The regulatory situation of cryptocurrency is still severe, and the BTC market consolidation period is more optimistic than moving
There are two major news in the currency circle over the weekend, one isSEC Issues Temporary Restraining Order Against Telegram, to prevent its tokens from flowing into the US market. the other isG7 collectively releases report on Libra and stablecoins。
The SEC has a long history of supervising the field of digital currency. It used to complain and crack down on illegal ICOs, and educate investors to identify false scams.Imposing restraining orders on existing blockchain projects, filing lawsuits, judicial freezing of property, punitive fines, etc.。
Generally speaking, the SEC’s supervision is conservative and prudent, which protects the interests of local investors in the United States, but it also approves the sale of utility tokens of some blockchain projects (such as PoQ game tokens, YouNow tokens, Blockstack, etc. ), there are attempts to innovate in policies. This has reference significance for the supervision of other countries.
According to the report of the Group of Seven (G7): LCryptocurrencies like ibra pose a risk to the global financial system. Even if Libra's backers fix the problems, the project may not get approval from regulators. at the same time,No stablecoin project should begin operations without adequately addressing legal, regulatory and supervisory challenges and risks。
We know that at the previous G20 meetings last year, the views on cryptocurrencies wereThe volume is too small to pose a risk to the global financial system, but only expressed concern and thinking in terms of anti-money laundering and illegal uses, and guidelines for crypto business were developed by the Financial Action Task Force (FATF).
The attitude towards Libra and stablecoins this time is mainly due to several reasons: First, the Facebook behind it and the banks and other institutions behind the stablecoins are powerful and have a large audience of users and influence.
Second, compared to the purely speculative trading attributes of digital currencies such as BTC,The currency value of Libra and stable currency is relatively stable, backed by the trust relationship of large institutions, more suitable for circulation and daily consumption, once it goes online on a large scale, it is likely to attract competition in payment, affect the living space of traditional fiat currency, and then change the global financial system. Once Pandora's Box is opened, its potential impact is greater and unpredictable. Therefore, the attitude of regulators has become extra cautious and cautious, which is also normal.
Back to the market, the trend of the broader market in recent months has actually beenShrinkagestatus. Since the failure to hit 14,000 US dollars, the rebound trend has been weaker and weaker each time. Not to mention the short duration, the rebound high point has also been lower each time, reflecting theThe overall market environment is still bearish。
Judging from the trend in the chart above, BTC has been in sideways trading for nearly a month in September, and it ushered in a waterfall decline. Up to now in October, it is also a sideways trading trend. From the surface only,If the middle and late ten days cannot effectively break through to the bottom of the previous range of 9300 US dollars, it is possible to usher in another waterfall marketOperation suggestion:
Operation suggestion:
BTC: It fell again this morning, and it suddenly dropped in a short period of time. The market once dropped to 8,155 US dollars, and currently maintains a small fluctuation around 8,300 US dollars. The short-term support is around the MA60 moving average ($8,240). Once the heavy volume falls below it, it will test the bottom support of the $7,700-8,000 range again, and the short-term pressure is at $8,500. Therefore, on the whole, risk aversion is still the main focus, and orders are placed cautiously.
ETH: Weekly/daily levels are all in a downward channel, and the overall trend is still a correction. At the 4-hour level, the MA60 moving average (US$180) is the short-term support. After falling below, the consolidation market ends. The short-term pressure is in the range of US$185-200. It is difficult to reverse when there is no obvious rebound trend in the market.
LTC: Continue to fluctuate around the upper line of 56 US dollars, with a range of 53-60 US dollars, and wait and see in the short term.
BCH: The range of 215-240 US dollars shrinks and consolidates the trend. In the short term, pay attention to the support of 220 US dollars.
EOS: 4-hour level, the overall trend fluctuates upwards, but in the case of insufficient energy, it is difficult to have a big rebound. Short-term attention is paid to the support of 3 US dollars. If the support is not broken, short-term chips can continue to be held, and the upper pressure is 3.3 US dollars.
XRP: Similar to EOS, the 4-hour level fluctuated upward as a whole, and the short-term pressure was 0.29-0.3 US dollars, and the support was at 0.26 US dollars.
TRX: The short-term trend is volatile and upward, pay attention to the support of the 4-hour MA60 moving average (0.0158 US dollars), and the pressure is in the range of 0.017-0.019 US dollars.
ETC: In the short term, pay attention to the support of 4.67 US dollars, maintain the above operation, and there is still a chance to go up, one point will effectively fall below, pay attention to risks.
Platform currency: There is a slight rebound in the short term. It depends on whether it can stand firm after breaking through the pressure level. If it can stand firm, there is a possibility of continuous rebound. BNB’s short-term oscillating trend, although it has broken through the pressure of 18 US dollars, the volume is not obvious, and it will be seen whether it can stand firm in the short term; HT rebounded slightly in the short term, and the pressure of 3.5 US dollars broke through for a short time and fell back, short-term continue to observe; OKB is weak in the short term Rebound, 2.4 US dollars is the pressure level; GT continues to trade sideways, and the trend is weak.
Altcoins: When the overall trend of the market has not improved significantly, the risk of taking over altcoins is still relatively high. It is only recommended to pay attention to two types of altcoins:A currency with a strong currency price relative to BTC, and a popular altcoin with a certain user community consensus. Recently, many people have inquired about the new PGS currency, because the short-term increase is huge. From the K-line trend alone, the line is drawn very beautifully, but it is not recommended to chase high. This kind of currency with high concentration of chips and only rises but not falls in a short period of time, the purpose of the banker behind it is self-evident.Not reaping just because the time has not come, there is a potential risk of a sudden plunge.
