Yesterday’s rally was strong and there is hope that it will continue!

The crypto asset market is hurting badly, and the $2.2 trillion market cap supported by more than 7,400 coins has evaporated $77 billion in a week.

Yesterday's rally was strong and there is hope that it will continue!
  1. Daily Analysis

Risk intensifies as it falls below 42,000!

Btc Analysis.

The crypto-asset market was badly wounded, and the $2.2 trillion market cap supported by more than 7,400 coins evaporated $770 billion in a week, and the main support Bitcoin (BTC) market cap fell from $853 billion to $678.4 billion, but the market cap share rose from 37.96% a week ago to 46.2% at the moment. BTC once again proved to the crypto-asset market that it is dominance, and as it tilts down, all other categories of crypto asset market caps will be hard to escape and shrink even more. The market has been on edge during the down cycle. Now it seems that the May 13 news that “Tesla suspended its plan to accept bitcoin payments” was just a prelude. The nervousness in the market was further exacerbated by the Chinese financial regulator’s crackdown on virtual currencies and bitcoin mining and trading. A number of domestic business entities involved in bitcoin mining and trading are responding, and a lot of gossip and rumors have emerged during this period. The panic continued to spread and spread through the market decline, which in turn caused further capital flight and market decline. And as the market collapsed, the bitcoin giant whales began to move in to sweep the market.

The day before yesterday Jane more we suggested short positions to buy directly into the triple bottom position, yesterday prompted on the five-day line to continue to buy in batches, mainstream coins generally rebounded in more than 30%, and even link rebounded more than 40%, congratulations to the pollen who bought in. Back to today’s plate, yesterday’s rally is relatively very fierce, the volume is also very large, also on the 5 day average support, meaning that the short term may end, will not be a substantial retracement, we think the biggest possibility is around the 5 day average movement, waiting for the average to flatten and macd form underwater golden fork, the long head to further crazy counterattack, the operation is recommended to position light to low The support level is 36800 and the pressure level is 42000.

eth analysis.

eth we prompted yesterday double needle bottoming, the strength of the rebound exceeded our expectations, we yesterday expected to rebound to near the 5-day SMA, the results today directly rebounded to near the 10-day SMA, the more powerful, positive release anti-package negative, operationally recommended to continue to hold coins, retracement focus on layout. Support level 2350, pressure level: 2770.

bch analysis.

bch we prompted yesterday market value fell to 70%, the opportunity is greater than the risk, it is recommended to buy in batches. Congratulations to keep up with the pollinators, yesterday bch release positive anti-package negative, short term into the security period, the operation is recommended to start the pullback in batches back to cover positions. Support level 650, pressure level 820.

bsv analysis.

bsv has not fallen below the support line near 140 as we said, operationally we suggest taking the support line as support and covering positions on the low. The support level is 150 and the pressure level is 210.

ltc analysis.

ltc we hinted yesterday four-hour macd bottom divergence, there will be a good rebound, the rebound is very strong, has been on the 5 day average support, we think the short term will not be a big drop, the probability of oscillation upward, operationally we recommend to continue to hold the coin, retracement focus on layout. Support level 160, pressure level 200.

link Analysis.

link said yesterday that the rebound will be very fierce, within our expectations, this is the strong Zhuang coin should have performance, the volume of positive line reverse wrapped negative line, continue to be bullish, the operation is recommended to continue to hold, retracement focus on the layout. Support level 22.0, pressure level: 30.0.

sushi analysis.

sushi we prompted to reduce a portion of the position near the 200-day line, for the time being, do not backfill the position, hold a light position on the sushi line go too chaotic, it is recommended that small funds to participate in the low. Support level 9.5, pressure level: 13.0.

ada analysis.

ada we prompted yesterday 1.0 U.S. dollars lifeline is vital, and eventually lived up to expectations to hold, more than began a frenzied rebound, two days up 50%, the daily macd is still above the zero axis, or more than the ground, the operation is recommended to continue to hold the coin, pull back in batches of layout. Support level 1.4, pressure level: 1.7.

xrp analysis.

xrp rebound regained on the 120-day SMA support, the positive line reverse wrap negative, short-term long strong, operationally recommended small positions to participate. Support level 0.84, pressure level 1.14.

zec analysis.

zec four-hour bottom divergence rebound more than we expected, more volume of positive lines to reverse the negative line, short-term probability has stopped falling, operationally it is recommended to start back to cover positions on the pullback. Support level 120, pressure level 170.

xtz analysis.

