News focus
1. SEC extends review time for ARK spot Bitcoin ETF application.
2. Bitcoin Volatility Index hits a new low, with an annualized 30-day volatility of 19.55%
3.DY DX said the team is still improving the functions of the public test network 2 and will be launched on the 14th
4. Goldman Sachs released a research report: It is expected that the Federal Reserve will start cutting interest rates in Q2 tomorrow
The SEC officially announced that it would extend the review time for the ARK Bitcoin spot ETF application, which is in line with the market's previous expectations. At present, the dispute between the SEC and Binance and Coinbase is still ongoing. The stablecoin legislation has not been implemented, and the possibility of approving the ETF immediately is low. At the same time, John Reed Stark, the former SEC Internet Enforcement Director, also stated that the current SEC will not approve the Bitcoin spot ETF. If the Republicans can move into the White House in 2024, they will approve it and bring a lot of favorable policies to the industry. Therefore, based on feedback from all aspects, the possibility of the regulator approving the ETF in the short term is very low, which will pose a short-term impact on the market sentiment.
From a technical perspective, the market remained in a low volatility phase over the weekend, and the market has been fluctuating at a low level. The rebounds have been under pressure for many times, all of which were mainly downward. Up to now, the market has lost the second chip zone of 29,500, indicating that the overall market is weak. It is highly likely that the market will continue to seek support. With the passage of a long period of volatility, the low point below has not been effectively broken, and there are signs of cyclical bottoming, which means that even if there is a pullback momentum below, it will be difficult to break the current box.
From the perspective of chips, the chips at the 29000-30000 mark are too dense, occupying a large amount of short-term liquidity. The longer the chips are accumulated, the greater the upward force. Therefore, if there is no main force involved in the market crash, we can enter the market at a low price. The short-term resistance above is at 29500, and the strong resistance is at the 30000 mark.
Recommended idea: After the 4-hour line change, if the price continues to close positively, you can go long at the current price or around 29,500, and the target is around 29,800-30,000.
The wind in July and the rain in August, the second half of the year will definitely have better luck. Lanchen's order record this month is six wins and one loss. The winning rate is 85%. The profit point is 3300 and the loss point is 400. The whole network is updated in real time (small currencies are not recorded)