empty
12.09.2024 10:45 AM
Trading Recommendations for the Cryptocurrency Market on September 12

Bitcoin and Ethereum continue to seize any opportunity they can. In the second half of the day, it seemed like an almost hopeless situation when cryptocurrencies began to lose value significantly. This could have brought serious pressure back to the market, putting an end to all the plans for an upward correction observed this week. However, the sharp rise in tech stocks pulled the cryptocurrency market up with it.

This image is no longer relevant

During Asian trading, the value of bitcoin exceeded $58,000. This surge was driven by the rally in U.S. tech companies and positive trends in Asian stock markets. Despite Bitcoin's price increase, U.S. spot Bitcoin ETFs continued to face outflows. ARKB, managed by Ark Invest, recorded a significant outflow of $54 million.

Yesterday's U.S. inflation data for August confirmed the expectation of a Federal Reserve rate cut next week. However, it's unlikely that borrowing costs will fall lower than economists predict. This doesn't instill much confidence in buyers of risky assets, who were earlier hoping for more aggressive rate cuts. Nonetheless, the chances of Bitcoin and Ethereum rising remain, though trading is likely to continue within horizontal channels since stronger bullish momentum requires solid fundamental support.

For intraday strategies in the cryptocurrency market, I will focus on significant dips in Bitcoin and Ethereum, anticipating further development of the medium-term bullish market trend, which remains intact. The strategy and conditions for short-term trading are outlined below.

This image is no longer relevant

Bitcoin

Buy Scenario

I will buy Bitcoin today upon reaching the entry point around $58,582, aiming for a rise to the level of $59,890. Around $59,890, I will exit the purchases and sell immediately on a rebound. Before buying on the breakout, it's best to ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I will sell Bitcoin today upon reaching the entry point around $57,754, aiming for a drop to the level of $56,322. Around $56,322, I will exit the sales and buy immediately on a rebound. Before selling on the breakout, ensure the Stochastic indicator is near the upper boundary, around the 80 level.

This image is no longer relevant

Ethereum

Buy Scenario

I will buy Ethereum today upon reaching the entry point around $2374, aiming for a rise to the level of $2434. Around $2434, I will exit from buying and sell immediately on a rebound. Before buying on the breakout, ensure that the Stochastic indicator is near the lower boundary, around the 20 level.

Sell Scenario

I will sell Ethereum today upon reaching the entry point around $2345, aiming for a drop to the $2288. Around $2288, I will exit from selling and buy immediately on a rebound. Before selling on the breakout, ensure that the Stochastic indicator is near the upper boundary, around the 80 level.

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2025
Bitcoin
Summary
Buy
Urgency
1 day
Analytic
Maxim Magdalinin
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Recommendations for crypto market on January 21

Bitcoin and Ethereum both saw declines following Donald Trump's inauguration. Before the new US president's address, Bitcoin had reached an all-time high near $110,000, but Ethereum was far less fortunate

Miroslaw Bawulski 10:03 2025-01-21 UTC+2

Trump evades cryptocurrencies in his inaugural speech

The cryptocurrency market experienced a notable correction following Donald Trump's inauguration yesterday. Whether the new president intentionally avoided mentioning blockchain technologies in his inaugural address is an intriguing question. Nevertheless

Jakub Novak 09:31 2025-01-21 UTC+2

Analysis of BTC/USD: January 21, 2025. Bitcoin Crashed Right After the Inauguration

The 4-hour wave structure for BTC/USD is clear. Following a long and complex corrective structure a-b-c-d-e, which developed between March 14 and August 5, a new impulsive wave began

Chin Zhao 08:25 2025-01-21 UTC+2

Cryptocurrency Trading Recommendations for January 20th

Today, Bitcoin reached a new all-time high, nearing the $110,000 level. Ethereum is also trading in positive territory, though its gains are more modest. Recent data indicates weekly inflows into

Jakub Novak 15:00 2025-01-20 UTC+2

BTC/USD: Defying Records — Bitcoin Hits a New All-Time High Ahead of Trump's Inauguration

After a brief pullback, Bitcoin has reached a new all-time high. The sharp surge in BTC is primarily attributed to the "Trump factor," as Donald Trump assumes office

Irina Manzenko 14:55 2025-01-20 UTC+2

Snapshot of crypto market

The fundamental backdrop for Bitcoin and key altcoins remains favorable. Political support, institutional investor activity, and market participant optimism are creating conditions for further price growth. As the clock

Jurij Tolin 15:27 2025-01-17 UTC+2

Litecoin and DOGE set for new surge

Altcoins continue to rapidly strengthen their positions. This week, Nasdaq and Canary Capital Group submitted new applications to the US Securities and Exchange Commission (SEC) that are crucial to gaining

Jakub Novak 12:49 2025-01-17 UTC+2

Recommendations for crypto market on January 17 (North American session)

Bitcoin and Ethereum continue their confident recovery. During the European session, Bitcoin's breakthrough of $101,400 triggered a strong recovery towards $102,300, though the target level has yet to be reached

Miroslaw Bawulski 11:52 2025-01-17 UTC+2

Trading Recommendations for the Cryptocurrency Market on January 17

Today, Bitcoin crossed the $102,000 mark, maintaining its upward momentum. Ethereum experienced less aggressive growth, failing to reach the previous day's high. However, it's worth noting that Ethereum outperformed Bitcoin

Miroslaw Bawulski 08:31 2025-01-17 UTC+2

Technical Analysis of Intraday Price Movement of Doge Cryptocurrency, Friday January 17, 2025.

Currently, the Doge cryptocurrency is being dominated by buyers, this can be seen from its price movement which is moving above the EMA (21) which also has a slope that

Arief Makmur 07:51 2025-01-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.