24/6/13BTC staged a double kill of long and short positions, CRV may be at risk of collapse, and the downward trend has not changed
Last night's market was very exciting. The CPI data at 8:30 was positive and the market rushed to 70,000, up 4,000 points from 66,000. The interest rate was announced in the early morning and remained unchanged. The dot plot cut the expected rate cuts this year from 3 to 1, and raised it to 4 next year. The market fell again. Although inflation has eased, "it is still at a high level", so we still maintain our commitment to reducing inflation to 2%.
Curve founder Michael Egorov already has CRV lending positions on multiple addresses falling below the liquidation line.
Among them, part of the CRV loan position of his main address on Inverse is being liquidated. CRV hit a new low of 0.221. Many people are constantly buying CRV at the bottom. Personally, I think it is very dangerous. CRV also had the same problem in early August 2023 and was rescued once, but you can see that it has been falling all the way and has never risen, which means that funds have been flowing out. If CRV explodes, 90% of Defi projects may be implicated.
OKX's recent theft incident has caused a continuous outflow of funds from OKX. It has been found that several exchanges (BT, BN, OK) have been circulating negative news this year. This round of bull market is very complicated. Playing mainstream big cakes, Ethereum loses money, playing various copycats also loses money. Who is making money? This round, I bought the bottom at 57,000 and got more than 70,000. In the middle, I entered again to sweep the losses. In about a month, I only made 20% profit.
Summary: The daily upward trend of Bitcoin has been broken. Although there was a rebound yesterday, it is still in a broken state and the risk has not been eliminated.
Flatbread
The daily line cuts back to the 0:00 Singapore time. It is still testing the neckline support of the previous head and shoulders bottom pattern at 66,000. The rising trend line since the 24,900 wave is testing the support. Continuing yesterday's bearish thinking, the reason is simple. If the high point cannot be passed, the callback is bearish. After the daily rising trend was broken, the second test last night continued to fall. Since this wave of rise, 72,000 has been tested twice and failed to break through the rebound of 70,400 twice. Once 66,000 is broken, the next important support will be 60,600-62,000.
In terms of technical indicators, the daily MACD diverged from the fast and slow lines and turned downward, and the column crossed the zero axis. The weekly MACD has not changed the downward trend since the rebound from 56550 and has an accelerating downward trend. Once the weekly M-head pattern falls below 56550, I expect the bottom-fishing opportunity to be between 42000 and 47000.
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ether
Ethereum rebounded to a high of 3659 last night and then fell. It also failed to effectively recover the pressure of 3678, but it is still supported by 3500. The Fibonacci is in the range of 0.5-0.382. The weekly MACD just turned over the zero axis and was brought down again. The whole market is also complicated. Let's consider it after it stabilizes.
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