-【Replay】-
There is no market analysis for yesterday, Saturday and Sunday, so we will skip it.
-【Today's Market Analysis】-
Old Wine Trading Diary: Daily Interpretation 6.17
① Intraday ultra-short-term pressure: 66600-66800
If the price can stand above 66600-66800 and stabilize, it can continue to rise. If it cannot go up and falls back when encountering resistance, it will continue to look for support downwards. Execute a 4-hour retracement. That is, a wash.
②Intraday ultra-short-term support: 65700-65800
Theoretically, when the price reaches this position, there will be a small rebound. If the rebound cannot turn into a big rise, the possibility of falling below 65700-65800 and continuing to bottom out is a foregone conclusion.
Summary: The downward wash has begun.
-【Digital Currency News】-
Trader: There is no point in watching Bitcoin whales?!
Traders say that while Bitcoin whales (those holding large amounts of BTC) have been used as a popular indicator for speculating on market sentiment for some time, tracking the wallet movements of Bitcoin whales will not bring short-term effective benefits.
It is widely believed among cryptocurrency traders that whales are able to influence the market through their trading strategies.
Then again, while whale activity has an impact, their movements are open to multiple interpretations, so the data can never provide a definitive indication. For example, dormant addresses holding large amounts of assets suddenly becoming active could mean selling, especially if they go to exchange deposit addresses. Also, when whales sell large amounts of Bitcoin in a short period of time, it doesn’t always mean a sell-off is occurring.
The mechanical step-by-step withdrawals here illustrate wallet management, sometimes these companies and institutions have multiple wallets and hundreds/thousands of clients.
Also, the large ‘whale’ wallets you’re looking at are mostly ETFs and exchanges.
However, in my opinion, it is impossible to say that it is completely useless. It can only be said that the activities of whales may not have an effect on your short-term transactions. However, it does have a good reference value for your medium- and long-term transactions. For example, when you are afraid, whales have just bought $1.3 billion worth of Bitcoin.
In short, there are still many analysts in the market who still pay attention to the movements of whales to determine the direction of the market.
On May 15, the data agency said that after two months of downward trend, the demand of Bitcoin whales has entered "acceleration mode" again. The report said that since March, the growth of Bitcoin demand has been slowing down, but it now seems to be stabilizing. And demand needs to accelerate further to maintain this price increase.
Personal point of view, only for reference
