empty
08.05.2025 09:22 AM
Trading Recommendations for the Cryptocurrency Market on May 8

Bitcoin reached just below $100,000, while Ethereum hit $1,900. Such a major growth in the cryptocurrency market once again confirms its bullish outlook, which has been discussed quite a lot lately.

This image is no longer relevant

Bitcoin is currently trading at $98,700 after pulling back from $99,400, while Ethereum is around $1,905, having updated its level to $1,913 during the Asian session.

This significant rally in the cryptocurrency market once again confirms its bullish outlook, which has recently been a major topic of discussion. The market also responded positively to President Donald Trump's announcement of plans to present a "major" trade agreement with several countries, boosting optimism that the U.S. is making progress in negotiations. The bullish momentum in leading cryptocurrencies like Bitcoin and Ethereum reflects a broader risk-on sentiment across financial markets, fueled by hopes of easing trade tensions.

Traders, previously concerned about the negative effects of trade wars on the global economy, now see opportunities for growth and diversification in their portfolios. Rumors suggest the trade deal may be with the United Kingdom. This quickly spurred risk asset buyers into action, driving up stock indices, which pulled up other risk assets, including Bitcoin and Ethereum.

Going forward, I will continue to focus on buying dips in Bitcoin and Ethereum, expecting the medium-term bullish trend to remain intact.

Below is the short-term trading strategy for both instruments:

This image is no longer relevant

Bitcoin

Buy Scenario

Scenario #1: I plan to buy Bitcoin today at the entry point around $99,200 with a target of rising to $100,400. I'll exit long positions near $100,400 and immediately sell on the pullback. Before buying the breakout, ensure the 50-day moving average is below the current price and the Awesome Oscillator is in positive territory.

Scenario #2: Buying from the lower boundary at $98,400 is also viable if there is no bearish reaction to its breakout, with targets at $99,200 and $100,400.

Sell Scenario

Scenario #1: I will sell Bitcoin today if the price reaches $98,400 with a target of $97,300. I'll exit shorts and buy on the bounce near $97,300. Before selling the breakout, ensure the 50-day MA is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: If the breakout fails, selling from the upper boundary at $99,200 is also an option, targeting $98,400 and $97,300.

This image is no longer relevant

Ethereum

Buy Scenario

Scenario #1: I plan to buy Ethereum today upon reaching the entry point at $1,907 with a target of $1,941. I'll exit longs and sell on the bounce near $1,941. Before buying the breakout, confirm that the 50-day MA is below the current price and the Awesome Oscillator is in positive territory.

Scenario #2: Buying from the lower boundary at $1,885 is also viable if there is no bearish reaction to its breakout, with targets at $1,907 and $1,941.

Sell Scenario

Scenario #1: I will sell Ethereum today if the price reaches $1,885 with a target of $1,856. I'll exit shorts and buy on the bounce near $1,856. Before selling the breakout, ensure the 50-day MA is above the current price and the Awesome Oscillator is in negative territory.

Scenario #2: If the breakout fails, selling from the upper boundary at $1,907 is an option, targeting $1,885 and $1,856.

Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2025
Bitcoin
Summary
Strong buy
Urgency
1 day
Analytic
Maxim Magdalinin
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on June 3

Bitcoin and Ether surged strongly during Asian trading, although yesterday ended on a somewhat downbeat note. However, despite the rapid strengthening of these assets, Bitcoin once again failed to maintain

Miroslaw Bawulski 08:51 2025-06-03 UTC+2

Bitcoin's technical outlook appears promising

Bitcoin appears to have found a bottom near $104,000 and is currently trading around $104,500 in early June. It is evident that the cryptocurrency is positioned at a psychological

Jakub Novak 12:36 2025-06-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 2

Despite the corrections at the end of last week, Bitcoin and Ethereum are once again showing upward momentum, although Ethereum is lagging behind. Experts from the banking group also point

Miroslaw Bawulski 09:45 2025-06-02 UTC+2

Bitcoin Forecast for June 2, 2025

Bitcoin Over the weekend, Bitcoin formed a reversal from the supports at the target level of 102,698 and the embedded green price channel line. If today's candlestick closes in white

Laurie Bailey 04:30 2025-06-02 UTC+2

Crypto investors still overwhelmed by optimism

Despite the ongoing correction, investor sentiment toward buying crypto assets remains positive, as indicated by the so-called Fear & Greed Index, which, as we noted earlier, is still

Jurij Tolin 16:24 2025-05-30 UTC+2

Do you know the most profitable company in the crypto industry?

While Bitcoin and Ethereum saw a fairly solid correction toward the end of the week, the most profitable company in the crypto industry — Tether — may have been quietly

Jakub Novak 16:16 2025-05-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 30

Bitcoin and Ethereum continued their corrections, falling significantly throughout yesterday. The decline extended into today's Asian session, with Bitcoin updating its price to $104,500 and Ethereum testing $2,560. Thus

Miroslaw Bawulski 09:29 2025-05-30 UTC+2

Trading tips on crypto market for May 29 (North American session)

Bitcoin has shown a fairly solid rebound, climbing back above the $108,000 mark and breaking through $109,000. The chart below highlights a morning breakout through the $108,100 level. Statistics confirm

Miroslaw Bawulski 15:46 2025-05-29 UTC+2

Bitcoin recovers to $109,000

Bitcoin quickly rebounded to the $109,000 mark today. This rapid surge, especially following yesterday's dip to around $106,600, once again highlights the strong interest from large players who take advantage

Jakub Novak 15:04 2025-05-29 UTC+2

Bitcoin demand shows no signs of fading

Bitcoin demand has shown resilience once again. After a brief dip below the $107,000 mark, the decline was swiftly bought up, demonstrating that buyers remain active and confident

Jakub Novak 13:38 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.