Bitcoin once again failed to consolidate above the $119,000 level, falling back to the $116,000 area during the Asian session today. Ethereum also fell slightly after hitting $3850.

Meanwhile, according to the latest data from Glassnode, Ethereum is showing the first signs of a trend reversal in buyer behavior for the first time in over six months. The figures indicate that since early July this year, whales and other large players have been actively buying ETH, signaling a possible formation of a major bullish trend.

However, it is important to note that large player purchases alone do not guarantee a trend reversal. Other factors must also be considered, such as the overall market environment, macroeconomic conditions, and retail investor sentiment. It's crucial to remember that large players may be shaping trends, hedging their positions, or accumulating assets for long-term strategies.

In addition to analyzing large player behavior, attention should also be given to technical indicators and support/resistance levels. A breakout above key resistance levels can serve as additional confirmation of a trend change and attract new buyers to the market. At the same time, a fall below important support levels may trigger a wave of selling and offset the positive effect of whale accumulation.

In any case, the market currently remains quite optimistic—especially following Bitcoin's new all-time high around 123,000—which preserves the potential for continued growth in other instruments, including ETH.

Regarding the intraday strategy in the crypto market, I will continue to act based on any major pullbacks in Bitcoin and Ethereum, with an eye toward the continuation of the medium-term bullish market, which remains intact.

Below is the short-term trading strategy.

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today at the entry point of around $117,700, targeting a rise to $119,200. I will exit long positions at $119,200 and immediately sell on a pullback.

Important: Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Bitcoin can also be bought from the lower boundary of $116,800, provided there is no market reaction to a breakout below, with a rebound expected toward $117,700 and $119,100.

Sell Scenario

Scenario #1: I will sell Bitcoin today at the entry point of $116,800, targeting a decline to $115,500. I will exit shorts at $115,500 and buy immediately on a bounce.

Important: Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Bitcoin can also be sold from the upper boundary of $117,700, provided there is no market reaction to a breakout above, with a reversal expected toward $116,800 and $115,200.

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today at the entry point of around $3,737, targeting a rise to $3,820. I will exit long positions at $3,820 and immediately sell on a pullback.

Important: Before buying on a breakout, make sure the 50-day moving average is below the current price and the Awesome Oscillator is above zero.

Scenario #2: Ethereum can also be bought from the lower boundary of $3,667, provided there is no market reaction to a breakout below, with a rebound expected toward $3,737 and $3,820.

Sell Scenario

Scenario #1: I will sell Ethereum today at the entry point, around $3,667, targeting a decline to $3,585. I will exit short positions at $3,585 and buy immediately on a bounce.

Important: Before selling on a breakout, make sure the 50-day moving average is above the current price and the Awesome Oscillator is below zero.

Scenario #2: Ethereum can also be sold from the upper boundary of $3,737, provided there is no market reaction to a breakout above, with a reversal expected toward $3,667 and $3,585.