Market analysis: Global easing is approaching, gold bulls are unstoppable, can BTC keep up?

Last night, the Bank of Korea and the Bank of Indonesia joined the interest rate cut camp. Gold broke through the box and oscillated, creating a new high since the rebound. Last night, the Libra test network was launched for testing. Multiple news superpositions stimulated BTC to rise rapidly. Yesterday, we mentioned in the article that the second hearing in the United States did not seem to reject Libra all at once, so the launch was only a matter of time. I didn't expect the test network to be launched so soon. Global monetary easing is approaching. We have always believed that BTC will not have a deep decline. After all, there is an expectation of currency depreciation. The short-term bottom of the market has been basically found. I personally think that repeated shocks are needed to confirm the effectiveness of the bottom, and the possibility of a V-shaped reversal is not great.

BTC

Previously, we believed that BTC would fluctuate in a range to relieve the panic and then move upward again. However, due to the news and the stimulation of rising gold prices, BTC bulls acted in advance and hit the integer mark of $10,000. However, this does not seem to mean that the adjustment is over. The upward space seems to be limited. The pressure near $11,000 is extremely strong. Judging from the current trading volume, it seems difficult to pass it all at once. There should still be repeated fluctuations here, but the bottom of $9,000 has been found. The specific rhythm of the rebound still needs to be observed. The safe way is to wait for the macd indicator to be above the zero axis, and the 5-day line turns upward to form a golden cross with the 10-day line before participating in the rebound.

ETH

ETH is fluctuating and bottoming out. Yesterday, it followed the market to rebound to the pressure level near $225. It is still hovering around this point. $190-200 should be a short-term bottom. I still stick to the previous view that the bottom is not formed in one day. It takes many days of shrinking fluctuations to brew a new round of rebound. I personally think that in the short term, the target will fluctuate and consolidate in the range of $190-225, waiting for the indicators and the moving average system to go well. You can buy low near $190 and sell high near $225. If it effectively breaks through $225, it will rise to $260, and if it effectively falls below $190, it will leave the market.

BCH

BCH rebounded with the market, and the current 5-day line turned upward. The MACD indicator is still in a weak area. The sustainability of the rebound has yet to be confirmed, but the short-term bottom has basically been found, basically around $240. I personally think that it will test the support of $240 again. If it does not fall below this point, it may trigger a small rebound. You can boldly participate in the rebound at this point. The upper pressure level is around $336. If it effectively falls below $240, the bullish view will be invalid and you should leave the market and wait and see.

BNB

BNB's moving average system shows a short arrangement, and the macd indicator is still oscillating weakly. The currency price has hit the lower track of boll, and the boll line has begun to nod downward, with a trend of retracing to the middle track of the boll line. The trend of this target is very strange. It has been trading with a large volume for two consecutive days and has returned to the 5-day line. It is currently facing the pressure of the 10-day line. If it wants to get rid of the downward trend, it should continue to increase the volume and attack. I personally think that the two consecutive abnormal trading volumes may induce more buying. If it can successfully return to the pressure level of US$30, the suspicion of inducing more buying can be ruled out. If it cannot effectively return, then the decline of this target will be large, so pay attention to the risks.

The author’s views are for learning and communication only, are not intended as investment recommendations, and do not constitute an investment basis!

Data source for this article: QKL123