Mainstream coins open rally mode, short term still have retracement risk

BTC building up strength to break out of the triangle.

Recently Xinhua News Agency issued an article saying that if Bitcoin and others are only bought and sold as virtual commodities, the general public has the freedom to participate in the transaction at their own risk. That’s right, that’s what is called objective, bitcoin is in any sense commodity in nature and not monetary in nature. The article also mentions the worthlessness of aircoins such as dogcoins, catcoins, pigcoins, and eelcoins, but then, if bitcoins are bought and sold as virtual commodities, they are free, which means that this amounts to distinguishing bitcoins from these aircoins that are there or not, and this attitude is important, and it means that the attitude towards bitcoins may change in the future. In addition, today the People’s Bank of China also issued an article about virtual coins, which is mainly a transcript of last night’s CCTV report on virtual coins, so the content is the same, and the core is the problem that decentralized exchanges like Uniswap, which are uncensored and unvetted and regulated, can issue coins at will, and then there will be investors who fall for it and end up just rolling up and running away. Overall the official media’s stance has somewhat alleviated the market’s anxiety over the recent regulatory tightening

Data released by the U.S. Department of Labor on Thursday, June 3, showed that first-time claims for unemployment benefits in the U.S. fell to 385,000 in the week ended May 29, lower than the 393,000 expected by some economists and lower than the previous value of 406,000 in the previous week. This is the lowest number of initial jobless claims during the epidemic that has attracted much market attention since March 2020, the early days of the outbreak in Europe and the United States, and the first time in more than a year that the number fell below the $400,000 mark. However, this figure is still significantly higher than the previous period low – an additional 256,000 on March 14, 2020. The week after that, initial jobless claims had spiked close to 3 million, peaking at more than 6.1 million claimants in early April last year as the economy continued to shut down. Another area of concern is that the number of people claiming ongoing unemployment benefits rose by 169,000 to 3.77 million as of two weeks ago, also the highest since March 12 of this year. Meanwhile, while the number of people receiving some form of government benefits fell by 366,000 last week, the total still exceeds 15.4 million. While the Fed’s brownbook also acknowledged that the job market continues to improve, there are still large imbalances in the U.S. labor market, particularly at the lower end of the labor spectrum. The brownbook also cited feedback from regional business contacts that strong labor demand but subdued supply will continue, even forcing some companies to shorten hours and curb output. The market is closely watching Friday’s release of U.S. non-farm payrolls data for May, with consensus expectations of 671,000 new jobs, after a disappointingly large gain of 266,000 in April, when the market was expecting as many as 1 million new jobs.

BTC – Market Watch

From the four-hour chart, BTC gradually stabilized after continuous decline over the weekend, and the market turned long after the rebound broke the resistance. From the plate, the market yesterday to maintain strong continued upward momentum, the current market running in the channel near the upper rail resistance has been stalled short term risk of pullback. Concerned about the chart level resistance 40500 and channel upper rail 39500 rebound pressure position. The bottom concern 37000 near.

Mainstream coins open rally mode, short term still have retracement risk

From the 30-minute chart, BTC yesterday rallied back to the highs and shocked downward to adjust. From the plate, the early rebound near 39300 under pressure, the market trend is running in the channel short term bearish. Pay attention to the chart 39300 resistance position. The lower support is around 38200 and 37500.

Mainstream coins open rally mode, short term still have retracement risk

ETH-Quote Watch

From the four-hour chart, ETH recent oscillation upward continued to rebound, the disk to see the trend extended channel running near the upper rail, the overall trend is more. In the morning, pressure near 2900 has fallen. Mainly concerned about the upper horizontal resistance suppression 2900 line, the lower concern 2600 position.

Mainstream coins open rally mode, short term still have retracement risk

From the 30-minute chart, ETH high oscillation downward, from the disk to see the morning trend extended channel back down, above pressure near 2850, the trend is generally in yesterday’s rising market back down adjustment. Intraday attention to the lower support 2750 position, the chart above the resistance is located near 2850.

Mainstream coins open rally mode, short term still have retracement risk

LTC-Quote Watch

From the four-hour chart, LTC continued to rebound after bottoming this week, the overall extension of the upward channel running market bias. The disk looks yesterday after the high again after falling back to test the lower channel support position. Intraday attention to the upper resistance 200 and 205 near the suppression. The lower support is concerned about the 185 position.

Mainstream coins open rally mode, short term still have retracement risk

From the 30-minute chart, LTC morning show oscillation downward trend. The plate look trend extended channel running touched the upper rail resistance after turning down, here is also the key position of the short term multi-short game. Intraday attention to the upper resistance 195 near the suppression. The lower support concern 180 position

Mainstream coins open rally mode, short term still have retracement risk

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