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06.05.2025 09:11 AMBitcoin and Ethereum spent the day in a sideways channel, although signs of active selling during yesterday's American session raise certain questions about the trading instruments' further short-term upward prospects.
Bitcoin is currently trading at $94,400 after bouncing off a low of $93,600, while Ethereum has recovered to the $1,804 area after briefly hitting $1,795 during Asian trading.
While contemplating whether to buy Bitcoin, it's worth noting that Strategy (formerly known as MicroStrategy) purchased another 1,895 BTC between April 28 and May 4, spending $180 million. The acquisition was financed through the sale of MSTR and STRK shares.
It has also come to light that Strategy launched a new "42/42 Plan" to raise $42 billion for future Bitcoin acquisitions and continues issuing preferred STRF shares outside of this plan. Notably, Strategy leads in total Bitcoin holdings, currently holding 555,450 BTC worth $52.2 billion.
A large company acquiring Bitcoin is focused on long-term goals, so the discussion about whether Bitcoin is "expensive" at $90,000 is largely irrelevant from that viewpoint.
As for the intraday crypto trading strategy, I will continue to use any major dips in Bitcoin and Ethereum as buying opportunities, anticipating further development of the medium-term bull market, which remains intact.
As for short-term trading, the strategy and conditions are described below.
Scenario 1: I plan to buy Bitcoin today at the entry point around $94,600 with a target of $95,400. I will exit long positions at $95,400 and open short positions on the pullback. Before buying the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.
Scenario 2: Alternatively, Bitcoin can be bought from the lower boundary at $94,200 if there is no market reaction to a breakdown, with a rebound back to $94,600 and $95,400.
Scenario 1: I plan to sell Bitcoin today at the entry point around $94,300 with a target of $93,400. I will exit short positions at $93,400 and open long positions on the rebound. Before selling the breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.
Scenario 2: Bitcoin can also be sold from the upper boundary at $94,600 if there is no market reaction to a breakout, with a pullback to $94,200 and $93,400.
Scenario 1: I plan to buy Ethereum today at the entry point around $1,809 with a target of $1,834. I will exit long positions at $1,834 and sell on the rebound. Before buying the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.
Scenario 2: Ethereum can be bought from the lower boundary at $1,795 if there is no market reaction to a breakdown, with a rebound to $1,809 and $1,834.
Scenario 1: I plan to sell Ethereum today at the entry point around $1,795 with a target of $1,772. I will exit short positions at $1,772 and buy on the rebound. Before selling the breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.
Scenario 2: Ethereum can also be sold from the upper boundary at $1,809 if there is no market reaction to a breakout, with a drop toward $1,795 and $1,772.
