Bitcoin bears continue to wait, bulls even, short-term breakout rise
Russian central bank chief: There is no good reason to launch a national cryptocurrency
The head of Russia's central bank said recently that they see no good reason to launch a national cryptocurrency because it could lead to more potential risks.
According to a report by the local media TASS on Thursday, Elvira Nabiullina, Governor of the Bank of Russia (Bank of Russia), said that they have actually been studying the possibility of issuing a central bank digital currency, but at present, there is no central bank digital currency for Russia. currency necessary.
When attending the Finopolis Innovative Financial Technology Forum in Sochi, Russia, Elvira Nabiullina delivered a speech saying:
"Not only for technical reasons, but it is actually difficult for us to really judge the advantages of the national digital currency compared with the existing electronic non-cash payment. Relatively speaking, digital currency has many risks and its advantages are not so obvious."
In fact, Elvira Nabiullina had hinted back in June this year that the Central Bank of Russia may one day launch its own digital currency, but now it seems that the situation has changed. Elvira Nabiullina suggested at the time that "electronic money" could be more convenient, saying: "As a society, are we ready to say no to cash?"
At the Finopolis Innovative Fintech Forum, Elvira Nabiullina also had a conversation with Fan Yifei, Deputy Governor of the People's Bank of China. Fan Yifei said at this forum that China plans to launch a national digital currency soon. At the same time, he also said that it is also very important to cooperate with central banks of other countries to formulate the central bank's digital non-regulatory standards.
BTC/USD
According to the current trend, 8400 is a short-term support. To be precise, 8400-8500 is the buffer zone that allows the market to fall back after the market breaks through. Therefore, if the range of this cycle is not broken, the bulls will still continue in the short-term and suppress the upward position. It is currently around 8650, and there is no breakthrough after several trials this morning. We have to wait and see. If it breaks through, the upward pressure will be pulled from 8650 to around 8800. Today’s trend is more critical. Is it a pullback after the pull-up or a lack of momentum for the bulls? Breaking the support will lead to a new round of unilateral trend. If it is a consolidation, the market trend will gather in the 8540-8580 area. If the long position ends, it will return to below 8500.
From a technical point of view, the hourly Tubuling band shrinks, the K line runs between the upper track and the lower track of the hourly Tubuling, and the MA60 moving average has been going up, from 8300 to the current 8400, and the lower track of the hourly Tubuling will gradually increase. A bonded pattern is formed, and the market will be released again at that time. Yesterday’s downward movement was always supported by the MA10 moving average in the four-hour chart. At present, the K-line forms a double-top pattern around 8650. The hourly chart and the four-hour chart RSI are in an overbought and falling market. Below Focus on the support level around 8300-8350 in the four-hour map of Bollinger, which is also where the daily MA5 moving average and MA10 moving average stick together. For defensive support, look at around 8000-8100. In the short term, look at the breakout situation of the MA10 moving average 8400 in the four-hour map. The main focus is on the top The suppression position is 8650-8700, and the defensive suppression is around 9000.
CFTF Chairman: Ethereum is a commodity, will allow Ethereum futures to be listed
According to media reports, Heath Tarbert, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said, “Ethereum is a commodity.”
He made the remarks at the Yahoo Finance Markets Summit in New York on Thursday. Last year, the CFTC publicly solicited feedback to deepen “the committee’s understanding of the ethereum network and cryptocurrency.”
Tarbert, who became CFTF chairman in July this year, determined that Ethereum is a commodity and therefore falls under the jurisdiction of the CFTC. Additionally, he also expects the CFTC to allow Ethereum futures to be traded in the U.S. market.
“We know a lot about bitcoin, it’s a commodity. We haven’t heard anything about ethereum so far,” Tarbert said at the summit. "As CFTC chair, I think ethereum is a commodity."
Tarbert expressed agreement with previous guidance from the U.S. Securities and Exchange Commission (SEC) that Bitcoin and Ethereum are not securities. The CFTC is working with the SEC on those issues, he said.
However, he also acknowledged that the status of many cryptocurrencies is "ambiguous in the market," but believes that ultimately "similar digital assets will be treated in a similar way."
Tarbert also mentioned the case of “forking” assets. He believes that cryptocurrencies such as bitcoin cash, bitcoin gold and ethereum classic are created through forks of the original underlying blockchain, which should be overseen by regulators. This also means that the CFTC's classification of a cryptocurrency also depends on how that cryptocurrency was created.
Asked whether the Howey Test, which is used to judge whether a security is a security, is still valid today, he said, "I think the analysis is pretty solid. It has stood the test of time. Ultimately, it gets down to the fundamental question: Is this the way to raise money?" Money stuff? Are you investing in a business? Or are you buying something that has obvious value in itself?"
Tarbert also explained how he and the CFTC view tokens created through initial coin offerings (ICOs). He believes that it is possible for a new cryptocurrency to start out as a security but eventually become a commodity.
“You could have a situation where some of the tokens in an ICO start out as a security, but over time it becomes more decentralized and it starts to develop tangible value.”
ETH/USD
The trend of ETH is stronger than that of BTC, and the target has regained its 5-week line and successfully regained more than half of the big negative line. The fly in the ointment is that the trading volume is still relatively small, and I am afraid that it cannot continue to support the substantial rebound of the target. With the constraints of BTC, I personally think that the target cannot go out of an independent market, and it is likely to be consistent with the trend of BTC. Judging from the current trend, no main force will pull an independent trend, and most of them are based on the trend of BTC. The corresponding actions are similar to the rest of the targets, so we still have to keep an eye on the trend of BTC.
The daily line received a small negative line yesterday. From the trend point of view, the upper suppression is still relatively strong. Short-term short-term is still profitable. Combined with the trend, the high-level suppression point is still at 192-194. The defensive point is 196. If the short-term strength is strong, we can definitely reach our previous double vertex. The position near 185 was expected to be reached yesterday, but the strength was a little weaker, and the lowest reached 187. So today we will continue to rebound and block short trades. We must choose to enter the market near resistance and support. Consult the author (ZB999810) for specific operations. Don’t worry and be patient.
ETH operation strategy:
1.192-194 kill target 188-186-184 stop loss above 196
2.184-186 long target 190-192 stop loss below 182
First, take the initiative to unwind the position
1. When you are slightly locked up, you can take advantage of the rebound to get out of the game, or lighten up your position on rallies;
2. Investors who are locked in at a high position can also take part in the operation of reducing the position according to the position in their hands. If the trapped funds are not too serious, they should directly cut the position and stop the loss to solve the set. Although they will lose money, the risk of capital loss has been reduced to a minimum. The lowest, so that you can take the psychological and financial initiative in the next wave of market conditions.
3. If you are deeply locked in and there is still room for a further deep decline in the market outlook, you can use short selling to reduce losses, which can take into account the principal and effectively unwind the set.
Second, buy status to deal with
1. If you are stuck and the price you buy is at a high level, you must stop the loss immediately.
2. If the buying price is in the middle, you can temporarily wait and see according to the current situation, in order to get rid of the set and leave the market or reduce the loss on rallies.
3. If the price you bought is at a low level, it is recommended not to rush to stop the loss. After the price you bought has fallen and stabilized, you should dare to cover the position at a low level at an important support level to dilute the cost. The locked positions were rescued together.
