Market analysis: Bitcoin shorts are gradually gaining strength, and the intraday market is becoming clearer

News:

Deloitte, one of the “Big Four” accounting firms, now allows its employees to use Bitcoin to purchase food at its in-house buffet, the Luxembourg Times reports.

Japan passed the law "Amendment to the Funds Settlement Law", officially recognizing Bitcoin as a legal means of payment, and since 2017, more than 200,000 merchants in Japan have begun to use Bitcoin as a payment method. In Tokyo, famous Japanese electrical appliance stores such as BIC CAMERA have posted notices accepting Bitcoin payments, but the upper limit for each order is 100,000. Bitcoin is also supported by scanning codes, which is simple and convenient.

As the global epidemic continues to spread, most institutions are continuously buying Bitcoin due to risk aversion and other factors. The development of digital currency Bitcoin has not stagnated, and there will be better development opportunities in the future.

Technical aspects:

From the daily chart, the K-line has ended in a negative line for three consecutive days, and has broken the lower rail support position many times. At present, the Bollinger Bands are open, and the upward momentum is weak. After yesterday's sharp rise and fall, the market is still relatively weak overall, and the price has not stabilized above 9200. The intraday highs began to move down, and the price is running near the lower rail position. The support below is still focused on 9000. Once it falls below, the trend will further decline, and then look at the previous day's low of 8920.

In the short-term four-hour chart, the Bollinger Bands are closing, and the upper suppression position is moving down. If there is no strong breakthrough in the future, the author Chuchu predicts that the price will have a chance to go below 9000. Therefore, it is recommended that you follow the trend to make orders, and do not think in reverse. The overall trend is currently fluctuating downward, and the operation is recommended to be mainly short.

Operation suggestions:

When the price of Bitcoin reaches 9200, short orders are entered, with a stop loss of 9270 and a take profit of 9090-9050. If the price further falls and breaks the key support of 9000, short orders can be taken, with a take profit of around the previous low of 8920.

Affected by Bitcoin, the price of Ethereum (ETH) began to slowly test downward in the morning, and it is possible to refresh yesterday's low. The overall trend is downward, and the upper pressure position is 232. If the price touches it, you can consider entering a short position, with a stop loss of 234 and a stop loss of 228. If it breaks yesterday's low of 227.8, you can follow the trend and take profit at 225-224.

Prince (BCH) is linked to Bitcoin. The operation suggestion is mainly high-altitude. The upper pressure is also at 232. If it is touched, you can consider entering a short position, stop loss at 235, and take profit at 227-226.

The current price of LTC (Litecoin) is around 43, and the market is fluctuating at a high level. The operation suggestion is mainly low and long. The upper resistance is 44-45, and the lower support is 41.5.