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Let's start with the daily chart.
Bitcoin and Ethereum have been fluctuating within this range for over a month now. Generally, a range like this doesn't last more than two to three months.
A few days ago, I analyzed a target of 65,500 for Bitcoin. This time, I want to see if I can analyze and catch a breakout trade.
For my daily-level trades, I’ve been holding a long position on Ethereum at 1900 (for about seven or eight days). 1900 is the midpoint on the daily chart. So I want to hold onto it, even if it might result in a loss, to prepare for a potential sharp breakout.
Now, let’s talk about the intraday strategy.
Today, I’m bullish, but the trading volume doesn’t seem very strong. Ethereum looks like it’s gapping out, not moving much, while US stocks and Solana are showing unusually active behavior (trying to rise). I think this is because there are data releases tonight, and some funds are moving to safe assets. There’s CPI data at 8:30 PM tonight, which might break this calm. To be safe, I took some short-term trades and exited. Looking at the 15-minute range, it’s been oscillating within a range. Trading along the range boundaries could potentially yield decent gains today.
How to view the US stock market tonight?
My expected scenario is a downward spike followed by a strong rally breaking through 2100(, and ideally, closing with a bullish candle today). If Bitcoin breaks 74,000, that would be even better, indicating an upward third wave, and reaching 78,000 wouldn’t be a problem.
Trades:
Buy at 1991, stop loss at 1940. Target 2100.
Bitcoin at 6.8, buy long, stop loss at 1500 points, target 7.2.