Trading Recommendations for the Cryptocurrency Market on September 9

[Ben Graham]

Bitcoin continues to demonstrate strength. After a minor correction during today's Asian trading session down to the $110,000 area, it is now trading at $112,500, indicating ongoing demand.

This is clearly being supported by news that the US Congress is reviewing a bill requiring the Treasury Department to study the possibility of creating a "Strategic Bitcoin Reserve" and a "National Digital Asset Reserve." Even at the discussion stage, such an initiative sends a powerful signal to the market, indicating potential recognition of bitcoin as a strategic asset at the state level. The creation of a strategic bitcoin reserve could set a precedent that other countries may follow, seeking to diversify their currency reserves and protect themselves from geopolitical risks.

The idea of a National Digital Asset Reserve looks like a logical step towards adapting to the new financial reality. Digital assets, and Bitcoin in particular, have already gained recognition as an alternative store of value and inflation hedge. The next step is the broader adoption of this idea.

Clearly, the consideration of this bill in the US Congress underscores the growing influence of bitcoin and other cryptocurrencies on the global US financial system. This not only increases investor confidence in digital assets but also stimulates further development of infrastructure and regulation in the field.

As for intraday strategy in the crypto market, I will continue to act on any major dips in Bitcoin and Ether, counting on the continuation of the medium-term bull market, which is still in place.

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

Bitcoin

Buy Scenario

Scenario #1: Today, I will buy Bitcoin if the entry point around $112,700 is reached, with a target rise to $113,600. Around $113,600, I will exit my buys and sell immediately on the pullback. Before buying a breakout, make sure the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buying Bitcoin is also possible from the lower boundary at $111,800 if there is no market reaction to its breakdown, aiming for a reversal toward $112,700 and $113,600.

Sell Scenario

Scenario #1: Today, I will sell Bitcoin if the entry point around $111,800 is reached, targeting a fall to $110,800. Once I reach around $110,800, I will exit my sells and buy on the rebound. Before selling a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Selling Bitcoin is also possible from the upper boundary at $112,700 if there is no market reaction to its breakdown, aiming for a move back towards $111,800 and $110,800.

Ethereum

Buy Scenario

Scenario #1: Today, I will buy Ether if the entry point at $4,330 is reached, targeting a rise to $4,370. Around $4,370, I will exit buys and sell immediately on the pullback. Before buying a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario #2: Buying Ether is also possible from the lower boundary at $4,305 if there is no market reaction to its breakdown, aiming for a reversal toward $4,330 and $4,370.

Sell Scenario

Scenario #1: Today, I will sell Ether if the entry point at $4,305 is reached, targeting a fall to $4,271. Around $4,271, I will exit sells and buy immediately on the rebound. Before selling a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Selling Ether is also possible from the upper boundary at $4,330 if there is no market reaction to its breakdown, aiming for a move back down toward $4,305 and $4,271.

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