of rising to $97,500. Around $97,500, I will exit purchases and immediately sell on a rebound. Before buying on the breakout, confirming that the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone above zero is essential.

Selling Scenario

I plan to sell Bitcoin today upon reaching the entry point of around $95,240, with a target of falling to $93,500. Around $93,500, I will exit sales and immediately buy on a rebound. Before selling on the breakout, ensuring that the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone below zero is crucial.

Ethereum

Buying Scenario

I plan to buy Ethereum today upon reaching the entry point around $3,328, with a target of rising to $3,375. Around $3,375, I will exit purchases and immediately sell on a rebound. Before buying on the breakout, verifying that the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone above zero is necessary.

Selling Scenario

I plan to sell Ethereum today upon reaching the entry point around $3,294, with a target of falling to $3,235. Around $3,235, I will exit sales and immediately buy on a rebound. Before selling on the breakout, confirming that the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone below zero is essential.