Negative news was maliciously exploited, the market has not yet fallen below the recent maximum oscillation range

Today BTC various reasons for the decline have been on the hot list, which also represents the current market sentiment and market winds, a little bad news on the wind, this situation is particularly serious in the recent market if there is a decline, which also makes the original influence of relatively less strong negative news will achieve more than expected effect.

Last night’s negative news is just two points, one is Trump singing short BTC, the other is the U.S. Department of Justice selling BTC news.

First of all, Trump shorted BTC, when Trump was in power, his attitude towards BTC was not too good, but there was no shortage of cryptocurrency-friendly officials under him, and he did not make too much crackdown on the cryptocurrency market, and now he mentioned BTC again, just a slam against the white ZF, using BTC to attack the dollar, and a former president who has no influence at present, what substantial impact can it bring?

The other is that in May this year by the “DarkSide” (DarkSide) cybercrime group hacked into the network of the Coloniair Pipeline Transportation Company to obtain a large amount of data, and the latter threatened to pay a ransom, and the latter paid 75BTC (worth $4.4 million at the time), recently investigators recovered by Coloniair Pipeline Transportation Company to pay 63BTC. The 63.7 BTC paid by Neil Pipeline Transport, which represents approximately 85% of the total payment, is now worth approximately $2.3 million due to the decline in the price of BTC. Investigators recovered 63.7 BTC, or about 85 percent of the total payment amount, paid by Coloniair Pipeline Transportation Co. The report says the bitcoin is currently worth about $2.3 million due to the drop in price. Some suspect that the U.S. Department of Justice dumped the BTC they recently recovered, which caused the sudden drop.

Let’s imagine that even if the news of the DOJ sell-off is true, does it make sense that a sell-off of 63.7 BTC, worth $2.3 million, slammed BTC down 8%, bringing the market’s blowout to $1.1 billion in 24 hours?

As a comparison, on June 7, ARK Fund bought 18,746 shares of Grayscale Bitcoin Trust (GBTC) and bought 13,718 shares of Coinbase stock. microstrategy is negotiating a 6.25% to 6.5% junk bond offering yield with investors to fund its purchase of more bitcoin, which is expected to raise up to 400 billion.

Negative news was maliciously exploited, the market has not yet fallen below the recent maximum oscillation range

Which of these two positive news in the data, which is not hundreds of times better than the so-called smashing news? But the final effect is indeed on the negative side, that is obviously a whale deliberately for the smashing.

In fact, the dealer deliberately smashed the market itself is commonplace, but with the current environment and wind direction, coupled with the intentionally exaggerated, investors’ mindset are in a relatively fragile stage, it caused the situation at the moment. We do not judge that the next will certainly rise or fall, only that the situation has not deteriorated to have fallen below the recent maximum oscillation range, so for the time being there is no time to have to use more pessimistic mood to treat the market.

The current domestic market also came good news, the Securities Times published an article today: China intends to cultivate a number of internationally competitive blockchain famous enterprises. June 7, the “Ministry of Industry and Information Technology Central Network Security and Information Technology Commission Office on accelerating the promotion of blockchain technology applications and industrial development guidance” was released, in empowering the real economy, enhance public services, consolidate the industrial base, build a modern industrial chain, and A total of 22 key tasks are proposed in five aspects: empowering the real economy, improving public services, consolidating the industrial foundation, creating a modern industrial chain, and promoting the development of integration. The Opinions proposed to cultivate a number of internationally competitive blockchain enterprises, nurture and incubate blockchain startups, and encourage the creation of unicorns.

This news may not be related to the cryptocurrency market, but we can see that the domestic support and promotion of cryptocurrency-free blockchain technology is incomparable, which also shows why the country still has the confidence to make a breakthrough in blockchain and even lead the world despite the strong regulation of the cryptocurrency market. We also hope that these two directions can go hand in hand.

Back to the market, this morning is basically a continuation of the downtrend, earlier the market fell to $33,000 near slightly began to stabilize, but at 10 am the market continued to break down, fell below $33,000, directly slipped to $32,000 near, which is more consistent with our early market inference, after falling below $33,000, sentiment will continue to release downward slide, and the current is also a rebound back to the near $33,000.

At present it is more obvious that this large triangle is broken, the market basically did not make a decent rebound, it continues to go down, which is probably the main reason why the market is more panic, the triangle is broken, there is basically nothing below the point of force, it is possible to continue to find the bottom.

Negative news was maliciously exploited, the market has not yet fallen below the recent maximum oscillation range

Technical key position of the break down, will indeed create market panic, but it should be reminded that the role of the current market technical is actually relatively limited, the overall or news and market sentiment to do the main guide, therefore, for the technical break down, we can be alert to it, but there is no need to be overly pessimistic.

Moreover, the investment advice we gave previously, can also make everyone even in the process of falling below $ 30,000 or even further bottoming out, to minimize the risk, as long as you do not touch the contract not to add leverage, each time in batches to clear positions do not impulsively carry out the so-called bottoming, will be able to make their own to the end have enough chips.

The market in early June so go should not be unexpected, the market rose previously when the market to June big rally as the mainstream view, we reminded, June should not be the most concerned about the big rally, but when the market can completely stabilize, and now still in the process.

In addition, many partners want to go through some cottage coins that have fallen too much in the past, in order to take a small advantage of the advice or more consideration and caution, many cottage coins may be completely eliminated in this round of the market, it is recommended to try to choose some mainstream coins.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/negative-news-was-maliciously-exploited-the-market-has-not-yet-fallen-below-the-recent-maximum-oscillation-range/
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