BTC fluctuates at a low level to be broken, ETH first rises and then falls
With the continuous release of negative news, the currency circle has been bloodbathed again, and spot assets have basically shrunk sharply. Under this situation, there are also reverse actions. As prices continue to fall, either continue to go short at high positions, or start to buy bottom at low positions. There is no right or wrong. There are too many unstable factors in the market at present, and no one can say what the next outcome will be. The panic in the currency circle is not once or twice. I still say that existence is reasonable, and there are many There is no need to entangle with things, invest rationally according to your own situation, and return to the market, Bitcoin has been falling all the way, and now it has started to consolidate at a low level. It is still in a weak position in the general direction, and the direction is difficult to determine. However, Ethereum is also relatively weak, hitting a new low at one point. Although it rebounded in the morning, it still has not changed the general direction of the short trend, not to mention other currencies, which are basically in decline.
On the news, institutional buying of cryptocurrencies has faltered in recent weeks as portfolio managers continue to track sharp falls in asset values. Bitcoin is currently hovering below $33,000, down 50% from its peak in May. The combined market capitalization of all cryptocurrencies fell below $1.4 trillion on Monday, nearly halving from last month's highs. While on-chain indicators appear to be showing favorable signs of a bottom that Bitcoin is being bought by long-term holders from novice wallets, sentiment remains very bearish due to negative headlines. China’s Bitcoin mining ban, Bitcoin’s ominous “death cross,” and Grayscale’s huge BTC unlock in July are just some of the headlines weighing on investor sentiment.
On June 21, Nayib Bukele, President of El Salvador, reposted a video of the country’s residents shopping with Bitcoin on social media. The entire offline transaction process took only 5 seconds. Bitcoin is already the legal currency of the country, and it is only a matter of time to pay with it. At the beginning, the country intends to start from the "money printing" of Bitcoin, and the rich geothermal resources are officially regarded as clean energy that can be used for mining. El Salvador's experiment of using Bitcoin as a legal currency has been carried out in a mighty way, but the skinny reality is also coming. In the five days from June 16th to 21st, Bitcoin fell from $41,300 to $32,300, and the price shrank by 21.79%. The slump could drain the country's U.S. dollar, it said.
The challenge posed by this experiment goes beyond dealing with bitcoin's high volatility. Last Wednesday, El Salvador's finance minister, Zelaya, said it had sought technical assistance from the World Bank to help it implement bitcoin as an official currency. However, Reuters reported that the World Bank refused to say that it could not help El Salvador implement the Bitcoin-related bill due to environmental and transparency shortcomings. No matter how you look at it, the short-selling sentiment in the market is still relatively serious.
From a technical point of view, Bitcoin has started to fall since the beginning of the month. Although there was a rebound in the middle, it did not change the weak situation. This is a reshuffle of assets. Due to the impact of policies, the market is filled with panic, and institutions have sold off , causing Bitcoin to decline all the way. Of course, when a certain psychological expectation is reached, there are also funds entering the market continuously. Overall, it is more affected by the policy. After the current market has experienced a decline all the way, it has been holding the 30,000 mark. It broke down, but the market also rebounded, and finally remained around 30,000. From the daily line, Bitcoin is still in a downward channel, but the defensive force below is relatively strong, which eventually caused the market to maintain fluctuations in the range of 30,000-40,000 , the 4-hour online currency price has successfully stabilized on the first line of the Brin middle rail, and the market will continue to rebound. Stabilize this position, the 5-day moving average effectively crosses the 120-day moving average, and the bulls have yet to exert their strength. On the whole, after a continuous dip, the market has successfully returned to above 30,000 again. In the short term, the bulls need to continue to exert their strength. The key points above Pay attention to the resistance at the 34,500-line position. After a firm stand, the currency price is expected to hit the 36,000 position. If the market rebounds, rely on the 33,500 line to place multiple orders. The top is still looking at the 34,500 position. Due to the delay in the update of the article, the strategy is time-sensitive. You can follow Tang Sizhe for more analysis. Although the recent trend of Bitcoin has declined, it still shows its value. The price still sticks to the 30,000 mark. It is expected to continue to rise as the policy moves towards preference in the later period. Stay tuned
The trend of Ethereum is relatively strong, with a large downward trend. Since the beginning of conga, the market has fallen by more than 2000 points, and assets have been halved. Due to the continuous suppression of policies, the market has continued to decline. It once fell to around 1700 yesterday, and then began to It rebounded and returned to above 2000, but it is still in a weak stage. Looking at the daily line, Ethereum is obviously in a downward channel. It is a high probability event to fall after a rebound. 4-hour online analysis shows that the current price is in the Bollinger Bands The first-line position of the track fluctuates. If it can successfully stand firm in the first-line position in 2020, the market needs to continue to rise. The hourly line also shows a bullish trend. On the whole, everyone is currently focusing on the 2020-2030 range. As long as they can successfully stand firm, short-term bullish It will start, and the top will hit 2100.
