A further decline may trigger panic in the market

标准共识

特邀专栏作者

2020-02-28 19:57 (UTC+8)

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Review of last issue

BTC: The medium-term upward trend has not changed, and there will be a certain pullback pressure in the short term. It is expected to test the support of $10,000. After testing $10,000 several times, BTC dropped rapidly, with a minimum drop of about 15% to $8,500.

TRX: The pullback pressure of TRX is increasing. If the trading volume cannot increase effectively again, it may test around $0.23. $0.23 failed to form an effective support, and then TRX continued to decline.

Highlights of this issue

Summary: According to the standard consensus sentiment index, the current market sentiment is stable. The latest index is 0.53. The market has entered a large-scale correction phase. The current trading volume is gradually shifting from shrinking to increasing. If the market falls further, it may trigger a certain degree of panic.

BTC: The rapid decline has made investors panic. The price resistance is at $9,000. If BTC can break through $9,000, it will open up room for rebound.

BCH: The support range of BCH is located at the $300 line, if it falls below it in a large amount, it will trigger a sharp sell-off in panic.

current report

As of the release of the report (February 14, 2020), the total market value of global digital currency assets this Friday was US$253.579 billion, a year-on-year decrease of US$27.642 billion, or 9.83%. The 24-hour market turnover was US$158.954 billion, a year-on-year decrease of US$5.879 billion or 3.57%. The market has entered a large-scale correction phase, and the trading volume has shrunk significantly during the correction phase, indicating that the market's prediction of the future has not changed significantly. After the short-term correction is over, it still has an upward momentum.

Data source: standard consensus, CoinMarketCap

According to the standard consensus sentiment index, the current market sentiment is stable. The latest index is 0.53. The market has entered a large-scale correction phase. The current trading volume is gradually changing from shrinking to increasing. If the market falls further, it may trigger a certain degree of panic. At the same time, according to the ratio of Bitcoin to the total market value, the market value of Bitcoin has risen, up 1.06% year-on-year, and the market value of Bitcoin has fallen below 65%. The market value of other currencies has not changed significantly, down 0.3% year-on-year. BTC is still in a dominant position in the market, and other digital currencies in the market have fallen more than BTC.

Data source: standard consensus, CoinMarketCap

According to the standard consensus halving countdown index, the current block height of BTC is 619,307, and there are only 73 days left before the next halving. It will take some time for BTC to realize the positive expectation of halving, but investors need to pay attention to the time of BTC halving. The next halving is approaching, and the price of BTC has entered a correction stage, and the benefits of halving have not yet been fully realized.

Trend review and analysis of BTC, ETH, BCH

According to CoinMarketCap data, the average daily turnover rate of BTC in the past 7 days is 25.22%, which is 6.84% higher than the average daily turnover rate in the past three months, and 0.17% higher than the average daily turnover rate last week. This week, the price of BTC has shown a rapid downward trend, and the trading volume is also gradually increasing, and the market's expectations for further declines are gradually increasing. But in the case of rapid decline, the price will have a certain rebound demand. The rapid decline made investors panic. The price resistance is at $9,000. If BTC can break through $9,000, it will open up room for rebound.

According to CoinMarketCap data, the average daily turnover rate of ETH in the past 7 days was 80.20%, an increase of 18.08% from the average daily turnover rate in the past three months, and a decrease of 2.88% from the average daily turnover rate of last week. ETH has formed an obvious head pattern, and the trading volume is also gradually increasing during the decline. The resistance level of ETH price is at the $250 line. If it cannot be effectively broken through in the short term, it will cause panic of further decline.