During today's Asian session, Bitcoin reached the $119,500 level and doesn't seem to be slowing down. Ethereum is also trading above $4,400, poised to set a new all-time high potentially.

A sharp spike in buying in October once again highlights the tendency for a strong fourth quarter in the crypto market. Yesterday, it was announced that Strategy (formerly MicroStrategy) will no longer be subject to the U.S. alternative minimum corporate tax. This is good news for many crypto-focused companies that are following in Strategy's footsteps.

Given the increase in Bitcoin prices this year, Strategy was anticipating facing the 15% alternative minimum tax in 2026. This corporate tax applies to companies with earnings exceeding $1 billion over a three-year period prior to the first tax year.

However, according to temporary guidelines issued Tuesday by the U.S. Treasury Department and the IRS, corporations are not required to include unrealized gains and losses on their digital assets when determining whether they are subject to the tax. As outlined in the report, the company formerly known as MicroStrategy adopted a new accounting standard in January that requires it to include the fair market value of its Bitcoin holdings in its earnings. As a result, for the six months ending June 30, the company reported $8.1 billion in unrealized profit on its Bitcoin assets. Strategy currently holds Bitcoin valued at around $74.6 billion.

As for my intraday strategy in the cryptocurrency market, I'll continue to rely on significant pullbacks in Bitcoin and Ethereum as buying opportunities, expecting the broader medium-term bull market to persist.

Regarding short-term trading, the strategies and conditions are described below.

Bitcoin

Buy Scenario

Scenario 1: I will buy Bitcoin today at the entry point of $118,800, with a target of rising to $120,300. I plan to exit the buy trade at around $120,300 and sell on the bounce. Before entering on a breakout, make sure the 50-day moving average is below the current price, and the Awesome Oscillator is above the zero line.

Scenario 2: Bitcoin can also be bought from the lower boundary at $118,100 if there's no market reaction to its breakout, aiming for a move back to $118,800 and $120,300.

Sell Scenario

Scenario 1: I will sell Bitcoin today at the entry point of $118,100, with a target of dropping to $116,900. I plan to exit short positions around $116,900 and buy immediately on the bounce. Before entering into a breakdown, ensure 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 at $118,800 if there's no market follow-through on a breakout, targeting a move back down to $118,100 and $116,900.

Ethereum

Buy Scenario

Scenario 1: I will buy Ethereum today at the entry point of $4,414, aiming for a rise to $4,484. Around $4,484, I will exit the trade and sell on the bounce. Before buying on a breakout, ensure 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 at $4,366 if there's no market reaction to its breakout, with a potential move back to $4,414 and $4,484.

Sell Scenario

Scenario 1: I will sell Ethereum today at the entry point of $4,366 with a target of dropping to $4,308. Around $4,308, I will exit the sell position and buy on the bounce. Before selling on a breakdown, ensure the 50-day moving average is above the current price, and the Awesome Oscillator is below the zero mark.

Scenario 2: Ethereum can also be sold from the upper boundary at $4,414 if there's no market follow-through on a breakout, aiming for a move back to $4,366 and $4,308.