Bitcoin once again broke above $119,000, briefly surpassing the $120,000 mark, but then pulled back to around $118,500. This indicates considerable difficulty in returning to the all-time high near $123,000. Meanwhile, Ethereum has dropped back to around $3,700, pausing its upward momentum for now.

At the same time, recent data showed that Bitcoin dominance relative to altcoins fell by 3% over the past week — the sharpest decline this year — which is a potential indirect signal of an emerging altcoin season. However, it is too early to jump to conclusions. A drop in BTC dominance is indeed a significant signal, but its interpretation requires a comprehensive analysis. It is essential to consider a range of factors influencing the cryptocurrency market and avoid oversimplified generalizations.

First, short-term shifts in BTC dominance may be driven by speculative movements in the altcoin space. A surge of interest in certain projects, sparked by hype or news, can temporarily tilt the balance in favor of altcoins without indicating a long-term trend. Second, one must consider the macroeconomic context and general investor sentiment, which lately has been overwhelmingly in favor of buying Bitcoin. Third, technical analysis of BTC and major altcoin charts can provide a clearer picture of current trends and potential reversal points.

Regarding the intraday strategy in the cryptocurrency market, I will continue to rely on significant pullbacks in Bitcoin and Ethereum as entry opportunities, anticipating that the medium-term bullish market will continue.

The short-term trading strategy and conditions are described below.

Bitcoin

Buy Scenario

Scenario #1: I will buy Bitcoin today at the entry point near $119,000, targeting a rise toward $120,300. I plan to exit long positions at around $120,300 and sell on the rebound. Before buying on a breakout, make sure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buying Bitcoin is also possible from the lower boundary at $118,200 if there is no market reaction to its breakout, with a potential reversal toward $119,000 and $120,300.

Sell Scenario

Scenario #1: I will sell Bitcoin today at the entry point near $118,200, targeting a drop toward $116,800. At around $116,800, I plan to exit my short positions and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Selling Bitcoin is also possible from the upper boundary at $119,000 if there is no market reaction to its breakout, with a reversal toward $118,200 and $116,800.

Ethereum

Buy Scenario

Scenario #1: I will buy Ethereum today at the entry point near $3,724, targeting a rise toward $3,820. At around $3,820, I plan to exit my long positions and sell on the rebound. Before buying on a breakout, make sure that the 50-day moving average is below the current price and that the Awesome Oscillator is in positive territory.

Scenario #2: Buying Ethereum is also possible from the lower boundary at $3,679 if there is no market reaction to its breakout, with a reversal toward $3,724 and $3,820.

Sell Scenario

Scenario #1: I will sell Ethereum today at the entry point near $3,679, targeting a drop toward $3,585. At around $3,585, I plan to exit my short positions and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: Selling Ethereum is also possible from the upper boundary at $3,724 if there is no market reaction to its breakout, with a reversal toward $3,679 and $3,585.