Brothers, this is incredible. In the evening, a needle directly pierced through the 60,000 point mark, and the price reached 59,600. This is obviously a clear second bottoming action.
Last night, Powell once again fired blanks at the European Central Bank forum, playing Tai Chi on the specific timing of the interest rate cut. However, the good thing was that Powell's overall speech was dovish. Influenced by this news, the Nasdaq rose 0.7%.
Did you think the market would rise when Powell was dovish? In the end, it not only did not rise, but fell. It feels like the market has been hollowed out recently, and I can't get excited.
There are several reasons why the market fell instead of rising. The first is that the market selling pressure is severe, which will be analyzed in detail below. The second reason is that after Powell finished his speech yesterday, he released a Jolts job vacancy data, which showed a significant increase in job vacancies.
In other words, it means that the employment rate has increased. If employment has increased, the economy must be good. Why would the Fed cut interest rates if it is good? So it is bad news for the crypto community, so it is not too much to smash the market, right?
In addition, according to a survey from the Grayscale research team, the selling pressure in June came from: the liquidation of MT.Gox, the clearance of the German government wallet, the realization of crypto assets seized by the US Ministry of Justice, and the reduction of miners' holdings after halving to maintain their livelihoods.
The Grayscale team finally came to the conclusion: if there is no major change in the macroeconomic outlook, the valuation of the crypto market will recover in the next few months. One of the reasons is the continuous capital inflow ability of the Bitcoin spot ETF, and the other is the launch of the Yitai ETF.
In the past three weeks, Bitcoin ETF has shown a net outflow, but this phenomenon will be greatly improved in July. According to the data, Bitcoin outflowed US$598 million and US$582 million in the first and second weeks respectively, and dropped to US$30 million in the third week.
This shows that the market sentiment is developing in a positive direction. If the second exploration is successful, Tangren believes that the market will most likely surge upward and is very likely to stand above 71,000. Judging from the current situation, the cost-effective chips of the copycat have already appeared, and market fluctuations are opportunities to enter the market.
In short, finally back to the core, in the bull market, what to buy? How to buy? It is very important, but when to sell is more important. If you want to know more about the interpretation and strategy of the market, add a follow, find Tangren, and play in the crypto circle together.
Tangren’s interpretation of the market
Big Pie: During the day, the market basically continued to hit new lows, and fell below 60,000 again. It reached a relative bottom in a short period of time. There will be a rebound tonight, but the market reversal still needs to be confirmed. Let's see if we can recover the 61,000 position. The upper pressure level is 61,000, and the support level is 58,500.
Auntie: The market is still as I predicted this morning. The market continues to fall. Let's see if it recovers above 3300 first. If the market cannot recover in time, it will continue to fall to a new low. The upper pressure level is 3400. The support level is 3250
In terms of cottage industry: the cottage industry has fallen into a mess, and the current market is not very stable. It is better to wait and see for the time being, and wait for the market to stabilize before building a position. You can pay attention to the MEME sector and the SOL ecological sector
Tangren talks about strategy
Since short-term strategies are time-sensitive and the market changes rapidly, many strategies cannot be shared with everyone in time. Therefore, you can find Tangren by reading the introduction on the homepage of the article and send a message to receive it.
The essence of Tangren's trading strategy: the first step is to determine the trading cycle, the second step is to confirm the trading direction, and the third step is to formulate a trading plan. The plan must clearly state: where to enter, why to enter, how much to enter, how to exit, where to exit, and why to exit?
What should you do if you get the market right? What should you do if you get it wrong? If you don’t understand the market, don’t give yourself problems.
Each of my plans includes three predetermined results: exit with a stop loss, exit with a breakeven, and exit with a profit. Regardless of the result, I will review and summarize the gains of this plan after the plan is completed.
