October 17th Cryptocurrency Market Analysis
Macro aspect: The White House said that Biden had a phone call with Ukrainian President Zelensky on Wednesday and announced a new $425 million military aid plan. The Russian-Ukrainian war may continue; at the same time, the situation in "Zhongdong" and "Liuhai" and North Korea is becoming more and more tense. South Korea even found a 19-nation coalition to station troops. Is it going to repeat the War to Resist US Aggression and Aid Korea 70 years ago? Once the war starts, there will be more and more uncontrollable events in the future. Assets with transnational attributes such as $BTC will also be favored by capital. This can be seen from the report of Aspen Digital (94% of Asian private wealth are investing or planning to invest in cryptocurrencies).
Regarding ETFs, on October 16, the US Bitcoin spot ETF had a net inflow of $457 million, and the Ethereum spot ETF had a net inflow of $120 million.
There are less than three weeks left before the US election. Looking back at the two elections in 2016 and 2020, Bitcoin rebounded three weeks before the election, rising from $600 and $1,100 respectively. Now there are almost three weeks left before the election. Let's see if the market can replicate the script of the two bull markets!
Recently, $LTC $XRP institutions have submitted ETF applications. I still hold the same view. If the market trust cannot be achieved like BTC, the emergence of these ETFs will most likely become a tool for capital harvesting!
On the chain, the fluctuation is 2,000 dollars, long orders are liquidated at 2 billion dollars, and short orders are liquidated at 1.5 billion dollars. If you are a dealer, what would you choose?
Market conditions: Yesterday, it rose again to around 68,400 and then fell back. The current market has a big divergence between long and short positions. From the 4-hour level, a top divergence pattern has appeared. With other indicators, it also turned downward. There is a need for a correction. Focus on the support below. If it stabilizes successfully, it will continue to rise.
Bitcoin short-term support: 66,600-66,000
Bitcoin short-term pressure: 69,000-69,500
Ethereum short-term support: 2,520-2,550
Ethereum short-term pressure: 2,670-2,700
Market data:
Fear and greed index 71
