Waiting for the Mentougou bill to be released, it may have an impact on the short-term market

Madman said

The two big positive factors helped the market to force a surge in the morning, but with a wave of losses at noon, the market returned to a volatile situation again. The biggest reason for this was that the previous coin hoarders had a large number of cheap chips in their hands and cashed them out. Data shows that a large number of investors who have held for 6-12 months have loosened their chips, and the continuous entry of institutions is taking over these selling pressures at high levels, which shows that the market is still changing hands at high levels, so it is difficult for the market to quickly move out of a new trend. We just need to hold the coins patiently, and time will give us better profits.

Two good news this morning are that Pornhub, the world's largest porn website, has cancelled legal currency payments and only accepts cryptocurrency payments. The biggest beneficiaries are Bitcoin and BCH. The website has an annual profit of more than 10 billion US dollars and its traffic accounts for one-third of the world's total. This strong data foundation has made cryptocurrency receive more attention in this reform, prompting users with urgent needs to participate in the currency circle, which is good news in the long run.

Another piece of news is that there are rumors that Zuckerberg bought $3 billion worth of Bitcoin through Candy Capital. The media speculated that it was Zuckerberg's personal investment, trying to enter the Bitcoin market through the family business to avoid external publicity. The news has been deleted and it is difficult to distinguish the truth. But Kuang Ren thinks that from the perspective of Diem (formerly Libra), Zuckerberg does have the motivation to buy Bitcoin and wants to better issue encrypted assets (stable coins). It would obviously be better to have Bitcoin as an endorsement.

Italian private bank Banca Generali plans to launch cryptocurrency services in 2021 and has spent $14 million to acquire the Conio Bitcoin wallet. Banks, especially high-end private banks, are frantically deploying cryptocurrencies. This is exactly what high-net-worth clients are eager for. They have this configuration demand, so banks immediately develop related products. In the future, more wealthy people will enter the cryptocurrency market to protect us.

Grayscale's overnight increase and decrease in positions are as follows:

The increase in Bitcoin holdings is still very obvious, and a lot of BCH has been added. The logic may be related to Pornhub's payment. It is understandable that foreign institutions have allocated some to each mainstream currency. The most important thing is to continue buying Bitcoin.

The greed index is at 91, which has fallen back. Every attack to 95 has not been so smooth, and this time is no exception. It is very likely to continue to maintain a high level.

Market Analysis

Bitcoin:

The market continued to fluctuate at high levels and attempted to break through but failed. However, there was no continuous supply after the decline, indicating that the market was still in a range of fluctuations, with pressure from above and support from below. At historical highs, the longer the fluctuations, the greater the chance of upward movement. At present, Kuangren still believes that the market will form an upward relay at a high level and then further advance to new highs.

ETH:

It is mainly based on linkage, with no direction at high level, and continues to run within the triangle.

XRP:

Independent decline, no rising expectations for the time being, do not participate.

LINK:

The market will fluctuate in a linked manner and then move sideways, and there is hope for an upward attack.

BCH:

The bottom continues to rise, and today's daily volume is not bad, and it is expected to continue.

LTC:

The price has been rising and falling for two consecutive days with shrinking volume. The upward momentum is not very strong and there may be a correction in the short term.

ADA:

The pressure from above is still very high, so please participate with caution unless the volume increases.

XMR:

In the short term, it will move up along the 5-day line and the upward trend remains.

FIL:

Miners are all complaining that packaging consumes too much FIL. This project owner will really cut costs. They cut costs from selling mining machines, mining, and currency speculation. There are so many people helping to promote this kind of project. Let it fluctuate. I don’t intend to analyze it.

DOT:

There was a strong rebound today, and the small double bottom at this position is doing well and is expected to continue.

YFI:

It continues to consolidate within the triangle and the volatility is expected to continue.

The market still has no direction in the short term, so you should be patient and wait. The Mentougou bill may come out tonight. If I see the final result, I will pin it to the top of the comment area. This bill is expected to crash the market, so you should pay attention to the short-term decline risk.