The unilateral market that was agreed at the beginning of the week is relatively large, and the factual results have once again proved Mr. Tan’s judgment, but this time it is a downward breakthrough, which is actually expected. After all, Bitcoin hit the $60,000 mark several times Under pressure, in the next day's article, it is also mentioned that it is in the form of "deviation". Such a trend can't help but remind Mr. Tan of the callback after breaking through the $40,000 mark in January, as the trend at this stage is basically like a withdrawal. A wave of unexpected breakouts shattered the dream of bulls, and even caused countless market explosions. This week is destined to be another restless week.
Fed Chairman Jerome Powell said in speeches prepared for a U.S. House of Representatives hearing that the recovery was faster than expected and looked set to gain momentum. Indicators of activity and employment turned to the upside. Things have improved a lot, but the recovery is far from complete and the Fed's support will continue. Labor market conditions have improved recently. Millions of Americans are still suffering. The unemployment rate of 6.2% underestimates the shortages in the labor market, especially as the participation rate remains well below pre-pandemic levels. The Fed is committed to using all tools to support the economy. The path of economic development will still depend on the epidemic. The Fed's actions have helped unleash more than $2 trillion in funds to small businesses, cities and states.
Bitcoin (BTC): On the daily line, a large negative line directly fell below the middle track of BOLL, the trend turned from long to short, BOLL was flat, and the upper average MA5/MA10 bonded to the pre-crossed dead cross at $57,500 To form a suppression, Mr. Tan has always emphasized the importance of this position before, the long-short dividing point, this position can still be used as a short-term long-short dividing point, and the focus below is on last week's low of 53,000 US dollars around the support situation. The short-term KDJ technical indicators are moderately downward, and the downward momentum of MACD in the attached figure is increasing. It is expected that Bitcoin will maintain a volatile downward trend.
After four hours, it was seen that Bitcoin was under pressure on the middle rail position of BOLL and then fluctuated downward, especially after falling below the $57,000 mark, the downward trend accelerated. The consecutive three consecutive negative breaks have made the short position more and more obvious. BOLL is slightly open, and the downside space is gradually extending downward with the adjustment of the market. In the short term, the upper part will focus on the suppression of $56,500, and the lower part will focus on the intraday low of $53,600. A supporting situation. The short-term KDJ technical indicators are moderately downward, and the downward momentum of MACD in the attached picture continues to increase. It is expected that Bitcoin will remain weak.
To sum up: The next day, I said in the article that the decline in Bitcoin was mainly affected by the three negative factors, the rise in US Treasury yields, the bearish trend of Bitfinex, and the struggle in the risk appetite market. At the same time, Powell’s speech accelerated the price of the currency. downtrend. From a technical point of view, the currency price continued to drop after falling below $57,500. This wave is also expected to test last week's low of $53,000. The overall trend tends to be empty as the news moves. It has dropped twice. As for where this wave will be called back, it has yet to be confirmed. If it is calculated according to the magnitude of the last high retracement (58000-42000), this wave is expected to be called back to 46000-47000 US dollars, but above 53000 And the $50,000 mark is still the key support we are concerned about. In the short term, there will definitely be a wave of recovery trends, so for today’s operation, the teacher’s suggestion is to focus on high altitudes, supplemented by low multiples. 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: 55500/56000 Short-term lower support level: 54000/53500
Ethereum (ETH): The short-term gains were strong, the declines were fierce, and after a sustained sideways trade, it finally ushered in a breakout. The currency price once fell below the $1,700 mark, and the lowest hit the line of $1,655.11. It is currently showing a slight rebound at $1,696. . On the daily line, the price of the currency fell below the middle rail position of BOLL, and the trend turned from bullish to empty just like Bitcoin. In the short-term, ether is in the process of technical repair after breaking down. This momentum will last for a while, and the short-term top focus There is a resistance at $1,718, and below that we need to pay attention to the support at $1,660. If it continues to break down, the currency price will continue to drop. Therefore, for today’s operation, the teacher’s suggestion is to focus on high altitudes.
Short-term upper resistance level: 1700/1718 Short-term lower support level: 1660/1640
