Is BTC an institutional bull run?

Fundamental analysis

On November 21, CFTC released the latest CME Bitcoin Futures Weekly Report (November 11-November 17). BTC's upward momentum continued during the statistical period. Although it basically remained sideways in the first half of the statistical period, a wave of increases in the last section laid the foundation for subsequent surges. The market's upward momentum has not changed significantly, and it remains to be seen whether institutional investors still maintain their bullish attitude.

The long positions held by larger brokers increased from 832 to 845, and the short positions decreased from 7 to 4. Large institutions still showed a fairly clear bullish attitude in their position adjustment performance in the latest statistical period . Even with such a limited stock of short positions, they can still reduce short positions while increasing long positions. From the results, it can be seen that the bullish thinking of broker accounts in recent period of time has "won a big victory".

In terms of retail positions, long positions rebounded from 2,839 to 3,110, and short positions rebounded from 595 to 697. After surprisingly increasing their net short positions against the trend in the previous statistical period, retail accounts did not stick to this reverse thinking when the market went higher. In the latest statistical period, they quickly returned to the trend of increasing long and short positions simultaneously, and the increase in long positions was even greater. It can be said that retail investors failed in this challenge to the market and the "authority" of institutions. The only net short position reduction in the past few weeks ended in failure, which is actually a warning to market participants that they should not blindly try to go against the trend.

While everyone's attention was focused on Grayscale, Tether continued to issue more USDT. In November, Tether printed 12 new USDTs, totaling 2.02 billion USDT.

According to the data from Tokenview block browser, Tether printed 12 new USDT in November, totaling 2.02 billion USDT. Of these, 920 million were issued on Ethereum and 1.1 billion were issued on TRON. Currently, USDT ranks fourth in the digital currency market capitalization ranking with a market capitalization of 18.516 billion USD, far surpassing the fifth-ranked LTC with a market capitalization of 5.593 billion USD.

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Technical Analysis

BTC

After a slight correction at the weekend, BTC continued to soar today. The daily chart rose steadily along MA10. The wash in the upward trend is one of the good performances of the upward trend. There is no clear signal of the trend peaking and market reversal. 17800 has changed from a resistance level to a support level. BTC is very close to the historical high of $20,000 and the potential target of the third wave of $20,500. The panic greed index continues to show extreme greed. After reaching the target level, some positions may be profited and a small adjustment may occur.

Support level: 17800, resistance level: 20000, 20500.

ETH

ETH experienced huge fluctuations over the weekend, but then quickly recovered and continued to soar. ETH has temporarily escaped the impact of potential selling pressure from liquidity mining, and the ETH2.0 staking model has created strong demand momentum, and the price is relatively strong.

After ETH broke through 475, the speed of its rise has accelerated significantly. It has now broken through the potential third-wave target of 542. After 312, the main third wave of rise has been confirmed , and there may be further room for growth in the future.

Support level: 475, 573, resistance level: 670.

BCH

During the BCH fork, it did not break away from the oscillation between 210 and 270. After the fork, it briefly corrected. The big positive line on the weekend broke through the resistance level of 270 and quickly came to the second resistance level of 314. After encountering resistance at 314, it fluctuated with an amplitude of 13%. Today, it tested the resistance near 314 again.

Whether BCH can break through the 314 and 360 positions in the future is the key to whether it can restart its upward trend , especially the 360 ​​position, which is crucial to whether BCH can regain its upward trend in the future.

Support level: 270, resistance level: 314, 360.

UNI

UNI has formed a very strong upward trend . Although it encountered resistance at 4.0 in the short term, the bullish trend has not changed. When it fluctuates at a high level, the volume is relatively stable. The K-line has been running in the upper half of the big positive line on November 13, which is a signal of bullish strength. After the adjustment, the bulls may restart a new upward trend.

Support level: 3.45, resistance level: 4, 4.5.

Calm down and reflect on the operating system.

There are flaws, but also luck.

When good luck comes, heaven and earth are on your side; when bad luck is gone, even heroes cannot be free.

If even heroes are like this, what about us ordinary people?

After falling, how many people can stand up again?