The market continues to shrink and consolidate, and the concept of IEO exists in name only

The Financial Work Bureau of Dongguan City, Guangdong Province recently released the "Risk reminder on preventing illegal fundraising in the name of "virtual currency" and "blockchain"", once again revealing that such activities are not really based on blockchain technology, but hype the concept of blockchain for illegal fundraising, pyramid schemes, and fraud. This can be regarded as a containment and high-pressure situation against the hype of virtual currency under the general environment of encouraging blockchain technology innovation in policy.

In fact, since the beginning of this year, we can also feel the change of this trend through the market.The competitiveness of altcoins is getting weaker and weaker, and the market share is gradually shrinking, It is becoming more and more difficult to survive and continue simply relying on creating concept coins to collect money, and the market is maturing.

The popular IEO concept in the first half of the year, with the intervention of leading exchanges, attracted the frantic influx of retail investors. However, with the uneven project quality, the currency price performance and rate of return fell short of expectations.The project only has a concept but no actual application. It is only for harvesting the market and allowing retail investors to take over. Without the support of the community and user groups, it is naturally eliminated by the market., the price trend of its currency has been in a slump after a roller coaster market, and it has become an existence that no one cares about.

Now, IEO is basically disappearing, and major exchanges have also postponed, reduced IEO listing projects, and even actually canceled IEO plans.Under the continuous high pressure on virtual currency speculation in the current policy, the concept of IEO is basically not far from death, just like the previous ICO and IFO.

For us investors, we must recognize this local change in the market, get out in time, and don’t have any illusions about such projects without communities and traffic.Its own strength is too weak and uncompetitive, and it is no longer possible to gain the favor of capital through traditional financing methods, had no choice but to turn it into a "tall" project in the currency circle through packaging to harvest innocent and kind retail investors in the currency circle.

Especially after the country encourages blockchain technology innovation and regards it as an important breakthrough for independent innovation,More traditional funds will actively explore high-quality and potential projects in the blockchain field, If there are still projects that want to raise funds by issuing coins, 99.99% of them are undoubtedly scammers. You need to be more vigilant and keep your wallets tight.

Back to the market, the market continued to fluctuate and consolidate, and did not show a clear trend or direction. In this case, we need to control our hands.Don't fall into blind short-term frequent operations. In theory, trading is a game of probability. For retail investors, the best opportunity is to follow the trend and trade with the trendOperation suggestion:

Operation suggestion:

BTC: The market fluctuated violently last night, and the phenomenon of up and down pins was serious. The purpose was to explode high-leverage long and short positions in the futures market. The risk of short-term contract trading is increasing, so open orders carefully.

The hourly line level once dipped below $8,600 yesterday, but it was quickly withdrawn. There is a certain support force on the disk, but the rebound height is limited. Difficult to break through. On the whole, the broader market is supported by the MA30 daily moving average and fluctuates within a narrow range in the range of 8600-8900 US dollars, waiting for the direction of the market maker.

ETH: Short-term shrinkage consolidation trend, reconfirmed the support in the range of 180-185 US dollars last night, and the pressure is in the range of 190-200 US dollars. The potential hotspot in the near future is the upcoming release of the ETH2.0 test network, which can be used to build a small amount of positions on bargain hunting.

LTC: Follow the trend of the market, $60 is the short-term support, you can build a small amount of positions near the support level, the stop loss point is $57, and wait for the performance of the market after it stops falling and stabilizes.

BCH: The hourly line level is shrinking, and 280 US dollars is the short-term support. In the near future, the disk needs to stand firm at 290 US dollars before it has a chance to go up.

EOS: The overall operation is in the range of 3.4-3.5 US dollars, the volume is weak and the trend is consolidating, and the daily line level is supported by the MA60 moving average.

XRP: Hourly line/daily line level, the overall trend is bearish, the rebound volume is weak, continue to wait and see, and the strong pressure range is 0.29-0.3 US dollars.

ETC: In the short term, it continues to shrink in the range of 4.8-4.95 US dollars. The daily line level is suppressed by the MA60 moving average, and it is mainly wait-and-see.

Platform currency: According to the fading phenomenon of the IEO concept mentioned above, the logic that supports investors to purchase platform currency lacks support. For the selling pressure on the market, wait and see.

With the recent expansion of the fiat currency channel, BNB has a certain support and rebound in the market, and can stand firm at 21 US dollars, and it is expected to enter the 21-27 US dollar shock range in the future; HT hourly level has rebounded slightly, and the recent pressure is around 4 US dollars; The range of 3-3.3 US dollars consolidates the trend, and the strong pressure is at 3.5 US dollars; the GT daily line level continues to run along the MA60 daily moving average, and the volume can continue to shrink.

Altcoins: domestic public chain currencies, under the leadership of NEO and ONT, show signs of rising again, and continue to hold coins. It is still not recommended to participate in other counterfeit currencies in the short to medium term. It is only recommended to pay attention to the recent strong currencies, such as Grin. Due to the influence of the anonymous donation news of the earliest believers in Bitcoin, the short-term trend is strong, and the volume can continue to increase , for this type of currency, you can open a small amount of positions when the currency price falls back to the 4-hour MA60 moving average, and use short-term operations with a stop loss.