Should I bottom under Bitcoin stabilization?

Most coins were still affected by the news market during the day, extending the retracement trend to varying degrees.

Should I bottom under Bitcoin stabilization?

I don’t know when or where the next gust of wind will come from

For most people the medium and long term waiting is far better than frequent short term trading

1、Market news interpretation

May 23 overnight keywords: Goldman Sachs, South Korea, stable currency, DBS Bank

An upcoming report from investment banking giant Goldman Sachs shows that the bank has taken a serious look at cryptocurrencies. Alex Krüger, founder of asset management firm Aike Capital, shared a screenshot of the Goldman Sachs report on Twitter today with the headline, “Cryptocurrencies: a new asset class?”

Read: Goldman Sachs has long been a leader in the investment banking market, and its internal rhetoric has always been relatively wary of new things like Bitcoin, but has been investigating and getting involved in Bitcoin since 20 years ago, most notably with its Bitcoin Implementable Investment Report. This time the news is more of a headline party, not disclosed internally, so there’s no need to get on the bandwagon.

The South Korean government plans to levy a 20% tax on capital gains from virtual asset transactions starting next year. Investors in bitcoin and other cryptocurrencies have been calling for the South Korean government to adopt the same taxation standards as it does for stock trading amid previous cryptocurrency price spikes.

Interpretation: South Korea has long had a high-handed policy towards cryptocurrencies such as Bitcoin, which boils down to the painful memories of 17 years of national speculation that was eventually harvested, and the current decrease in the proportion of active numbers in Korea year by year does not trigger market panic.

The successor of Facebook’s year that shook the world, the dollar stable coin Diem is finally coming. On May 13, Facebook announced that Diem decided to withdraw its action of applying for a payment system license from FINMA, simplify the issuance plan of Diem dollar stable coin, and transfer its business back to the United States to run its blockchain-based payment system in the United States. In addition, Diem Association announced a partnership with Silvergate Bank, a US bank, which will become the exclusive issuer of the Diem USD stablecoin.

Interpretation: The so-called “simplification plan” is naturally a cover-up, and the ambition of the Libra plan in 2019 scared the global central banks, as well as the Federal Reserve and the U.S. Congress, which believed that it would greatly threaten the status of the U.S. dollar, and Zuckerberg’s two congressional hearings failed to curb the firm opposition to Libra from lawmakers representing the interests of other consortia. The Libra program was forced to stop. Finally Diem had to scale down the plan again, first returning to the U.S. from the U.S. dollar stablecoin, from the “multi-stable coin” and then scaled down to “U.S. dollar stablecoin”. This time it is estimated that there is no problem, since there is USDT, and then there are other dollar stable coins is also natural, the U.S. government can not stop. The entrance of Facebook will also provide stronger capital security compared to USDT, which is undoubtedly a good thing.

DBS Bank (DBS), the largest bank in Singapore, recently released a note to investors suggesting that Bitcoin is a more efficient asset to store value than the U.S. dollar. DBS noted that the decentralized nature of bitcoin and the limited supply combine to make bitcoin a powerful value storage option for investors. The team notes that due to its scarcity, bitcoin is more appropriately described as a crypto-commodity and is easily transferable.

Interpretation: DBS Bank is not state-owned, it is a private bank and does not represent the state leaving the market. Businessmen are profit-seeking just like Musk, so there is no need to over-interpret this news, it can be seen as a bullish class of investment banks, but not as a policy interpretation.

2, market analysis

Most of the coins were still affected by the news market during the day, extending the retreat trend to varying degrees. Under the high-pressure regulation, Bitcoin was the only one that stabilized, with the bulls always clinging to the key position and not letting go, compared to the rest of the coins that fell, the value speaks for itself.

Right now bitcoin gets stable or not will also determine the rise and fall of the market, in this round of regulation, in addition to bitcoin mining behavior does cause energy waste as well as environmental pollution problems, there is more about the trading aspect is implicated by the pyramid coin. And this series of regulation can also effectively clean up the market mixed situation.

So at this stage whether bitcoin can again stand firm in the 40,000 a line will become the future market of the long and short watershed, around this juncture to play the situation in the future will intensify, spot level can continue to pay attention, but pay attention to the contract appropriate pause, to avoid the short term among the rapid pin and sudden unilateral accidental appearance.

3、Currency analysis

BTC

Bitcoin is currently oscillating around the 37000-40000 range, and the hourly chart is gradually buying into a small range of shrinkage and oscillation. As the time line advances, the K-line pattern in the small level chart will evolve towards an inverted triangle, which means that in the next few days Bitcoin will finally choose the direction of the breakthrough in this area. The following is a list of some of the most important issues in the market.

ETH

Ether is still weak compared to bitcoin, at this stage over-the-counter regulation is coming, even with 2.0 optimization favorable support of Ether is difficult to erase the factors of policy direction, especially in the Ether-based network is filled with a large group of cottage coins. This has a certain drag on Ether, so this time Ether pay close attention to the strong support at the 2000 line, and the small pressure at the top 2500 line. According to the market break situation in the choice of entry.

ETC

The current market hotspot is still based on the optimized version of Ether, as the initial chain of Ether Classic can also still eat the news dividend, and this round of deep back pedal also opened up the space of Ether Classic, so you can pay proper attention to 55 a line and the second round of support 35 a line and the top 70 break, make a good choice of spot follow-up.

4, small coin layout inventory

UNI: the first round of reference 30-35, the second round of 20-25 a line, the last round of 10-15 a line. Two rounds of entry as planned . The average price is at 25 a line.

FIL: First round reference 100-110, second round 60-70 a line, the last round 30 a line. Two rounds of entry . The average price is at 80 a line.

DOT: first round reference 35 a line, the second round reference 20-25 a line, the last round 10 a line. Two rounds of entry, the average price of 27.5 a line.

OMG: the first round reference 7-8 a line, the second round reference 4-5 a line, the last round 2.3 a line. Two rounds of entry, the average price of 5.5 a line.

HT: first round reference 25 a line, second round reference 15 a line, the last round 6-8 a line. Two rounds of entry, the average price of 20 a line.

LINK: the first round reference 36 a line, the second round reference 20-23 a line, the last round 10-13 a line. Two rounds of entry, both at 28 a line.

SHIB: first round reference 0.000017 a line, second round reference 0.000008 a line, last round 0.000003 a line. The average price of the two rounds of entry is 0.0000125 a line.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/should-i-bottom-under-bitcoin-stabilization/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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