Reversal or consolidation?
Wednesday, July 10, 2024
On-chain data: There are no reversal conditions, and the market is mainly consolidation with slow rise and fall.
[On-chain data: BTC wallet balance of exchanges]
1. Since the exchange wallet balance hit a new low on June 22, there has been a medium inflow and a drop of $10,000.
2. After hitting a new low of 53,485 on July 5, the rapid outflow of the exchange brought a rebound of $5,000.
3. After rebounding to 58,475 on July 7, the exchange has continued to have a small amount of moderate inflow until now, which will bring certain pressure on the continued rise in prices.
[Market Setting Tone]
1. Before the big pie flowing into the exchange is digested, there are no reversal conditions.
2. The moderate inflow into the exchange indicates that the market is calming down, and the market is mainly consolidation with slow rise and fall.
3. Suggestion: Reduce the frequency of operations and extend the trading cycle.
