The cryptocurrency market continues to swing back and forth. Yesterday, Bitcoin's sharp rise to around $89,800 was quickly retraced, sending it to approximately $84,700. Ethereum is also trading below $3,000.

This surge in volatility was the market's reaction to yesterday's news that U.S. inflation slowed more than expected. This allows the Federal Reserve to continue lowering interest rates and increase the volume of its bond-buying program to stimulate the economy and revitalize the labor market. The more cheap money available in the market, the better Bitcoin will feel.

However, it is essential to remember that cryptocurrencies are a high-risk market. High volatility, combined with a lack of clear direction and a bearish market, makes investments in this asset class extremely risky under current conditions. Sharp rises and falls, driven by news and investor sentiment, can lead to substantial losses. Nonetheless, the long-term prospects for the cryptocurrency market remain attractive for many. Bitcoin continues to be viewed as digital gold, a means of preserving capital amid economic uncertainty.

On a positive note, SoFi Bank became the first national bank in the U.S. to launch its own regulated stablecoin, SoFiUSD. The SoFiUSD stablecoin is initially deployed on the Ethereum network, with plans for expansion to other networks. SoFi Bank, based in San Francisco, serves approximately 12.6 million customers.

Regarding intraday strategies in the cryptocurrency market, I will continue to act on significant pullbacks in Bitcoin and Ethereum, anticipating a continuation of a medium-term bullish market that has not yet vanished.

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

Bitcoin

Buy Scenario

• Scenario #1: I will buy Bitcoin today when it reaches the entry point around $87,600, targeting a rise to $88,800. At approximately $88,800, I will exit my long positions and sell immediately on a pullback. Before buying on a breakout, ensure that 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 from the lower boundary of $86,500 if there is no market reaction to its breakdown, targeting levels $87,600 and $88,800.

Sell Scenario

• Scenario #1: I will sell Bitcoin today when it reaches the entry point around $86,500, targeting a drop to $85,400. At approximately $85,400, I will exit my short positions and buy immediately on a pullback. Before selling on a breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is below zero.
• Scenario #2: Selling Bitcoin can be done from the upper boundary of $87,600 if there is no market reaction to its breakdown, targeting levels $86,500 and $85,400.

Ethereum

Buy Scenario

• Scenario #1: I will buy Ethereum today when it reaches the entry point around $2,931, targeting a rise to $2,985. At approximately $2,985, I will exit my long positions and sell immediately on a pullback. Before buying on a breakout, ensure that 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 from the lower boundary of $2,895 if there is no market reaction to its breakdown, targeting levels $2,931 and $2,985.

Sell Scenario

• Scenario #1: I will sell Ethereum today when it reaches the entry point around $2,895, targeting a drop to $2,851. At approximately $2,851, I will exit my short positions and buy immediately on a pullback. Before selling on a breakout, ensure that the 50-day moving average is above the current price and the Awesome Oscillator is below zero.
• Scenario #2: Selling Ethereum can be done from the upper boundary of $2,931 if there is no market reaction to its breakdown, targeting levels $2,895 and $2,851.