TEDA added 8,888 BTC in the early morning. As the Federal Reserve in the industry, TEDA’s every move has attracted much attention. The last time it added 8,888 BTC, the market has ushered in a new trend.
When B.com was founded and Tether issued U, no one was optimistic about stablecoins like U. Everyone believed more in the value of BTC. It didn't sound very reliable to exchange the money in your hand with a virtual coin at a 1:1 ratio.
In 2015-17, BTC was used to trade futures. When the price went up, the value of the collateral was higher, the leverage was higher, and the profit was doubled. This led to very extreme market conditions, either rising or falling.
Until more and more people use u to trade BTC, credit continues to accumulate, and Tether can make a lot of money just by charging handling fees. More importantly, Tether can control the issuance of u, and then affect the market. For example, the most obvious example was at the end of October 2018, when the Americans froze Tether’s bank account and everyone exchanged their u for mainstream currencies such as BTC. Within a dozen minutes, BTC soared 20%, and then plummeted. Safe-haven funds withdrew frantically, forming the big bear market in 2018.
Today, Tether has become a behemoth and one of the top ten purchasers of US Treasury bonds in circulation. Tether has also gone from being a low-tier institution that everyone hates to being a guest of honor of the Federal Reserve. This is why the world is strictly controlling stablecoins. Once social platforms such as Twitter use U for e-commerce and rewards, the huge amount of U will overturn the monetary systems of small countries, and the world will have to pay for US Treasury bonds.
BTC：
Positions soared, pay attention to the abnormal movements in the market, BTC rebounded on the 5-day line support, and the hourly line fell back several times on the 27th and 29th, confirming the box resistance. The upper $70,979 is the key point of the box. Only when the volume breaks through $70,979 can we enter a short squeeze and further rise and strengthen. Next, BTC will rise to test $70,979.
Resistance: 70979, 71592, 72147
Support levels: 70062, 68828, 67356
ETH：
40,000 ETH were transferred to Coinbase, which played a role in the expected selling pressure on ETH. ETH moved higher along the 5-day line, and the hourly line inserted needles many times. With the weakening of bullish volume, it entered a triangle convergence trend. The upper $3,634 is the key point of the resistance line. Only by standing firmly at $3,634 can it support the market and strengthen. Next, ETH will rise to test $3,634.
Resistance: 3634, 3674, 3722
Support levels: 3579, 3532, 3498
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