【Today's Information】:
Longhash released a report stating that the Bitcoin options market has experienced explosive growth this year. Until early 2019, the Bitcoin market was dominated by spot and futures exchanges. This year, the trading volume and open interest of investment institutions such as Grayscale Bitcoin Trust and options exchanges such as Deribit have seen rapid growth. Various data from both options and institutional markets, as well as views from major financial institutions such as Goldman Sachs, point to increased trading activity by professional traders and institutional investors. This shift in trend may also have an impact on Bitcoin market volatility in the long-term.
【Market Review】:
The broader market went down for a short time last night. It once fell below $9,300 and then quickly rebounded. It is currently maintaining the trend within a narrow range of $9,300-9,500. Since BTC began to decline from 10,000 US dollars on June 11, it is currently in the position of a rebound relay. The trend is suppressed by the downward trend line. The rebound is not as expected, and the volume can also shrink simultaneously. The hourly level and the 4-hour level MA The moving averages stick together again and diverge downwards, and the overall trend is bearish. Pay attention to the support of 9,300 US dollars in the day, and if it falls below again, it may lead to the risk of a second dip.
[Technical analysis]: On the daily line chart, yesterday's K line ended with a negative cross star, and the price upward trend gradually weakened, while the upper resistance showed signs of moving down. At present, after the price rebounded at 9280, it is trying to stand firm at 9400, but there are many resistances above, so currency holders are advised not to chase the rise, and be prepared to be hindered and fall again. The upper resistance focuses on the position of the middle rail 9530. If it can break through and stand firm, the market's decline will dissipate, the bulls will suppress the shorts, and the price will rise further.
Looking at the four-hour chart of the short-term cycle, the Bollinger Bands maintain a closed posture, and the moving averages above form a resistance network near the 9400 position, so it is difficult for the price to stand firm at 9400. At present, we are concerned about the gains and losses of the 9400 position. If it cannot be stabilized at the 9400 position, then the price will fall again, and further downwards will go to the vicinity of the 9050 position. If we can regain a firm foothold at 9400, then the top will focus on the 9500-9600 suppression position. [To sum up], the overall trend is still a range shock, but the range has moved down a bit, so the operation suggestion is still high and low. Pay attention to resistance at 9600 at the top and 9250 at the bottom for support.
[Btc operation strategy]: Enter more orders near the 9350 position, stop loss at 9260, and take profit at 9500. When the price hits around 9500, enter the market with an empty order, stop loss at 9560, and take profit at 9350-9300. If it falls below the 9250 position in a further decline, continue to follow up the empty order, and see the 9100 position for profit.
