Bitcoin has managed to hold onto $110,000 and now confidently looks toward $112,000. Ethereum is also making attempts to rise above $4,300—a level it has been struggling with lately.

Meanwhile, Ray Dalio stated that cryptocurrency, particularly Bitcoin, is now an alternative currency. The main reasons are that the supply of Bitcoin is limited; therefore, all else equal, if the supply of fiat dollars increases or demand for dollars falls, this is likely to make cryptocurrency an attractive alternative currency.

This thesis from the well-known investor is not new, but coming from Dalio, it carries particular weight. Indeed, the decentralized and limited nature of Bitcoin, against the backdrop of rising government debt and the potential devaluation of fiat currencies, looks like an attractive hedge against inflation. However, one must also consider the risks associated with cryptocurrencies. Bitcoin's volatility remains high, although, to be fair, thanks to inflows into ETFs, it has recently been decreasing. Cryptocurrency market regulation is also developing rapidly, as is the infrastructure for using Bitcoin as a full-fledged means of payment.

Thus, Ray Dalio's recognition of Bitcoin as an alternative currency is an important signal, indicating growing interest in cryptocurrencies. However, before considering Bitcoin as a full-fledged substitute for fiat money, one must take into account all the risks and limitations associated with this asset.

As for intraday strategies on the crypto market, I will continue to act based on any large pullbacks in Bitcoin and Ethereum, expecting the continuation of the medium-term bull market, which has not gone away.

Bitcoin

Buy Scenario

Scenario #1: I will buy Bitcoin today if the entry point around $111,180 is reached, targeting a rise to $112,500. At $112,500, I will exit buys and immediately sell on the bounce. Before buying a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: You can buy Bitcoin from the lower boundary of $110,400 if there is no market reaction on a false breakout, looking for a move back upward to $111,100 and $112,500.

Sell Scenario

Scenario #1: I will sell Bitcoin today if the entry point around $110,400 is reached, targeting a drop to $109,200. At $109,200, I will exit my sell position and immediately buy on the bounce. Before selling a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: You can sell Bitcoin from the upper boundary of $111,180 if there is no market reaction on a false breakout, looking for a move back down to $110,400 and $109,200.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today if the entry point around $4,344 is reached, targeting a rise to $4,417. At $4,417, I will exit my long positions and immediately sell on the bounce. Before buying a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: You can buy Ethereum from the lower boundary of $4,282 if there is no market reaction on a false breakout, looking for a move back upward to $4,344 and $4,417.

Sell Scenario

Scenario #1: I will sell Ethereum today if the entry point around $4,282 is reached, targeting a fall to $4,218. At $4,218, I will exit my sell position and immediately buy on the bounce. Before selling a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: You can sell Ethereum from the upper boundary of $4,344 if there is no market reaction on a false breakout, aiming for a move back down to $4,282 and $4,218.