FX.co ★ Cryptocurrency Market Trading Recommendations for March 31

Bitcoin has once again surged to $68,000 today, while Ethereum reached $2,090 following Trump's statements on the Middle East; however, it is unlikely that demand for risk assets will be sustained.

According to the latest data, BlackRock has resumed selling, transferring significant volumes of assets to the exchange yesterday. This includes 3,061 BTC, equivalent to about $206 million, and 35,642 ETH, valued at $73 million. This move marks a reversal in the giant's strategy, which previously showed a more stable, or even buying, behavior.

The observed activity of transferring assets to the exchange suggests a likely resurgence of pressure from institutional players in the cryptocurrency market, which has shown only lackluster growth. It is evident that, after a period of consolidation or minor price fluctuations observed throughout this month, such actions by large players could provoke a new bear market.

The possible increase in selling from BlackRock could be driven by various factors. These include a reassessment of the short-term market outlook, a need for portfolio rebalancing, and broader geopolitical trends that are actively influencing investors' decisions.

This situation requires close attention from analysts and market participants. BlackRock's return to active selling may signal a continuation of the asset liquidation phase and foreshadow more significant corrective movements.

Regarding intraday strategy in the cryptocurrency market, I will continue to rely on significant dips in Bitcoin and Ethereum in anticipation of further bullish market development in the long term, which remains intact.

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

Bitcoin

Buy Scenario

• Scenario #1: I will buy Bitcoin today when it reaches the entry point around $67,600, with a target of $68,500. At around $68,500, I plan to exit the purchases and immediately sell back on a rebound. 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: I can buy Bitcoin from the lower boundary of $67,300 if there is no market reaction to its breakout in the opposite direction towards the levels of $67,600 and $68,500.

Sell Scenario

• Scenario #1: I will sell Bitcoin today when it reaches the entry point around $67,300, with a target for a decline to $66,600. At around $66,600, I will exit the sales and buy back immediately on a rebound. 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: I can sell Bitcoin from the upper boundary of $67,600 if there is no market reaction to its breakout in the opposite direction towards the levels of $67,300 and $66,600.

Ethereum

Buy Scenario

• Scenario #1: I will buy Ethereum today when it reaches the entry point around $2,067, with a target of growth to $2,095. At around $2,095, I plan to exit the purchases and immediately sell back on a rebound. 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: I can buy Ethereum from the lower boundary of $2,050 if there is no market reaction to its breakout in the opposite direction towards the levels of $2,067 and $2,095.

Sell Scenario

• Scenario #1: I will sell Ethereum today when it reaches the entry point around $2,050, with a target for a decline to $2,007. At around $2,007, I will exit the sales and buy back immediately on a rebound. 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: I can sell Ethereum from the upper boundary of $2,067 if there is no market reaction to its breakout in the opposite direction towards the levels of $2,050 and $2,007.