Musk can’t control the price, the cryptocurrency circle finally returned to the bull market

The recent market turmoil has left investors with “big heads” and calls for the end of the bull market are getting louder and louder.

Musk can't control the price, the cryptocurrency circle finally returned to the bull market

The recent market turmoil has made investors “head big”, and the call for the end of the bull market is getting louder and louder. When most retail investors think the bull market is over, Zhuge himself thinks the bull market is not over, and the bull market is only in the medium-term adjustment stage, which can also indicate that the bull market is indeed over halfway, but not the end of the bull market, I believe the second half of the year will come out of the second half of the bull market, as long as the current adjustment cycle is sufficient, we will see the arrival of a new round of climax in the second half of the coin circle, which may be more “exciting” than the first half of the market.

The past month the cryptocurrency circle has been “controlled” by Musk, first in April to sing the dog coin, so that the dog coin crazy rise, with the collective speculation of the animal sector, triggering the speculative nature of the market, which is obviously a bubble, with Musk in the variety show admitted dog coin is a scam when the animal sector “popping the pot”, triggering panic selling in the market, generating a domino effect, which was transmitted to bitcoin, due to the reduction in the inflow of bitcoin funds in recent months, leading to a lack of support for itself bitcoin, with the fall of bitcoin, further triggering a market stampede, in the end, is a kind of market sentiment venting, rather than a shift in market fundamentals The market is in the end an emotional outburst, not a shift in market fundamentals.


The price continued to decline yesterday, hitting a new stage low again, showing that the current short-side is dominant and the long-side rebound is weak. It is expected that the short-term trend is still weak, mainly focusing on the short-term $44,000 line between long and short-side contention, as this level is an important mid-term retracement level, and if the weekly stage loses this support, the market price will still have the risk of a downward spiral.

Musk can't control the price, the cryptocurrency circle finally returned to the bull market

Even if the short-term can hold the $ 44,000 line, but the upper $ 52,000 near a strong pressure, so the second half of the time more inclined to range oscillation, the more optimistic view is that the bottom between 42,000-52,000, June prices gradually back to $ 60,000 level, but for the time being still need to take a step to see a step to judge the market. Pressure level: 50000, support level: 43000.


Yesterday’s bottoming out, the short-term temporary support level of $3120, as long as this week’s low is not lower than this support, the market is expected to gradually rise, the pressure above mainly in the vicinity of $3735. Pressure level: 3600, support level: 3120.


As expected to test the $33 line of support, temporarily supported, but prices need to return to above $40 to get rid of the current weakness, otherwise, the short-term will still repeatedly test the support level, and there is a risk of decline. Pressure level: 36.00, support level: 33.00.


Currently forming an obvious down channel, short-term difficult to reverse, can only rely on the support below to stop the bleeding, and then the formation of horizontal oscillation, pay attention to whether the bottom can be built this week, the short-term is still biased wait-and-see. Pressure level: 550, support level: 500.


Yesterday there was a shadow line, the low just touched the $ 260 support level, representing $ 260 is effective support, as long as the price does not break through this support this week, the short-term downside risk is controlled. Pressure level: 300, support level: 260.


After three consecutive negative, it is expected to further dip today is unlikely, is expected to be dominated by shocks, the main pressure level above the current $ 46 line, the medium-term box oscillation pattern remains unchanged. Pressure level: 46.00, support level: 36.00.

Posted by:CoinYuppie,Reprinted with attribution to:
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