How far a person can go depends on who he walks with; how good a person is depends on what kind of friends he has around him; how much a person can achieve depends on who guides him. There is never a shortage of opportunities in this society, but there are very few people who can grasp him. Investment has the same purpose for everyone, but how far a person can go depends on who he chooses to work with. Choice is greater than hard work, and it is also your first step towards success——Talk about Yu Kai
Recently, according to data from the official website of Grayscale, an American encrypted asset (virtual currency) investment company, the difference between its Bitcoin Investment Trust Fund (GBTC) and the spot price (GBTC premium) reached -11.92%, a new record low. In fact, as a representative of Grayscale Trust Fund, GBTC shares have been trading at a premium. In March 2017, the GBTC premium was as high as 132.6%. Therefore, many investors have been subscribing for more through BTC borrowing for a long time. GBTC realizes transaction arbitrage under the condition that the premium space is greater than the borrowing cost. However, the premium of GBTC has repeatedly hit new lows in recent days, and it has been lower than -10% so far. Currency circle analyst Yu Kai believes that the negative premium of GBTC will have a positive impact on the market.
The GBTC premium is as low as -11.92%. The effect of the United States' aggressive quantitative easing is less than expected or a major incentive. At present, the cryptocurrency market is affected by U.S. debt, and it has fallen together with U.S. stocks and commodities. The effect of quantitative easing in the United States is not as good as expected, which may cause the United States to fall into a liquidity trap, while Federal Reserve Chairman Powell said that the Fed will not let the economy enter high inflation. This statement has lowered market expectations for its continued quantitative easing actions. As a result, U.S. debt continued to rise, U.S. stocks, non-ferrous metals such as copper, nickel, and zinc fell together with Bitcoin, which in turn caused the overall pressure on the digital asset market, and the market’s bullish sentiment on Bitcoin also began to change, which eventually reduced the willingness of traditional institutions to enter the market, resulting in GBTC The premium reached -11.92%.
Bitcoin (BTC): Looking at the daily line, the price of the currency this week has a yin and yang cycle, with repeated long and short positions, and finally the critical point of breaking down at the $50,000 mark. BOLL is in a flat state, and the currency price is trading around the two major moving averages. In the short term, focus on the suppression of BOLL's middle rail at the $50,000 mark, while below it is necessary to pay attention to the support of the next day's low at $46,300. The short-term KDJ technical indicators are easing, and the downward momentum of MACD in the attached picture is shrinking. It is expected that Bitcoin will continue to maintain a weak order.
In the four hours, since Bitcoin fell below the BOLL middle track, the price of the currency has been falling all the way. It tested the $46,300 mark for three times and all the support was valid. Then it rebounded based on this position. The continuous positive results made it break through the $49,000 mark strongly. At present, it has dropped slightly to adjust in the middle track of BOLL. At the top, we will continue to pay attention to the resistance around the $50,000 mark, and at the bottom, the MA5 moving average will turn around to provide support at the $48,200 mark at the MA10 cross. The short-cycle KDJ technical indicators are moderately upward, and the downward momentum of MACD in the attached figure is shrinking. It is expected that Bitcoin will continue to maintain adjustments.
To sum up: Judging from this week's market, the overall trend is in a trend of recovery and pressure, and this week, Teacher Tan has always emphasized the importance of the $50,000 mark, the short-term long-short dividing point. Although the long and short are tossing and turning, it has not broken the low in February. Even if you look short, don't blindly execute it. At the same time, the support below the $48,000 mark is also a good new number. Today is the weekend and it is expected that adjustments will still be the main focus, focusing on the range of 46,900-50,000 US dollars. In terms of operation, keep selling high and selling low, and break the position to follow the trend. If you are uncertain about the interpretation of technical market and news, or you have a set list, you can discuss it with Mr. Tan. Subscribe to the official account; Currency Circle Retail Alliance.
Short-term upper resistance level: 49000/50000 Short-term lower support level: 47000/46300
Ethereum (ETH): The short-term ups and downs went back and forth. After testing the $1,440 mark three times the next day, it rebounded and broke through the $1,500 mark. Especially in the early morning stage, it is always habitual to withdraw. The current Asian market continues to rise. , but the overall situation is still under pressure. Looking at the daily line, Ethereum still maintains a bearish trend under pressure. On the four-hour basis, Ethereum has stopped falling and maintained a shocking upward adjustment momentum. The upper part focuses on the resistance around $1580, and the lower part needs to pay attention to the support around $1490. The contract Trading can still maintain a high-altitude low-many thinking.
(Text/Talk about Yu Kai)
This article comes from the author Tan Yu Kai, please indicate the source when reprinting, please respect personal opinions, and do not plagiarize. The intraday market is changeable, and the article is time-sensitive and lagging. No express or implied guarantee is provided for the accuracy, reliability or completeness of the contained content.
(Text/Talk about Yu Kai)
