FX.co ★ Trading Recommendations for the Cryptocurrency Market on April 16

Bitcoin failed to set a new weekly high yesterday, reaching only $75,400. Ethereum also rose, but it only reached $2,385.

Meanwhile, financial markets remain closely watching spot Bitcoin ETFs. There is a steady inflow of investments into these instruments, indicating growing interest among institutional and retail investors for direct exposure to Bitcoin through regulated products. This factor significantly influences price dynamics, driving the primary cryptocurrency toward new highs.

Bitcoin is currently testing its March highs with confidence. The first and second attempts to break through this significant price level have not been successful, suggesting that additional buying pressure or the release of positive news will be needed to overcome it. Nevertheless, the mere fact of multiple attempts to breach this price zone speaks to the strength of bullish sentiment and the potential for further growth.

A successful consolidation above the March highs at $75,000 could pave the way for new price records. Inflows into ETFs, combined with an overall improvement in the macroeconomic situation and a possible positive resolution to Middle Eastern issues, create a favorable backdrop for the continuation of the upward trend. However, as is often the case, overcoming psychologically significant resistance levels is accompanied by increased volatility and requires the consolidation of positions.

As for the intraday strategy in the cryptocurrency market, I will continue to rely on significant pullbacks in Bitcoin and Ethereum, anticipating the continuation of the bullish market in the long term, which remains intact.

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

Bitcoin

Buying Scenario

Scenario #1: I plan to buy Bitcoin today upon reaching an entry point around $75,300, targeting a move to $75,900. Near $75,900, I will exit my purchases and sell immediately on the bounce. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is above zero.

Scenario #2: Bitcoin can be bought from the lower boundary of $74,600 if there is no market reaction to its breakout, moving in the opposite direction to levels $75,300 and $75,900.

Selling Scenario

Scenario #1: I plan to sell Bitcoin today upon reaching an entry point around $74,600, targeting a decline to $73,800. Near $73,800, I will exit my sales and buy immediately on the bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is below zero.

Scenario #2: Bitcoin can be sold from the upper boundary of $75,300 if there is no market reaction to its breakout, moving in the opposite direction to levels $74,600 and $73,800.

Ethereum

Buying Scenario

Scenario #1: I plan to buy Ethereum today upon reaching an entry point around $2,362, targeting a move to $2,396. Near $2,396, I will exit my purchases and sell immediately on the bounce. Before buying on a breakout, ensure that the 50-day moving average is below the current price, and the Awesome indicator is above zero.

Scenario #2: Ethereum can be bought from the lower boundary of $2,347 if there is no market reaction to its breakout, moving in the opposite direction to levels $2,362 and $2,396.

Selling Scenario

Scenario #1: I plan to sell Ethereum today upon reaching an entry point around $2,347, targeting a decline to $2,315. Near $2,315, I will exit my sales and buy immediately on the bounce. Before selling on a breakout, ensure that the 50-day moving average is above the current price, and the Awesome indicator is below zero.

Scenario #2: Ethereum can be sold from the upper boundary of $2,362 if there is no market reaction to its breakout, moving in the opposite direction to levels $2,347 and $2,315.