Market analysis: Risk aversion cools down, and prices of safe-haven assets fall

There are several important news to talk about today. The first one is that everyone should know about Plustoken running away. This is actually a strange thing. Why was he arrested right after running away? It may take a long time from filing a case to investigating and collecting evidence. It is very likely that the trader was arrested and could not operate. This is actually a good thing for the market. It is difficult to fish in troubled waters in the market. Only by doing things honestly can you seize this wave of blockchain dividends. Speculation will definitely lead to death. Another is the issue of USDT issuance. We saw that around 1 o'clock in the morning, Tether issued 100 million USDT on the Ethereum network. Although it seems a lot, for the cryptocurrency market with an increasing market value, the role of issuing 100 million USDT is getting smaller and smaller. We saw that BTC showed signs of stopping the decline after seeing the issuance, but it was just a stop, and there was no counterattack. This shows that the bulls' confidence is still insufficient and the market still needs to be shaken and digested.

There is also news about the closure of the TRON Super Community app, which is suspected to have run away. Boss Sun immediately posted on Weibo to distance himself from the matter. The lunch between Boss Sun and Buffett was so popular that a large number of new investors who did not know the truth rushed in for Buffett's name, but ended up being robbed by the TRON community fund. What kind of suffering is this?

BTC

Since the market has made BTC a gold-like safe-haven product, it naturally needs to bear the decline brought about by the increase in risk appetite. At present, the trend of gold is also in a correction, and no stabilization signal has been issued yet. It is expected that BTC will continue to adjust. In the early morning of today, BTC retreated sharply, and the lowest retreated to the integer mark near 10,000 US dollars. Now it has fallen below the previous lowest point of 10,500 US dollars. Now it is doing consolidation near 10,500 US dollars. From the daily level, the 5-day and 10-day lines of the target are dead crosses, and the 5-day line is rapidly moving downwards, accompanied by the dead cross of the macd indicator. This long-headed and long-legged cross line is likely to be a falling relay pattern. Pay attention to the trend of the target in the next few hours. If it continues to fall below the 10,000 US dollar mark, it will inevitably go back to test the support of 9,000 US dollars. If it can stabilize and stop falling at 10,500 US dollars, it may have to go through a bottom-breaking trend if it stands on the 5-day line. At present, there is no obvious sign of gold stopping the decline, so I personally prefer to continue to test the support of 9,000 US dollars.

ETH

We see that ETH's current round of decline has not created a new low, and it seems to be about to form a double bottom. It is currently fluctuating around the integer mark of $300. We will observe whether this point can be successfully broken through. If it can stand back at this point, the possibility of forming a double bottom is relatively large. However, we are more inclined to the ABC downward trend and will further explore for support. Since the support level of BTC's C wave is calculated as 1:1 equal to that of A wave, then ETH's trend is obviously weaker than BTC. If we calculate it at 1.318 times, it is just around $225, and some support may be formed near this point.

EOS

EOS has a standard ABC three-wave structure and is currently in wave c. The measured decline of wave c should be greater than that of wave a. In other words, if the measured decline is equal in time, the target will not be able to stop falling and stabilize until it reaches around $5. We will then observe whether the point can stop falling and stabilize.

BNB

BNB re-entered the channel line yesterday. Theoretically, it will continue to operate within the channel line, but we can see that the trading volume of this stop-loss K-line is relatively small. It should make up for the volume and rise today. Now the 5-day line continues to move downward, which puts a certain amount of pressure on the currency price. The risk of breaking the position is still not ruled out. We still believe that it may fall to the integer mark of US$30. If it falls below US$30, you can leave the market and wait and see. If it re-enters US$35.5, the bearish view will be invalid and it may set a new high again.

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

Author: Talking about coins and gold