Yesterday, BTC regained its position at the 10,000USDT mark. Whether it can exceed the February price of 10,500, let us first ask you three times to determine whether the bull market has arrived.
83% of Bitcoin addresses are profitable? Include you?
Glassnode data shows that on June 23, 83% of all Bitcoin addresses are currently profitable. This figure has increased by 43% from the previous low. The previous low in 2020 was 45%.
Gold and silver have taken off, will Bitcoin be next?
After a lapse of 9 years and 3247 days, the spot gold price (1931.88, 34.38, 1.81%) once again reached an all-time high. The quotes of some dealers have exceeded the historical high on September 6, 2011, and the Sina market stood at US$1920.88/ Ounce, a surge of US$470 from the low point during the year, a 32% increase during the year.
From the initial topical currency surge to the mainstream currency rounds of the previous few days to yesterday’s BTC’s final decision, breaking through 10000USDT, it means that this round of rising has basically completed a cycle.
What are the main reasons for the increase in currency prices?
In essence, there are only two reasons for the rise in currency prices: fewer sellers or more buyers. Recently, every currency has repeatedly set new highs. Everyone’s awareness of quilts has begun to become weak. Profitable chips and chasing chips have changed hands very adequately. Therefore, there will be a large number of funds to leverage large increases. Will use this opportunity to send sets.
When we observe the rising cycle this time, it is not difficult to find that when the initial altcoins rose, most of them belonged to the first situation, that is, the rising altcoins have oversold.
When the mainstream currencies of ETH, BCH, and EOS also start to rise, we will find that it is very difficult to rise. On the one hand, there is still a large gap between the prices of BCH and EOS relative to the price before the “3.12” waterfall. With the benefit of 2.0, ETH only tied the spread before “3.12” yesterday.
Bitcoin’s name rectification is the main reason for this rise
The current currency market is not lacking in hot spots and enthusiasm. What is lacking is a good external global economic environment in 17 years.
In China, blockchain technology has been officially popularized. On October 24, 2019, the domestic ZY Politburo conducted the eighteenth collective study on the development status and trends of blockchain technology; On April 20, 2020, at the regular press conference held by the National Development and Reform Commission, blockchain technology It is classified as the information infrastructure in the new infrastructure. Internationally, in addition to the United States having the most blockchain projects, South Korea currently has an encouraging attitude towards blockchain and trying to explore in many ways, Japan is one of the countries with the most positive attitude in the world, promoting the combination of blockchain scenarios in multiple industries. On July 25th, the US Federal Court defined Bitcoin as currency. The attitude of mainstream countries towards blockchain and Bitcoin has turned 180°. It is unknown whether Bitcoin has been the official “Zhao”.
Wang Yuehua said, “At the legal level, it has been rectified for a while, but Bitcoin has also been included under the supervision of’sovereign’. This will have a positive impact on the future development of Bitcoin’s financial properties, and it also has potential. Ills”.
In a short period of time, these legal measures can further strengthen the legal status of Bitcoin, gain the favor and recognition of traditional finance, and increase the popularity of transactions in the entire currency circle. In the long run, after positioning Bitcoin as a currency, the U.S. financial system can use Bitcoin’s legal status to play currency games and further cut the world’s leeks. “This is worth thinking about.”
A new resistance level is born and the danger is getting closer
Based on the movements of the past few days, the support level has increased to $9,500. Under the overall bullish trend, market prices need to continue to trade above the middle trend line (currently $9,800). The short-term profit target is $10,500. For the market to break through the next resistance level of $11,000, it will require a lot of multi-party strength. From a technical point of view, after Bitcoin continues to rise, the strength and weakness indicators of each period of the cycle are in the overbought zone. From the morphological point of view, the price has fallen and the need to rest, but the main intervention has also increased the variables. Now the market sentiment is bullish, but chasing the rise You need to beware of plunging and harvesting, after all, the purpose of the main pull is to smash the leeks. People will buy as high as it rises because he believes that there is still higher, and as low as it falls, people will sell it because he believes it will be lower. You have the reason for chasing, and he has the reason for fear. This is human nature.
Be careful; breakthrough 10,000 US dollars in Bitcoin and get a “currency” ID. The United States opens global leeks
In 5 months, 21 weeks, and 150 days, from the Kline in the figure, it can be seen that 3.12 Bitcoin fell to 3800 US dollars and quickly rebounded to 6500 US dollars. The unit is measured in weeks. After 3 consecutive weeks of plunge, it ushered in a continuous The 18-week rise, regardless of the cost of the 3-week shipment, took 18 weeks to rise back to the original point. It is conceivable whether the bargaining chip is more or less. Now that it has reached a high of $10,000, retail investors are interested, so why not worry.
Suggested reference for short-term spot and contract operations:
Spot: Upside resistance at 10,500 US dollars, down support at 9,500 US dollars. You can oscillate in this range, and remember that even if the resistance is broken, you should not be greedy to get on the car after $10,500. If the falling support level is broken, the second stage may fall to around US$8,100-8,600.
1. Empty order: It is recommended that the short position in the area of 10300-10400 is empty, the stop loss is 10500, and the target is around 10200-10100;
2. Long orders: It is recommended to buy long orders in light warehouses near 9900-10000, stop loss at 9800, and target near 10100-10150.
August market analysis or the beginning of the month began to fall
The current round of the Mavericks market was actually the upswing in early August, but it was just a week earlier. The end of each month is an important moment for contract delivery. At this time, the choice of pull is actually a smoke bomb released by the dealer, which aims to let retail investors and opponents relax their vigilance. The turning point for the 18th consecutive week of the upswing is the 19th week. Early August will be the harvest season for the bookmaker. Please hold your positions cautiously and wait for bottom hunters.