Bitcoin and Ethereum buyers attempted to achieve more significant growth, and for a moment, the bullish market might gain hope for a return. However, they could not hold the achieved highs, leading to a significant downward correction in these trading instruments, keeping them within a sideways channel.

After reaching a new high of around $84,600, Bitcoin is currently trading at $82,900, while Ethereum, after climbing to around $1,946, quickly dropped to $1,905, where it is currently trading.

Recent data shows that retail Bitcoin holders—those with less than 1 BTC—continue to sell their coins, mirroring the capitulation pattern seen at the end of 2020. These holders currently have 35% more coins, around 1.75 million BTC, than in 2020. The end of active selling by these players would be another positive sign of finding the bottom and a potential market reversal toward a bullish trend.

Larger players, on the other hand, are showing signs of accumulation. Addresses holding between 10 to 100 BTC are, albeit less aggressively, still increasing their holdings. This indicates a likely redistribution of assets from weaker hands to more confident, long-term investors. It is important to note that historically, such phases of retail holder capitulation have preceded periods of significant Bitcoin growth. When most small investors panic and sell their assets, it creates conditions for coins to consolidate in the hands of more prepared players.

As for the intraday trading strategy, I will focus on significant dips in Bitcoin and Ethereum, anticipating continuing the bullish trend in the medium term.

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

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today when the price reaches around $83,300, with a target growth of $84,800. At $84,800, I will exit the buy position and immediately sell for a bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome oscillator is above zero.

Scenario #2: Buying Bitcoin can also be done at the lower boundary of $82,700 if there is no market reaction to a breakout in the opposite direction, targeting $83,300 and $84,800 levels.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today when the price reaches around $82,700, with the target declining to $81,400. At $81,400, I will exit the sell position and immediately buy for a bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome oscillator is below zero.

Scenario #2: Selling Bitcoin can also be done at the upper boundary of $83,300 if there is no market reaction to a breakout in the opposite direction, targeting the $82,700 and $81,400 levels.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today when the price reaches around $1,910, with a target growth of $1,954. At $1,954, I will exit the buy position and immediately sell for a bounce. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome oscillator is above zero.

Scenario #2: Buying Ethereum can also be done at the lower boundary of $1,894 if there is no market reaction to a breakout in the opposite direction, targeting $1,910 and $1,954 levels.

Sell Scenario

Scenario #1: I plan to sell Ethereum today when the price reaches around $1,894, with the target decline to $1,857. At $1,857, I will exit the sell position and immediately buy for a bounce. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome oscillator is below zero.

Scenario #2: Selling Ethereum can also be done at the upper boundary of $1,910 if there is no market reaction to a breakout in the opposite direction, targeting $1,894 and $1,857 levels.