The market last week can be said to have gone through a "V"-shaped reversal, and finally it was a sideways adjustment trend. After hitting the $60,000 mark several times, Bitcoin showed a sharp correction, and even the bulls showed a weak momentum. The reasons for the stagflation several times were: the rise in US Treasury yields, the bearish trend of Bitfinex, and the struggle of the risk appetite market. And these three factors have continued until the middle of this week, and how the market will go next has become a hot spot of market public opinion.
Bitcoin (BTC): On the daily line, Bitcoin received three cross stars in a row, and today it continues to maintain an adjustment trend in the form of cross stars. BOLL is in a flat state. The currency price fell below the two major moving averages and moved below, but the overall trend is still running in the upward channel. In the short term, focus on the resistance around $58,000, and focus on the support around $56,000 below. The short-cycle KDJ technical indicators are running moderately, and the downward momentum of MACD in the attached figure is increasing. It is expected that Bitcoin will maintain an adjustment trend.
In the past four hours, Bitcoin has repeatedly stopped falling and rebounded, and it has risen and fallen between the upper and lower rails of the entire BOLL. Today, it has fallen sharply, stopped falling and rebounded, but is still under pressure in the BOLL middle rail. In the short term, continue to pay attention to the BOLL middle rail There is resistance in the area of 58,000 US dollars, and below is the support of the lower track of BOLL in the area of 56,400 US dollars. The short-cycle KDJ technical indicators are running moderately, and the downward momentum of MACD in the attached picture is heavy. It is expected that Bitcoin will maintain a downward trend of shocks.
To sum up: On the surface, Bitcoin is deeply affected by the three negative factors of rising U.S. Treasury bond yields, the bearish trend of Bitfinex, and the struggle of the risk appetite market. Habitual selling is still suppressing its upward movement, so this week we should also focus on the unexpected impact of the news. From a technical point of view, Mr. Tan has always emphasized the long-short boundary point of 57,500 US dollars. At this point, both long and short positions can be profitable, and this boundary point is still a key point that cannot be ignored today. At the same time, the daily technical form shows a "divergence" , Beware of the market breaking out. If it falls below the $55,000 mark again this time, then we can change our minds in the later stage. Relatively speaking, the overall market is still in the bull market. The short-term is still undergoing high-level adjustments. The best way is to wait and see what happens and see which way the market is going. Then we can take advantage of the trend.
Short-term upper resistance level: 58000/59000 Short-term lower support level: 56500/56000
At present, the mainstream coins and altcoins that the market teacher is concerned about are all under pressure and falling. The entire market is collectively floating green. It feels that the momentum is not right, and the market breaks out at any time. During the weekend, many spot friends approached Teacher Tan and asked how to operate the market next week. Teacher Tan simply replied: The recent market trend is not very obvious. If you trade spot goods, you just need to wait for a good opportunity. A big breakthrough, followed by the price is too high, there is no suitable entry point.
Ethereum (ETH): The bullish trend of Ethereum is getting weaker and weaker. Although it is strong in the short term, it is affected by Bitcoin. Looking at the daily line, Ethereum is basically in a sideways market, and the flat trend has caused BOLL to appear in a tight state. The longer the sideways market, the greater the outbreak of the market. In the short-term, today’s Ethereum has a wave of dips and rebounds, but the overall pressure is still at the 1,800-dollar mark, and the focus below is on the 1,750-dollar support. The short-term support resistance will also determine the short-term long-short trend pattern. In terms of short-term operations, I will talk about the teacher’s advice It is to keep selling high and selling low, and follow Bitcoin in the general trend.
Short-term upper resistance level: 1800/1820 Short-term lower support level: 1750/1730
