The current bull market is a typical one where there is one wave of decline after another, and then there is one wave of decline after another. Everyone has gotten off the bus and it has reached the stage where you begin to doubt your life.
After the data came out last night, with the additional impact of the net outflow of the old American ETF, Bitcoin started to plummet from 67370 points to around 65070 points, and the downward range reached 2000 points. Ethereum also linked to a short-term low of around 3362 points, and the cottage market was bleeding.
The twists and turns in the morning were both unexpected and reasonable. What was unexpected was that the main force was really not afraid of going too far by smashing the market like this. If the siphon effect brought about by extreme panic leads to a huge series of liquidations of copycat loans, and both Bitcoin and Ethereum fall below the support, the entire market may really be unable to recover. What is reasonable is that the downward operation of 66,000 points is already a behavior of killing one thousand enemies and hurting eight hundred of oneself. As long as the profit-taking below 50,000 on the chain continues to move, the current main force is not rushing to the market for charity, then they have to think about themselves.
From a technical point of view, the decline in the morning was repaired. Combined with the amount of funds during the day, the bottom of Ethereum is relatively certain, and it is basically confirmed that 3362 points has reached the trend bottom of this round of negative decline. In the short and medium term, the risk is that Bitcoin may bring about a small range of downward movement. The copycat meme series is gradually moving towards an independent trend, and others continue to wait and see.
Many partners are doubting the end of the bull market after this big drop. Indeed, the continuous decline plus the sudden acceleration of the decline, and then the continued decline, have driven people crazy. Sanshu, like everyone else, also felt a tingling sensation when he saw the market, accompanied by some misunderstandings. However, from the opposite side of human nature, it is precisely because the more pessimistic voices there are, the healthier the main force is in washing the market, and the last batch of unsteady minds have left, and the panic should end.
Adjust your mindset and learn to delay the enjoyment of some coins that are still at a low point. Respecting the reality is that there are so many new leeks entering the market, so many tokens to be unlocked, and the leverage on the market is increasing. If these speculators and projects are not cleaned out, how will the funds entering the market be allocated later? In terms of indicators, the data comparison between most of the altcoins and Bitcoin is at the bottom, and they all point to the eve of the outbreak. We have no choice but to wait.
In the past 24 hours, the total liquidation leverage was 196 million USD, of which the long position was 153 million USD. The saddest thing in the trading market is that the market has recovered, but the chips are gone. Therefore, we should respect the market rules, find opportunities to maneuver when the market is not good, always maintain the correct posture, and eat the retracement that should be eaten, so that we can return to the end gracefully.
BTC: Bitcoin still pulled back above 66,000 points, and there was no unexpected movement in the chip concentration area of the on-chain data. In the short-term technical repair phase, continue to pay attention to the support of 66,000 points, and the high trend pressure is 72,000 points. There is no operational logic for Bitcoin in the short term, so hold the currency and wait and see.
ETH: Ethereum trend is linked to Bitcoin, with slightly more incremental funds than Bitcoin. In the later period, it should be hyped up for the listing of ETFs, and the technical bottoming is relatively more stable than Bitcoin.
Tips for bottom-fishing in the near future: (Regarding bottom-fishing, the first consideration in the short term is definitely ETH. Secondly, focus on BAKE, SSV, BNB, INJ, SOL and BCH. The first focus after the decline stops. For the meme series, focus on the strong sectors in the early stage, such as NOT, BOME, etc. Both NOT and BOME have rebounded by more than 20% in the short term. It is expected that they will continue to maintain after the market adjustment, so they can continue to be focused on.)
The above BAKE, not and SSV are in the first sequence of rebound and have recovered yesterday’s downward highs. Continue to pay attention to the rest and stop when they rebound.
Finally, stay away from leverage and stock up on spot goods! #美联储连续第七次维持基准利率不变 #美国5月CPI超预期回落 #非农就业人数高于预期 $BTC