Analysis of the currency market decline: dual factors of macro and technology
The recent decline in the currency market can be attributed to the dual influence of the macro environment and the technical aspects:
Macro perspective: The last round of soaring to a high of 7w was stimulated by sudden news such as Trump's shooting and Biden's withdrawal from the election, but it was accompanied by low trading volume and lack of a stable platform period, and the basis for the rise was not solid. In yesterday's interest rate resolution, Powell's dovish remarks did not change the market trend, and gold strengthened due to geopolitical factors such as Iran and Hamas. As a traditional safe-haven asset, gold attracted a large amount of capital diversion, which put pressure on the cryptocurrency market.
Technical analysis: MACD daily level has a dead cross, indicating that the bearish trend in the future market is clear. The current resistance level is concentrated near 6.2w and 6w. Investors are advised to keep a short position and wait and see. Although there is room for further decline in the market, the amplitude is limited, and the price is gradually approaching a reasonable range. Once the price falls below 6.2w, it will theoretically be a good time to build a position. It is recommended to adopt a right-side trading strategy and wait for the trend to be clear before operating.
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