Currently, BTC is quoted at around 30,000. After a rapid decline to 29,400, it rebounded to around 30,000 and continued to fluctuate. In the short term, BTC shows signs of turning around.
From the perspective of trading volume, during the rapid decline in the early morning, there was no strong support around 29,600 to 30,000, and a rapid rebound did not occur until it hit 29,400. Overall, the trading volume of this 500-point decline and rebound was not low. The positive line that broke through the 30,000 mark in the morning was relatively smooth and did not encounter much resistance. From the perspective of trading volume, the market does show signs of turning around in the short-term trend.
On the news front, according to insiders, the US SEC has begun reviewing this round of ETF applications. This news triggered FOMO sentiment in the market, and the rise of BTC and ETH in the morning gradually led to the rise of altcoins. It should be noted that the SEC's preliminary review is a necessary procedure, but whether they raise questions and reject the application is still possible. Rejection does not mean rejection, but it only adds a certain degree of difficulty to the ETF application rules.
Regarding the SEC’s review, I personally think they may raise questions and increase the difficulty of the application. The recent victory of the Ripple case has made the market sentiment relatively enthusiastic, making traders generally believe that the SEC may give in all the way. However, the SEC began to review, most likely to demonstrate its authority through strict means, so I personally think that this review may face many difficulties. Therefore, we should not be overly optimistic about the current FOMO sentiment.
Trend direction: The market is currently showing a trend of shock rebound. Although sentiment has brought about a rebound, I still hold a conservative attitude and believe that strict scrutiny after the rebound may lead to another decline. A simple ETF review is not enough to drive the market up. Therefore, we should pay attention to the downward trend after a shock rebound.
Trading strategy: Based on the current market sentiment that is still quite optimistic, we need to pay attention to the risks when operating at high altitudes due to the rebound. Therefore, it is recommended to adopt a light position strategy when hanging empty positions at high positions. For situations where the rebound is fierce or the price is stabbed, we can choose to cover the position to balance the cost. The detailed order points have been announced, please check!
Spot: For spot, it is recommended to adjust the position and build a conservative position. At 8 o'clock last night, ARKM, newly listed on Bi'an, opened in a new way, with a ten-fold increase. A large number of buying orders quickly accumulated at the bottom, causing the market sentiment to be overly optimistic, and the main force seized the opportunity to ship. I personally recommend waiting patiently. This token needs to be washed at the current position for a few more days before looking for an opportunity to enter the market. I have a good view of the changes brought about by this token and find it very interesting!
Investment is risky, so be cautious when entering the circle
