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04.06.2025 09:19 AMBitcoin and Ethereum keep trying to break through key resistance levels but continue to face the same obstacle.
On one hand, this suggests a cautious approach by major market players and a wait-and-see stance. On the other hand, we are observing consolidation, which is generally good for future bullish prospects. However, this is true only as long as the instruments do not break below the lower boundaries of their sideways channels. If that happens, the market could be subject to panic-driven speculative sell-offs, so caution is advised.
Meanwhile, according to Standard Chartered, 61 public companies currently hold 673,800 BTC, amounting to 3.2% of the total supply. A price drop of more than 20% below their average purchase price could trigger mass sell-offs from large corporate players, potentially leading to another crypto winter.
However, it's worth noting that not all companies view Bitcoin purely as a speculative asset. For some, it's a strategic investment aimed at diversifying reserves and protecting against inflation. In the event of a significant price decline, such companies might increase their holdings, seeing it as an opportunity to buy Bitcoin at a bargain. Furthermore, corporate sell-offs won't necessarily lead to a prolonged "crypto winter." Much will depend on overall market sentiment, macroeconomic conditions, and new positive news. If institutional and retail investors maintain faith in the long-term potential of cryptocurrencies, any price drop could be just a temporary correction.
I will continue to base my strategy on buying major Bitcoin and Ethereum dips in anticipation of the medium-term bullish market trend continuing.
As for the intraday strategy on the cryptocurrency market, I plan to continue trading while taking advantage of any significant pullbacks in Bitcoin and Ether. I believe the bull market is still set to develop in the medium term and hasn't disappeared.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: Today, I will buy Bitcoin at the entry point around $105,600, targeting a rise to $106,500. Around $106,500, I will exit the long position and sell immediately on the pullback.
Before buying on the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone.
Scenario #2: Bitcoin can also be bought from the lower boundary of $105,100 if there is no market reaction to a breakout in the opposite direction, targeting $105,600 and $106,500.
Scenario #1: I will sell Bitcoin today upon reaching the entry point around $105,100, targeting a fall to $104,100. Around $104,100, I will exit the short position and buy immediately on the pullback.
Before selling on the breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: Bitcoin can also be sold from the upper boundary of $105,600 if there is no market reaction to a breakout, targeting $105,100 and $104,100.
Scenario #1: Today, I will buy Ethereum at the entry point around $2,648, targeting a rise to $2,693. Around $2,693, I will exit the long position and sell immediately on the pullback.
Before buying on the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in the positive zone.
Scenario #2: Ethereum can also be bought from the lower boundary of $2,619 if there is no market reaction to a breakout in the opposite direction, targeting $2,648 and $2,693.
Scenario #1: I will sell Ethereum today upon reaching the entry point around $2,619, targeting a fall to $2,577. Around $2,577, I will exit the short position and buy immediately on the pullback.
Before selling on the breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in the negative zone.
Scenario #2: Ethereum can also be sold from the upper boundary of $2,648 if there is no market reaction to a breakout, targeting $2,619 and $2,577.
