Senior gold coin: 3.16 Bitcoin tries to stabilize and counterattack 57400, Ethereum stands firm at 1817 and opens long
Affected by the news that India will enact relevant laws prohibiting nationals from holding cryptocurrencies, Bitcoin failed to hit a new high of $62,000, and then some bulls panicked and withdrew. $55,000 will become a key support level this week. If Bitcoin If the currency price stabilizes to around US$55,000, it may continue to hit the height of US$62,000 next week. On the contrary, it is possible to continue to pull back to around $50,000 in the next week.
With the continuous expansion of BTC's decline, the price has fallen by 13.8% in the adjustment of 3 consecutive trading days. In the short term, the price of BTC is slightly lower than the 10-day moving average of $56,018. After the selling order falls back slightly, investors can pay attention to the possibility of BTC stabilizing.
The selling orders from the Coinbase exchange within the 10% price range have withdrawn sharply, and the BTC selling orders are significantly lower than the buying orders, which means that the market may show signs of stabilization in a short period of time. At the same time, attention has been paid to the short-term rebound in the number of unconfirmed transactions of BTC, and more investors have signs of short-term bottom hunting.
The price drop of BTC this time was driven by the increase in selling pressure at the round number point of 60,000 US dollars, as well as the financing costs of investors. After the technical retracement, the short-term 10-minute K-line chart shows that BTC has experienced two consecutive pulses of heavy volume, and the selling pressure was released at this time. In terms of long-term investors who have held the currency for more than 200 trading days, the number of BTC burned per day rebounded to 34 million US dollars. This shows that long-term currency investors have signs of lightening their positions.
In terms of the market, the mainstream currencies have retreated in the short term but none of them have shown a significant breakout. If a signal of stabilization can be issued, first pay attention to the bottoming pattern of BTC. Secondly, reduce the number of transactions of NFT, DeFi and other currencies with excessive growth, and pay attention to the market performance of top-ranked stagflation currencies, such as LTC, BSV, BCH, EOS, etc.
The big pie broke through the previous downward trend line in our analysis yesterday. Up to now, the market has touched the lower 4 hours and the 1 hour Bollinger Band kneeling support position and gradually rebounded. This wave of rebound momentum is extremely violent. A big positive line directly penetrates the MA5 and 10 moving averages It has rebounded to the BOLL mid-rail mark. The current market is running between the MA25-10 moving average, and hovering above the 4-hour MA60. This is a bit embarrassing. The current rebound from the morning downward trend is an overall decline in the Asian market The rebound in the European market, the key at present is whether the European market will hold or continue to rebound and break through to determine whether tonight’s shock or continue to fall. At least the current rebound is still not over. The current pressure is all concentrated on the BOLL middle track and the 4-hour MA5 moving average 55600 Nearby, this position will be a key position to determine the strength, so if this is the case, stand above 55600 before 6:00 p.m.
Ethereum is currently running around 1810, and the market is trying to break through the upper pressure position of BOLL. The pressure above Ethereum is at 1816. The current rebound trend has stretched the position of a big negative line in the early stage of breaking the position, and the big pie is currently also rebounding to break the middle track of BOLL The pressure position, so the market will continue to accelerate when the market rebounds and breaks through this pressure position, so for now, just wait patiently for the position of 1817 to break through, and just go long. You can see 1834-35 above, and if you break through 1840, you can continue to increase your position!