The market value of xtz has fallen almost 70%, now there is a rebound, but also fell more than 50%, we think it is a position of opportunity than risk, operationally it is recommended to continue to hold coins. Support level 3.0, pressure level: 4.0.

dot analysis.

dot rally is relatively good, more volume, short term probability has stopped falling, behind or slot auction favorable, we think dot will not be too bad, operationally recommended to low layout. Support 19.5, pressure level: 24.5.

uni analysis.

uni we prompted yesterday four-hour macd bottom divergence, the rebound also stood on the 5 day SMA support, the volume of more energy is also very large, the short term has stopped falling, the operation is recommended to continue to hold the coin, the callback in batches to cover the position. Support level: 20.0, pressure level: 27.0.

The key note: Flower analysis of the trend is valid for 24 hours, suitable for short term traders, if you can not insist on reading the article every day, it is easy to miss the operational guidance and cause losses. Buddhist coin holders can ignore the short-term trend and take a year, making money is probable.

2、Daily Coin News

Daily hot news interpretation

Recently, a news of “Inner Mongolia set up a reporting platform for virtual currency mining enterprises” has been on Weibo hot search, in fact, cryptocurrency mining has always been a concern, and this time, Inner Mongolia is not the first province to clear the “mining” enterprises. Xinjiang and other places have introduced similar policies. Many people are concerned that many places may introduce policies that exclude mining in the future due to the influence of “carbon neutrality” and other important international climate issues in recent years. Because we know that the Bitcoin system relies on miners to generate consensus to maintain the security and stability of the system. The first thing you have to deal with when a lot of mining sites close is the issue of arithmetic power. To say that there will be no impact at all is certainly not possible, because at least for a short period of time bitcoin arithmetic power will be adjusted downwards. But the impact is actually very small, because Bitcoin is already a global public facility, with nodes all over the world, and as a peer-to-peer distributed system, its biggest feature is that it is “resistant to single point of failure”.

However, some people are concerned that in extreme cases, if the computing power of a country suddenly shuts down, the computing power drops dramatically, and Bitcoin’s difficulty adjustment mechanism doesn’t adjust as quickly, the time to get out of the block will be extended. However, this fear may be superfluous, as a significant drop in computing power means that other miners will have a chance, as this is the time to get into mining for more revenue, and some of the older mining machines that are close to being phased out due to their “energy consumption ratio” may be back on the shelves. In other words, if the miners stop mining here, they will soon be replaced by miners from other regions. This is also considered a game between miners under the economic model designed by Bitcoin. Therefore, even if all the mining farms in Xinjiang and Inner Mongolia were shut down, it would not have much impact on the stability of the Bitcoin system, let alone on the market.

Although mining uses a lot of “non-clean energy”, the use of “clean energy” is much more, and in the future, driven by long-term environmental factors, bitcoin mining is bound to shift to the use of mainly clean energy. In the long run, miners need to find clean energy to mine. Solutions are also being sought within the blockchain. For example, the establishment of a blockchain backtracking mechanism to distinguish clean energy mining products, in the context of future institutional entry, or even the emergence of clean energy, the price of bitcoin will be better.

3、Recent recommendations

Follow the trend, be a trend follower

We prompted people to buy the bottom position the day before yesterday at almost the lowest point, and yesterday we prompted that you can buy in batches on the five-day line, which is also considered to lead you to eat a wave. As analysts, we do not miss almost every wave of the major trend, you may not be able to copy the lowest position, but it will be the relative bottom. As a mature trader, do not always think about escaping the top to escape to the highest point, the bottom to the lowest point, risk control is the most important thing we should do a good pass.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/yesterdays-rally-was-strong-and-there-is-hope-that-it-will-continue/
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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