Where will Bitcoin, which cannot escape the financial bubble, go after several crashes?
After a sharp drop in the early hours of the white market, the market started to fluctuate and rebound. The white market strategy is also very clear. Although the market is rebounding, it has not returned to the upward trend channel since this year, so remember not to place long orders. In a hurry to enter the market, it is also recommended to place an empty order at the first line of 53800-54200 in terms of operation, but it is obvious that the rebound of the market is too weak and the goal of entering the market has not been reached.
Interpretation of Bitcoin's short-term trend:
Since the current price of Bitcoin is still below the upward trend channel since the beginning of this year, we can temporarily abandon the long-term thinking and focus on high-altitude operations. After all, it is very clear that the market in the upward channel is dominated by long orders , the bottom of the ascending channel is dominated by empty orders, and as far as the chart is concerned, there is no other idea. It is enough to enter the empty order at the position of 0.5 Fibonacci retracement at 53800. Of course, risk control still needs to be done well, and the limit is suppressed. The position of 0.618 is enough, and it is enough to make a strong backhand to catch up and see the Vegas tunnel bonding point 55500 first-line level.
Interpretation of the short-term trend of Ethereum:
Is Bitcoin out of gravity?
In the sleep of Asian investors yesterday, the Bitcoin Air Force completed a beheading of many armies.
What about the agency cow? What about the promised 1.9 trillion large release of water? Who is playing tricks?
The global capital market is in autumn, Bitcoin follows "US stocks"
Perhaps the most obvious reason for Bitcoin's decline can be attributed to U.S. stocks.
Last night, the Nasdaq, S&P 500, and Dow all fell, with the Nasdaq falling 2%. In terms of individual stocks, FAANMG technology stocks fell across the board, Chinese concept stocks plummeted, Tencent Music, iQiyi, and Vipshop plummeted.
In fact, if you just look at the Nasdaq, the data shows that it has almost fallen for 6 consecutive weeks. Of course, if you compare the Nasdaq, the S&P 500, and the Dow, the declines are quite different, with the Nasdaq leading the decline and the Dow resisting. Some analysts say that capital has raised inflation expectations, and is worried that the cycle of raising interest rates or shrinking the balance sheet will be advanced, so funds have been transferred from high-growth stocks to sectors with stronger cycles and more stable cash flows.
Back in Asia, judging by the Hang Seng Index, it also fell for 6 consecutive weeks. What about the A-share Shanghai Composite Index? The same is true. In other words, the global financial market has actually entered autumn, and the callback is an obvious trend.
However, the cryptocurrency market led by Bitcoin actually continued to rise in the context of the global stock market correction. On March 14, it hit a record high of 61,800 dollars. After that, it gradually started a two-week decline.
Recently, sensitive investors have discovered that Bitcoin follows the trend of U.S. stocks very clearly. When U.S. stocks fall, it is difficult for Bitcoin to resist the fall. This made some people complain that they wanted to simply speculate in a currency, but they didn't expect to care about the global macro economy now. This may reflect that with the entry of US institutions into cryptocurrencies, the correlation between the Bitcoin market and the entire financial market is increasing. “BeatleNews”, a knowledgeable account on Weibo, concluded that: At least at this stage, digital currency is more closely linked with the technology sector.
The global financial market has pulled back, do you really think that Bitcoin can be illogical and out of the gravity of the global economy?
What can be seen on the data surface:
Huobi’s K-line data shows that since Bitcoin hit its historical high, the daily trading volume has been shrinking, and the weekly trading volume has even dropped from 457K at the beginning of the year to 182K (last week). If Bitcoin is a thermometer for the cryptocurrency market, This data is enough to clearly show that the transaction heat is decreasing.
In addition, if you look at the daily K-line chart of Bitcoin, you will find that the 5-day moving average has effectively broken through the 20-day moving average.
The K-line has actually been shaky all the time. After Musk tweeted the order, Bitcoin took advantage of the trend to break through multiple K-line resistance levels, which gave many people confidence. But today, it is obvious that two fists are hard to beat four hands, and V with large traffic is also difficult to resist the downward trend of the entire market.
It is very interesting that Musk has called for a single bitcoin three times, one time stronger than the other, but judging from the final feedback from the market, the effect is worse each time.
