The shrinking rebound, the bulls still did not hold on
1. Industry Interpretation
Recently, the hash value of the Bitcoin network has finally shown a downward trend, and the miners are going to strike. If you refer to the linkage trend of historical hash value and price, the price of Bitcoin will drop again.
Why did Bitcoin miners go on strike? In fact, the main reason is that the decline in the price of Bitcoin has led to the technical elimination of their mining machines.
Miners generally only hoard coins and do not speculate in coins, but once the above situation occurs, miners often choose to sell a large amount or even all of the bitcoins at one time to maintain and upgrade their own systems, resulting in a large increase in supply.
Looking back at history, when Bitcoin reached more than $6,000 at the end of last year, a similar situation occurred in the hash index, and then the price of Bitcoin fell directly to 3,000.
But having said that, the entire cryptocurrency market was in a bear market at the end of last year, and a similar situation occurred in the previous bull market in 2012. At that time, the price of Bitcoin only experienced a small correction. It will be a small pullback.
2. Today's market overview
The total market value of today's market is 218.7 billion US dollars, a decrease of 2.7% compared to yesterday. The transaction volume was US$64.9 billion, an 11% decrease from yesterday. The market was weak and volatile, and the trading volume continued to decline.
At the news level, Ethereum official: Istanbul will be upgraded as planned at block height 9069000 (expected on December 7th); multiple blockchain media WeChat public accounts were blocked at night; Singapore Monetary Authority allows Trading crypto-asset derivatives; the Federal Reserve is exploring CBDC and its implications for the monetary system.
In terms of market sentiment, according to Alternative.me statistics, the market sentiment today is panic, with a panic and greed index of 30.
Among the top 100 currencies by market capitalization today, the decline of most currencies has decreased, and there is a phenomenon of stabilization, but the market is still weak. The biggest drop today is KMD, which fell by about 10%. After pulling the plate a few days ago, I started cutting leeks. The biggest increase is EDC, with an increase of 30%, but all mainstream coins are falling.
4. Trading volume analysis
5. Stablecoin analysis
Note: The USDT on-market discount and premium index is converted based on BTC/USD, BTC/USDT, USDT/USD and other trading pairs in multiple exchanges. It is the percentage ratio between USDT and USD, reflecting the trader's preference for USDT degree. The USDT off-exchange premium index is calculated based on the off-exchange price of USDT and the offshore RMB exchange rate. It is the percentage ratio between USDT and USD, reflecting the degree of crowding of funds entering and exiting the token market. When the index is 100, it means USDT parity, when the index is greater than 100, it means USDT premium, and if it is less than 100, it means USDT discount.
Note: The USDT on-market discount and premium index is converted based on BTC/USD, BTC/USDT, USDT/USD and other trading pairs in multiple exchanges. It is the percentage ratio between USDT and USD, reflecting the trader's preference for USDT degree. The USDT off-exchange premium index is calculated based on the off-exchange price of USDT and the offshore RMB exchange rate. It is the percentage ratio between USDT and USD, reflecting the degree of crowding of funds entering and exiting the token market. When the index is 100, it means USDT parity, when the index is greater than 100, it means USDT premium, and if it is less than 100, it means USDT discount.
6. Technical Analysis
30 minutes
5 minutes
[BTC] BTC rose slightly last night on the back of the news, and there is a (false) appearance of bottoming out and stabilizing under a strong support level. Without the support of trading volume, it still cannot reverse the general trend and falls sharply. In 30 minutes, BTC has just broken its position, and it is difficult to climb again in the short term. In 5 minutes, BTC will continue to weaken after the callback.
To sum up, BTC can be shorted if it does not break through 8000. The operation recommends shorting around 7975, stop loss at 8035
ETH: The large structure of ETH is relatively strong, and the rebound should be stronger. The operation suggests shorting around 173.3, with a stop loss at 174.4.
EOS: The trend of EOS within the day is relatively demonic, but you can still refer to the strategy of the big pie. The operation suggests shorting around 3.025, with a stop loss price of 3.07.
LTC: The large structure of LTC has not been damaged, and if there is a rebound, it will still be very strong. The operation suggests shorting around 53.2, with a stop loss price of 54.3.
BCH: The benefits of BCH have been cashed out, and now is the time to rest assured. The operation suggests shorting around 241.3, with a stop loss price of 243.
