BTC is absolutely high and sideways, is a new market brewing?
According to the latest quotations of the Bitcoinwin digital currency trading platform, BTC continues to fluctuate and adjust within 24H. After the sideways trading last night, the short side tried to test down, the lowest was 57430. However, the market decline has not stopped, and the currency price continues to drop today. As of press time, BTC was temporarily at 58,300, up 0.82% within the day and down 0.97% within 24 hours.
This Tuesday, Bitcoin price fluctuations did not change much, and continued to hover at $58,000. This tormenting market is the most likely to make impatient investors choose to get out of the car. On the one hand, they are worried that the price will not rise in the short term, and they are afraid of falling! On the other hand, choose to exchange currency, to exchange for the currency that has risen well recently.
In fact, in the past two weeks, due to the absolute high level of BTC, a large number of short-term BTC speculators have fled. These active funds will turn to mainstream currencies with good activity and good growth, such as ETH, EOS, XRP, TRX, etc. It has also caused many mainstream stocks to rise to quite high positions in the near future.
In the figure below, we can see the rise and fall statistics (in the red box) of the top currencies in the market value ranking (excluding BTC, ETH) in the past week.
The sideways volatility of Bitcoin will naturally wash away many speculators, which will play a positive role in the subsequent market rise. When the main force of BTC confirms to launch a charge, the horn blows, and the market rhythm will also switch. At that time, active funds will flow back to Bitcoin, which will make this group of speculators perfectly empty.
From a technical point of view, at the four-hour level, the opening of the Bollinger Bands shrinks downward, and the currency price is running below the middle rail of the Bollinger Bands. Bitcoin has stretched to around 58,300 after falling to around 57,400 last night. KDJ is currently above the zero axis. Forming a dead fork turning downwards, MACD running below the zero axis shows signs of turning downwards, each moving average shows a downward trend in a short period, and the intersection of MA10 and the 30-day moving average at 58500 forms a short-term suppression at the top.
Then on the daily line, the 5-day and 10-day moving averages form a dead cross operation, and the short-term upward trend is limited, but the 30-day and 60-day moving averages maintain a strong upward trend. It still belongs to the sideways stage at an absolute high level.
From a comprehensive analysis, after the sideways fluctuations in recent days, the market is about to enter the end of the convergent triangle range, and a new market seems to be brewing. In addition, the trading volume presented by major spot exchanges is constantly decaying and shrinking. In the short term in the future, BTC will face a choice of wind direction. According to various data, the upward probability is very high. Before the market changes, the next market is likely to be dominated by shocks. The upper part looks at the pressure of the 4h-level MA30 moving average, which is 58400, and the lower part looks at the support of the daily-level MA30 moving average, which is 57200.
At present, the long-short competition is fierce around the $60,000 mark. So far, there is no winner or loser, especially the recent lack of aggressiveness of the bulls. They "neglect" the $60,000 mark, giving the shorts a chance to counterattack, but at present The overall situation is still in the shock stage, and there is no obvious risk, which is within the controllable range. For long-term currency holders, you can continue to wait and see patiently. For short-term speculation users, it is recommended to take short positions or light positions, wait for the market to come out with a clear direction, and then make a sure decision.
