Negotiation recommendations for the cryptocurrency market on 9 February

[Ben Graham]

Bitcoin remains around $70,000, while Ethereum confidently returned to the $2,000 mark, bouncing back from last week's annual low of around $1,750.

While you ponder whether to buy Bitcoin now or wait for its decline to around $50,000, the company Strategy, one of the most active institutional buyers of Bitcoin, is likely to report new purchases again today. Market participants believe that Strategy may announce further acquisitions of digital gold this week. This forecast is based on earlier published data by Michael Saylor, the CEO of Strategy, regarding BTC purchase dynamics. Historically, after such trackers are released, the company has repeatedly reported making large Bitcoin purchases the following business day.

This sequence of actions highlights Strategy's deep and unwavering commitment to cryptocurrency. This is further corroborated by statements from the head of the company's strategy department, who emphasized last week that Strategy will never cease buying BTC. This is not just a declaration but likely reflects a strategic vision in which Bitcoin is viewed as a foundational asset for long-term growth and capital preservation. Furthermore, the CEO of Strategy, Fong Le, touched on the company's Bitcoin pricing policy, noting that as long as BTC does not drop to $8,000 and stays there for 5 years, the company will be fine.

It is worth noting that the sharp decline in the cryptocurrency market last week did not trigger any collapses, "blowups" of companies, or bankruptcies. This indicates the maturity of the market, suggesting that the worst is likely behind us.

As for the intraday strategy in the cryptocurrency market, I will continue to act based on any significant pullbacks in Bitcoin and Ethereum, anticipating the ongoing development of a long-term bull market that has not disappeared.

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

Bitcoin

Buy Scenarios

• Scenario #1: I will buy Bitcoin today upon reaching the entry point around $71,200, targeting a move to $72,600. At around $72,600, I will exit my buys and sell immediately on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the positive zone.
• Scenario #2: I can buy Bitcoin from the lower boundary at $69,900 if there is no market reaction to its breakout back up to levels of $71,200 and $72,600.

Sell Scenarios

• Scenario #1: I will sell Bitcoin today upon reaching the entry point around $69,900, targeting a decline to $68,300. At around $68,300, I will exit my sales and buy immediately on the bounce. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the negative zone.
• Scenario #2: I can sell Bitcoin from the upper boundary at $71,200 if there is no market reaction to its breakout back down to levels of $69,900 and $68,300.

Ethereum

Buy Scenarios

• Scenario #1: I will buy Ethereum today upon reaching the entry point around $2,095, targeting a move to $2,134. At around $2,134, I will exit my buys and sell immediately on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the positive zone.
• Scenario #2: I can buy Ethereum from the lower boundary at $2,064 if there is no market reaction to its breakout back up to levels of $2,095 and $2,134.

Sell Scenarios

• Scenario #1: I will sell Ethereum today upon reaching the entry point around $2,064, targeting a decline to $2,014. At around $2,014, I will exit my sales and buy immediately on the bounce. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the negative zone.
• Scenario #2: I can sell Ethereum from the upper boundary at $2,095 if there is no market reaction to its breakout back down to levels of $2,064 and $2,014.

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