FX.co ★ Trading Recommendations for the Cryptocurrency Market on March 2

Bitcoin is showing relative stability, remaining within a narrow price range of $65,000 to $67,000. This stabilization followed a significant price drop triggered by the start of bombings in Iran by US and Israeli forces. Geopolitical tensions appear to have a substantial impact on market sentiment, leading to a reassessment of risks and, consequently, increased volatility in prices.

Ethereum, the second-largest cryptocurrency by market capitalization, is also under pressure, trading around the psychologically important $2,000 mark but currently below it. The decline in Ethereum's value reflects the broader trend of caution among traders, who are seeking to reduce risky positions amid uncertainty.

Recently, the influence of geopolitical events on the cryptocurrency markets has become increasingly evident. Traditionally considered safe havens, gold and some other traditional currencies, such as the US dollar, are now in much higher demand than Bitcoin and Ethereum. The market seems to be waiting for further developments, which is helping to maintain the current price trends and keeping Bitcoin and Ethereum afloat.

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

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

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today when it reaches the entry point around $66,700, with a target increase to the level of $68,500. At around $68,500, I will exit my purchases and immediately sell on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the positive zone.

Scenario #2: Buying Bitcoin can also occur from the lower boundary of $65,800 if there is no market reaction to its breakout back to the levels of $66,700 and $68,500.

Sell Scenario

Scenario #1: I plan to sell Bitcoin today when it reaches the entry point around $65,800, with a target drop to the level of $64,500. At around $64,500, I will exit my sales and immediately buy on the bounce. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the negative zone.

Scenario #2: Selling Bitcoin can also occur from the upper boundary of $66,700 if there is no market reaction to its breakout back to the levels of $65,800 and $64,500.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today when it reaches the entry point around $1,973, with a target increase to the level of $2,015. At around $2,015, I will exit my purchases and immediately sell on the bounce. Before buying on the breakout, ensure that the 50-day moving average is below the current price and the Awesome indicator is in the positive zone.

Scenario #2: Buying Ethereum can also occur from the lower boundary of $1,933 if there is no market reaction to its breakout back to the levels of $1,973 and $2,015.

Sell Scenario

Scenario #1: I plan to sell Ethereum today when it reaches the entry point around $1,933, with a target drop to the level of $1,888. At around $1,888, I will exit my sales and immediately buy on the bounce. Before selling on the breakout, ensure that the 50-day moving average is above the current price and the Awesome indicator is in the negative zone.

Scenario #2: Selling Ethereum can also occur from the upper boundary of $1,973 if there is no market reaction to its breakout back to the levels of $1,933 and $1,888.