Bitcoin continues to trade sideways, and the trading volume drops sharply. Is it time to change the market again?
After Bitcoin bottomed out at $9,250 yesterday, it pulled back above $9,400, and the long and short sides are constantly playing games. However, long-term high volatility means that market risks are constantly accumulating.
From a graphical point of view, Bitcoin has been running below the rising trend line, and the moving average is also relatively close. It has been oscillating sideways for 7 days, and the node of the change is basically approaching. The MACD indicator is also in a dead cross state, close to the 0 axis, and the market trend is weak.
The current volume and energy have basically reached the land volume, and it is estimated that the market will change in the past two days. My personal opinion is bearish, but generally before the fall, the market maker often makes a false breakthrough, and can look for similar "heaven and earth needles" to operate. The lower support position is basically around $8,600, while the upper pressure level is around $9,600-9,800.
ETH is also basically located below the rising trend line, and the moving average distance is relatively close. It has been fluctuating for about 3 weeks. Combined with the recent trend, it is still in a bearish state. The important support below is at $215, while the pressure above is at $240 and $250. From the point of view of the indicators, the MACD indicator is also in a dead fork state, running near the 0 axis, and is in the stage of changing the market.
From the perspective of the hour line, it basically hovers around 225 and 235, forming a triangle, and basically runs to the end. Recently, due to the hype of 2.0, ETH has stepped out of the independent market, but it has not been able to break through the high point, indicating that there are many difficulties in the temporary shock.
Although the market value of DIFI continues to rise, the potential value of ETH continues to increase, but for ordinary investors, decentralized finance is far away, and it is in the initial stage of development, so it cannot be deeply perceived.
Compared with the market at the beginning of the year, this wave of the market is far from the market. The heat of the market is obviously insufficient, and the sentiment of retail investors is generally not high. This left a hidden danger for the rise in the market outlook.
Therefore, if new hotspots cannot emerge in the market, sentiment will further slack. Coupled with the fact that the contract market occupies most of the funds, the trading downturn in the spot market has never shown signs of recovery.
From a technical point of view, the shape of the "head" is basically formed. If it cannot break through this shock range quickly, the longer it is delayed, the greater the possibility of a market correction. It is believed that it will not be too long before the market changes, and risk response should be done in advance.
