Daily Analyze of Digital Coins 20190929
News
1. Mayne, a well-known encryption analyst, points out that the current market situation is not the first one to occur. Even in bull-dominated markets, Bitcoin has fallen more than 40% on several occasions, but it has rebounded rapidly, he points out. It is therefore inappropriate to continue to put Bitcoin down after the bear market has fallen by 40%. BTC is likely to fall further to $7,500 before the bull market arrives, and then rise back to $16,000. Gordon Gekko, CEO of Sir Gekko Capital Holding, shares a chart showing that BTC is in a similar state in 2017. In 2017, the price of Bitcoin fell in a similar pattern as it is today, from around $2600 to $1800, until the bull market began, pushing the price of Bitcoin back to a new high.
2. Glassnode, a chain-listed market information analyst, said most sellers held their positions for less than 30 days during this week’s sharp drop in bitcoins. Selling does not come from long-term holders, but from short-term holders.
Market Analysis
The BTC continued to shake yesterday and is still hovering around $8,200. In the past 24 hours, the net inflows of BTC funds exceeded $30 million, and the market inflows increased slightly. BTC tried again in the early morning to test the resistance of $8,400, but failed. Now it has withdrawn to the vicinity of $8,200. Looking at the 4-hour line, the rebound of BTC can weaken gradually. In the short term, it is difficult to have enough strength to break through upwards, and there may be further callbacks. The lower support level focuses on the $8,000 threshold first, and when it breaks through the support, it needs to be aware of the vicinity of $7,500. Operational aspects, back to $8400 can consider the deployment of an appropriate amount of empty orders, the spot side is not blindly operated for the time being, the heavier proposal to reduce the warehouse to less than 50% waiting for more suitable access opportunities.
ETH continued to shake yesterday and is still hovering around $175. In the past 24 hours, net inflows of ETH funds exceeded $70 million, an increase over the previous cycle. As mentioned earlier, ETH has a strong short-term rebound, but the quantity is not enough. There is strong resistance near $180 above, and the Bulls need some time to adjust. Overall, the trend of ETH in recent days is stronger than that of the market. If the follow-up market stabilization and rebound, ETH may have a more eye-catching performance. Operational aspects, back to the support level near $160 can consider replenishing spot, futures leverage temporarily fixed.
BCH showed a slight rise in the short-term yesterday, but overall it is still a cross-sectional consolidation. At present, the short-term is still possible to test upward, but the trend of the middle line is still weak and needs to be cautious. Technically, the Brin Channel moves to the right in 4 hours, and suddenly to the right, where the position needs to be prepared for stopping losses. The hourline looks at the cross-section after yesterday’s rise, and the right side is expected to continue to test upwards. The upper side looks at the $240–256 range. The day level is not strong, and the middle-line Market needs to be seen from the top to the bottom of the short-line. Warehouse continues to hold, short-term pull-up can consider stopping earnings departure, while the midline market remains to be seen.
EOS continues to collate horizontally. At present, bulls are still waiting on the sidelines. Due to the pressure of the previous decline, it is estimated that a short period of time is not very favorable for bulls. The midline may have to wait patiently for a while. Technically, at the daily level, we can see that the Brin Channel has the possibility of turning down, at least until the market has been sorted out for some time before it has the chance. Four hours to see the lateral translation of the Brin Channel, delayed to break through the Bay may again explore the support position, do more need to set stop loss. In terms of operation, the short-term multi-end operation suggests that the light warehouse should be set up with stop loss and the midline market is not clear.
In the past 24 hours, ETC capital inflows have decreased by nearly 108 million yuan compared with the previous cycle. The turnover rate decreased to about 57%. ETC continued its low-amplitude oscillation yesterday, and the 4-hour MA30 moved down rapidly. The Brin Belt’s mid-rail was also retracted. A new direction will soon emerge. The upper resistance first looks at MA30, then 4.95, and the lower support first looks at 4.46. In the short term, if there is no upward rebound, but directly breaks through 4.46, we can consider small positions to pursue empty space. In the medium term, it still tends to be short. Operationally, futures players can close to 4.95 resistance level and open small positions. Spot players can close to the upper resistance level and partially reduce positions.
In terms of funds, the net outflow amount of XRP 24-hour funds is RMB 100 million, mainly net small single inflow, with a turnover rate of 6.4%. Four hours later, the XRP reorganized around the narrow cross section of the Brin Medium Rail yesterday. The Brin Belt narrowed further and trading volume was relatively low. Short-term consolidation requires an incremental breakthrough of $0.25 to drive bulls into the market. At present, the short-term market has not effectively stabilized the Brin Medium Rail, bulls are still on the lookout, other indicators do not have a bull bias, the follow-up market probability will continue to be around the Brin Medium Rail shocks collation, there is still a possibility of upward test resistance in the day. If the incremental breakthrough, then follow-up market attention to the position of $0.267. Operationally, if withdrawal can be purchased in light warehouse near the support level, drop below $0.213 and stop loss in time; after breaking through the resistance level with a certain amount, the appropriate amount of homeopathy can be purchased.
In terms of capital, the net inflow of LTC funds in the past 24 hours is about 0.5 billion RMB, and the inflow has dropped sharply, with a turnover rate of 36%. Yesterday, LTC market continued to consolidate horizontally, trading volume shrank, both sides continue to wait and see. Over-fall rebound in recent days is not very optimistic, multi-bull rebound can be more general, and LTC as a linkage market, the overall trend is weak. At present, the K-line is nearing the Brin Medium Rail for four hours, and the short-term multi-altitude deviation is not obvious. The consolidation continued, with resistance above $58.5 and $62, respectively. Operationally, ultra-short-term operators can sell high and draw low in the oscillation zone, drop below $60 and wait and see. The risk-return ratio of futures is not cost-effective, so it is not recommended to build warehouses at this time.
Conclusion
After a gentle decline since early trading, BTC has fallen back below the 8150 line. Although the white market has not fallen below the 8000-integer level, the space of short-term shocks has been indirectly compressed due to the failure of 8150 line. At present, the upper 8150–8230 resistance band, which is less than $100, will be in the short term. There is a direct internal pressure on prices. Although the short-term average system consisting of 50, 100 and 200 hours averages still maintains a clear bearish arrangement, the information provided by the current classical average system may be limited to 8970 resistance corresponding to the 200 hours averages, because the 50 and 100 hours averages go both horizontally and tend to bond with the continuous cross-section of the price. Power. Among the several commonly used sub-graph indicators of 1 hour level, both MACD and RSI tend to diverge horizontally in the mid-track, and there is no guidance value. Only one hour KD index gives a clear golden fork signal at the edge of the supermarket, so the short-term technical indicators are more neutral. Considering that the white market has been down to 8030 and rebounded again in the course of a wave of trial and error, the potential of stabilization mentioned in the early market analysis seems to be gradually realizing. However, considering that the daytime turnover of several major mainstream exchanges is relatively low, the short-term market wait-and-see sentiment has not completely dissipated. For grasping the opportunity of multi-unit trading, the ideas given in early trading analysis can be used, but the radical layout of multi-unit trading in advance needs to be well controlled.
IDAX global digital asset exchange
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Published at Sun, 29 Sep 2019 11:16:31 +0000
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