This article includes:
Bitcoin fell as expected, what will be the subsequent trend? Share the long and short positions of spot & contract!
BNB market analysis: Which conservative/aggressive points should be chosen to place orders?
How to participate in Binance Launchpad mining new project? What is the best way to participate?
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Bitcoin Market
Let’s first take a look at the Bitcoin market. Bitcoin has fallen as expected in the past two days.
The previous video mentioned that it is recommended to open a short position at 67,000-68,000 USD, and the highest point of this rebound is close to 67,100 USD. The advice given in the previous video is very accurate. Congratulations to those who opened a short position!
Bitcoin's current trend is unclear, with weekly declines for four consecutive weeks.
At this time, it is recommended to change the trading thinking from the bullish thinking of the previous few months to the bearish thinking.
On the macro level, the current situation is unclear.
First, the Fed's expectations for rate cuts are far from what they were at the beginning of the year, and it is expected that there will only be one or two rate cuts this year, with a small magnitude. This has seriously affected trading sentiment in the U.S. stock market and the secondary market.
Secondly, Coinclass data shows that the net inflow of spot ETFs continued to decline and turned into net outflow.
Currently, Bitcoin has strong support below the weekly line and is still at the level of 60,000 US dollars.
A break below this line could trigger panic selling, so this level is crucial and can be seen as the life and death dividing line for Bitcoin.
So will Bitcoin continue to fall on a daily basis?
The daily chart shows that the short side is not strong and trading willingness is low.
I think Bitcoin will continue to fluctuate around $60,000 and $0.618 (about $67,000-68,000).
The upper pressure level of Bitcoin is about 71,600 US dollars, but the possibility of reaching it in the short term is low because the bullish momentum below is insufficient and the rise is weak.
Overall, Bitcoin may move mainly sideways in the near term.
For spot holders, it is recommended to continue holding Bitcoin spot; for contract traders, you can open a small long order at US$60,000 and set a 3% stop loss.
The short side can consider opening a short order near $67,100. Long-term trend traders can place short orders in batches at $71,700 and above.
It is expected that the return will be about 20%, and it can reach 200% if 10x leverage is used.
BNB Market
On the weekly chart, the price is close to the high of the previous bull market. The performance of the rebound from the bottom this time is very good, and the price at the daily level has been consolidating near the high recently.
Friends who want to increase their BNB holdings can consider placing orders around $500. They may be able to pick up bargains in extreme market conditions.
Or around $543, which is a strong support area in the near term. In addition, orders can also be placed in batches around $500.
For aggressive investors, a pending order can be considered near $574 and above.
Binance Launchpad Mining Project
Binance Launches 53rd Newcoin Mining Project, Use BNB and FDUSD to Mine Renzo (REZ)
Those who hold BNB can consider participating in Launchpad Gold Shovel Mining, which has high returns.
If you don’t have BNB, or think the price is too high, you can try mining with the FDUSD stablecoin.
On Binance’s Launchpad interface, you can find the [Launchpad and New Coin Mining] entrance at the top.
After clicking in, you can choose to pledge your FDUSD or BNB. If you prefer to be conservative, you can choose to use the stablecoin FDUSD for mining.
Becoming a BNB holder is also a good choice, and there are indeed many benefits. There are currently two activities to participate in:
Activity 1: For new Binance users or users who have never traded futures contracts, register and complete a $100 futures contract transaction to receive 30 REZ tokens.
Activity 2: Recommend a friend to register and complete a $100 contract transaction, and you will have the opportunity to receive an additional 25 REZ rewards.
*PS: It is actually very simple to complete a $100 contract transaction. You only need to enable a 10x leverage with an initial capital of $10, and then quickly open and close positions to easily achieve it.
