Trading recommendations for the cryptocurrency market on January 15

[Ben Graham]

The Bitcoin price reached $98,000 and then fell quite nicely. Trading is now around $96,000, which preserves further upside potential. Ether also pulled back after updating the $3,400 level, but everything is happening within a correction.

While everyone catches the euphoria from the crypto market rally that began at the start of this year, Ripple received preliminary approval from the Luxembourg regulator, opening the way to scale its payment platform across the European Union. This step marks an important milestone in Ripple's global expansion strategy and confirms the company's compliance with the strict regulatory requirements of the European market. The preliminary approval issued by the Commission de Surveillance du Secteur Financier (CSSF) is the result of a thorough review of Ripple's technological infrastructure, security measures, and compliance procedures.

This step significantly expands Ripple's opportunities in Europe, enabling the company to offer its cross-border payment solutions to a broader range of financial institutions and businesses. Ripple's platform, powered by blockchain technology and the XRP cryptocurrency, enables faster, cheaper, and more transparent international transactions than traditional banking systems. The regulator's approval in Luxembourg is expected to positively influence Ripple's adoption in Europe and promote further development of the digital payments ecosystem.

The XRP token did not react strongly to this news.

As for the intraday strategy in the crypto market, I will continue to act on large pullbacks in Bitcoin and Ether, betting on the continuation of the long-term bull market that has not gone away.

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

Bitcoin

Buy scenario

Scenario No. 1: I will buy Bitcoin today at an entry point around $96,600, aiming to rise to $97,600. Around $97,600, I will exit longs and sell immediately on the rebound. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Bitcoin can be bought from the lower boundary at $95,900 if there is no market reaction to its breakout in the opposite direction, targeting $96,600 and $97,600.

Sell scenario

Scenario No. 1: I will sell Bitcoin today at an entry point around $95,900 with a target to fall to $95,000. Around $95,000, I will exit shorts and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.

Scenario No. 2: Bitcoin can be sold from the upper boundary at $96,600 if there is no market reaction to its breakout in the opposite direction, targeting $95,900 and $95,000.

Ethereum

Buy scenario

Scenario No. 1: I will buy Ether today at an entry point around $3,326, with a target of $3,364. Around $3,364, I will exit longs and sell immediately on the rebound. Before buying on the breakout, make sure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario No. 2: Ether can be bought from the lower boundary at $3,298 if there is no market reaction to its breakout in the opposite direction, targeting $3,326 and $3,364.

Sell scenario

Scenario No. 1: I will sell Ether today at an entry point around $3,298 with a target to fall to $3,258. Around $3,258, I will exit shorts and buy immediately on the rebound. Before selling on the breakout, make sure the 50-day moving average is above the current price and the Awesome indicator is below zero.

Scenario No. 2: Ether can be sold from the upper boundary at $3,326 if there is no market reaction to its breakout in the opposite direction, targeting $3,298 and $3,258.

The material has been provided by InstaForex Company - www.instaforex.com