In the short term, the price may need to be corrected. Analysis of the cryptocurrency market on January 29│Roast Star Selection

LoveCity

特邀专栏作者

2021-01-29 14:32

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In the short term, prices may need to be corrected, but the general trend is still bullish.

Today, Elon Musk, co-founder of SpaceX, Tesla Motors, and PayPal, changed the profile section of his Twitter homepage to Bitcoin. Previously, Musk’s personal Twitter profile was “Former CEO of Dogecoin”. In April 2020, Musk said on Twitter that "Dogecoin (Dogecoin) may be my favorite cryptocurrency, it is very cool." In July, he posted a picture on Twitter showing "Dogecoin Sandstorm" Sweeping through an area labeled the "global financial system". After the change, Bitcoin jumped 7% in the past 20 minutes, reaching a peak of 34,600 USDT at one point, a new high in the past three trading days.

The rise of Bitcoin is of course related to the news about Musk, but on a more level, it is the need for a rebound in technical indicators in yesterday's market analysis, so don't put the cart before the horse!

Alistair Milne, a well-known Bitcoin investor and chief information officer of the Atlanta Digital Currency Fund, tweeted that hedge funds hold a $1 billion short position in BTC at CME. In this regard, the encryption community called on Twitter that at 12:00 pm UTC on January 29 (8:00 on January 30, Beijing time), investors will act collectively to crush short positions.

Market Index Analysis Today

Mainstream currency market

BTC

Risk Factor: Moderate

After the market opened today, the market was the same as yesterday’s analysis. The price of Bitcoin continued to rise, mainly rising from $31,900 to $34,200. After a round of correction at $34,200, the price of Bitcoin once fell to $32,000. At 1H MA30 The moving average has been strongly supported, and the market has rebounded, and the current price is at $36,400.

In terms of operational suggestions, both the 1-hour level and the 4-hour level, Bitcoin needs to be pulled back in the short term, but the general trend is still rising, so there is no need to worry too much about the mid-to-long term trend. After two successful bottoms at $29,000, Bitcoin resumed The upward channel has been opened. On the daily level, this round of rise, Bitcoin has successfully stood on the upper channel of the Bollinger Bands, and in the next trend, we need to pay close attention to whether the price can stand firmly in the upper channel of the Bollinger Bands after this round of short-term correction.

Upper pressure level: $38,000

First stop loss: $34,800 Second stop loss: $335,000

ETH

Risk Factor: Moderate

In today's market recovery, ETH had a good follow-up rise, but in the subsequent callback, ETH once fell below the 1H MA30 moving average, and after the rebound, ETH's performance was not so impressive. It seems that ETH will be short-term It is difficult to get out of the independent market, but in the case of a general rise in the market, ETH may be able to follow up and create some opportunities.

Upper pressure level: $1400

Layer2 track

LRC

Current Price: $0.4456 Risk Factor: Moderate

In the short-term trend, LRC may usher in a small correction. In this round of correction, the range between $0.41 and $0.42 may be a good opportunity to enter the market. If the price drops to $0.39, you can enter boldly.

Upper pressure level: $0.456 First stop loss level: $0.415

OMG

Current Price: $3.52 Risk Factor: Medium

OMG has successfully stood at $3.3 again. It seems that the main force of OMG does not want to give up this round of market under the general market rise. The next step is to see whether OMG can successfully stand at $3.3 within a short-term correction.

Polkadot series