Breaking and Breaking, Bitcoin Leads Return of Market Confidence

Market Sentiment: According to relevant data, as of 24 hours before press time, the number of major virtual coins in the market rose by 40.87%, which is less than the 59.13% of the number of declines. 518 coins rose by more than 10%, and the number of coins that fell by more than 10% reached 630. Although the data shows that short-term sentiment is still pessimistic, there has been a big improvement compared to yesterday. Because the data is for the past 24 hours, if you count from after midnight today, the short-term market sentiment has entered the optimistic state.

Breaking and Breaking, Bitcoin Leads Return of Market Confidence

Yesterday evening bitcoin price after another small dip ushered in the stop-and-go market, the volume in this round of recovery market is the largest in the same direction since May 25. Looking at the overall structure, both volume and the momentum indicator MACD showed a significant contraction in downward strength, also known as bottom divergence. From the 1-hour level chart, last night’s low to the current phenomenon of a significant upward shift of the high and low points.

It is expected that the current round of down market has basically announced the end of the market after the probability will gradually shake back up. However, because the current short-term rebound range is large, and has touched the previous resistance, continue to continue the current rapid rise in the probability of the market is not large. It is recommended that the next line of support can focus on 32500, can be seen as a short-term strength and weakness of the dividing line, not broken is strong, if obviously broken there is a new low may be, but the short is also the end of the strong, difficult to have a sustained sharp decline.

Support: 33500–32500–31500

Resistance: 34300 – 35200 -36400

ETH followed Bitcoin to stop its fall and rally, but this time Bitcoin had the upper hand, taking the lead and breaking through yesterday’s afternoon rally highs, and you can clearly see the highs and lows moving up in the 1-hour chart, while ETH is still running below the pressure line marked in the chart. However, there is no difference in the overall rhythm of the trend, it is just a matter of which is stronger or weaker.

It is expected that the probability of continuing a significant decline in the short term is very low, if there is a fall is also small, breaking the pressure line in the chart is seen in today and tomorrow is a probable event. Short-term support can be concerned about the 2412 line, as long as the price does not fall below the adjustment can be regarded as a benign adjustment, if the obvious break is likely to test the effectiveness of the support near 2290 again.

Support: 2440 – 2350 – 2250

Resistance: 2560 – 2640 – 2740

DOT did not break the key support level (near 19) yesterday, the current rebound strength is relatively weaker than bitcoin, but the probability of a significant decline in the continuation of the same is low, if there is a dip is a very good opportunity for low suction. The short term support can be concerned about 20.5 a line, predicted short term even the price is difficult to break, the key support is still not 19. above the resistance first look at 22 a line, before the break should not chase up, if the break will be a good probability of sustainability of the recovery market.

Support: 20.50 – 19.00 – 17.50

Resistance: 22.00 – 23.00 – 23.80

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/breaking-and-breaking-bitcoin-leads-return-of-market-confidence/
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