24/05/28BTC's second flag test was rejected, and the Mt. Gox wallet transferred a large amount of money. Is there a risk of a short-term correction?
During this period, we have been waiting for the second test of the upper line of the flag. Last night, a line was pulled up to 70687 and then fell. At the same time, the market reported that Mentougou transferred 7 billion US dollars of BTC (107,000 pieces) as part of the repayment plan, and then transferred out 34,138 BTC, about 2.32 billion. Looking at this number and amount, it is scary, but it is actually a good thing. Not only Mentougou, but also FTX’s subsequent compensation for the thunderstorm, the United States Silk Road, and the UK’s seizure of 61,000 BTC, etc. are negative.
These volumes are no problem for ETFs such as BlackRock. The biggest black swan will definitely come from these giants selling their shares. They are the biggest buyers now, and no one will be able to bear it when they make their move.
Flatbread
There are still 3 days before the monthly line closes, and the market is temporarily around 68000. Yesterday we said that if this pattern can be maintained, the closing price must be around 71000. June is worth looking forward to, and it is clear that the dog market will not have such an easy time.
The daily line formed an M head after the pin (Singapore closing time), and at the same time was under pressure on the upper line of the flag. I still remember the last time I reminded to be bearish near 72,000. The same signal has appeared now, and we must be alert to short-term corrections. If the daily upward trend falls below the first target of 65,466, the second target is 61,700.
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ether
Ethereum's rebound is still continuing to pull back to 3977. At present, it is still a benign correction. It depends on how long it will fluctuate here. The ETH/BTC exchange rate rebounded to 0.056, which is very close to the top of 0.061 that had fluctuated for half a year. It still depends on whether it can effectively break through this area. Only then can Ethereum, led by the cottage, make a strong rebound, otherwise it will still fluctuate in the box.
Ethereum diverged in 4 hours and waited for an effective callback to break through in one fell swoop. Then it entered the game of the previous high time of the bull market between 4093 and 4868. The performance of the cottage industry is still mixed, with weak sustainability and fast rotation.
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