In just a few days, Bitcoin fell below $60,000 again. The market was filled with wailing. At 6 a.m. this morning, $122 million of long orders were liquidated within an hour, and $121 million of long orders were liquidated. It is obvious that this wave of decline is aimed at investors who chased long positions at high prices.
Yesterday, CME Group announced that it will launch Bitcoin Friday futures on September 30th, in order to help investors mitigate weekend price fluctuations. The Americans have detained CZ and arrested the founder of Telegram, imposing all kinds of inexplicable charges on them just to make money. Now they are preparing to expand their local business in order to provide more entry channels to harvest retail investors.
This Friday, BTC and ETH options with a nominal value of approximately $4.816 billion will expire and be delivered on Friday. The biggest pain point for Bitcoin is $62,000, and the biggest pain point for ETH is $2,800. Time is running out for bulls. If Bitcoin cannot return above $62,000 and ETH cannot return above $2,800 this Friday, the longs of this round of falling options will suffer heavy losses.
In this round of bull market, the old dogs have not participated in ETH. The reason is very simple. Vitalik Buterin has been pushing for other currencies since the beginning of the bull market, and has not paid too much attention to and changed the status quo of Ethereum. Just yesterday, the founder of Uniswap wrote that Vitalik Buterin's job is not to help investors make money. Obviously, the performance of Ethereum in this round of bull market is very poor. The price has not broken through the new high like Bitcoin, and because the SOL chain is fast and the transaction fee is low, there is no native dog on the ETH chain in this bull market. Although the ETF is online, it has not attracted a large number of investors like the Bitcoin ETF for such a long time. In addition to Sun Ge, many big investors are selling their Ethereum, including the Ethereum Foundation itself, which is in a state of continuous selling. Even if they keep selling, they can't sell it until the next bear market. Maybe at the peak of the bull market of Bitcoin, Ethereum symbolizes a group of investors who will never be able to get out of it. Nowadays, technology is constantly developing, and those who can't keep up with the times will always be eliminated. Ethereum and Bitcoin are not comparable. Bitcoin is the symbol of the encryption market, and the total amount is fixed and the founder is missing. Ethereum is just one of the best-promoted currencies in the cryptocurrency circle. Now its technology is backward and it can be issued indefinitely. Without epoch-making changes, it will slowly fall from the altar in the long river of history like those mainstream currencies in the past.
No matter what you say or say, you can't forget to analyze the market
Let's take a look at Bitcoin first. From the daily level, the lowest price of Bitcoin reached $58,034 yesterday, but it did not fall below the previous daily low of $57,787, which shows that the recent trend of Bitcoin is still in a rebound trend. The decline in the past two days belongs to the stage of stepping back during the rebound process. If the market continues to fall and falls below $57,787, then the next stage will focus on the previous daily low of $54,730, which confirmed the upward trend. As long as 54,730 is not broken, Bitcoin will still maintain a rebound trend. The rebound above $65,600 has not been broken, indicating that there is still a pressure level around 65,600. Only when the Bitcoin price breaks through $65,600 can Bitcoin continue to move above $70,000.
Let's take a look at the short-term market. The 15-minute Bitcoin price is running above the 5 10MA moving average, and is suppressed by the 30MA in the short term. It is currently showing a bullish trend. From the intraday market, Bitcoin has fallen from $62,197 to $58,034. From the Fibonacci retracement line, after the sharp drop, the Bitcoin price rebounded to around 0.382 in the rebound stage, and then continued to rise after stepping back to around 0.236% in the rebound stage at the 15-minute level. In the short term, it can be judged that the intraday market is in a weak rebound trend. In the short term, it is necessary to pay attention to the pressure levels of 0.618 (60,606) and 0.809 (61,401) in the upper rebound stage. If a negative line that falls below the moving average appears at these two positions, friends who hold short-term long orders need to be vigilant, and the market is likely to continue to step back to the support of the lower rebound stage (as shown in the figure). If the market breaks through the intraday high, then in the short term, Bitcoin will continue to move towards the hourly pressure level of around 63150. If it falls below the intraday low, Bitcoin prices will continue to test the first support level of $57787 on the daily level.
At this stage, it should be the last period of buying and leaving. Friends who entered the market some time ago have been trapped at the high point. Friends who changed positions in the middle wanted to wait for a lower point to enter the market, but a big positive line was out of reach. Some friends have been anxious because their positions have not reached a new high for more than half a year. This is not a big deal for old leeks who have experienced bull and bear markets. When no one is talking about how much money they make, it means that the big money has not come yet, and the previous ones are just appetizers. What we need now is to wait, eat and drink when we should. Chinese medicine has said that long-term vision hurts blood and long-term sitting hurts muscles. You stare at your mobile phone every day, but the price of the currency does not rise. Over time, people will become listless and have trouble sleeping and eating. A series of chain reactions make everything go wrong for you. So just treat it with a normal mind, and don't pay too much attention to the process of the bull market.
That's all I have to say today. Thank you all for your long-term support for Lao Gou~
