Market analysis: Bitcoin market has completed short-term correction, Litecoin has entered the acceleration stage

Market fundamentals

The hot news about Justin Sun spending huge sums of money to bid for Buffett's lunch has not yet faded, and the news that the founder of BitEasy ended his life after the futures contract of investors lost BTC worth 100 million yuan shocked the cryptocurrency world. While feeling sorry for this news, it also reminded the cryptocurrency market users to always remember the risks, and the rule is to be reverent (investing with borrowed funds is an absolute taboo in the financial circle). What's more, we are in a higher-risk market like the cryptocurrency market, and avoiding risks is more important than making profits.

Trend Analysis

BTC

After hitting the high resistance of $9,090 (Coinbase pro platform), the spot price of Bitcoin has fallen sharply recently. After a period of downward correction, the market shows signs of oscillating again. From the 4-level trend, the downward correction has been temporarily slowed, and there are signs of incremental rise to test $8,300. However, it should be noted that the proportion of funds outflow from the market increased relatively when the Bitcoin market fell and corrected in the early stage, indicating that some long main forces began to profit and leave the market, and some existing funds in the market began to hesitate. When breaking through and testing $8,300 again, sufficient volume must be coordinated (the 4-hour level volume of the Coinbase pro platform cannot be less than 9,000 BTC), otherwise the risk of downward correction will increase again.

Support level below Coinbase pro: $7780

Upper pressure level Coinbase pro network: $8,300

ETH

Ethereum followed the rise of Bitcoin spot in the early stage, and when it encountered resistance and fell back, it was almost completely synchronized, but there is one difference, the market selling pressure of Ethereum is relatively smaller than that of Bitcoin, and the market is more of a follow-up trend. The activity of the Ethereum community has been increasing recently, and it will announce another upgrade at the end of June. In the future, as Bitcoin tests the rebound resistance upward, Ethereum will also rebound in a corresponding stage.

Support level below Huobi: $240

Upper pressure level Huobi: US$265

LTC

As the production cut date approaches, the market's attention to Litecoin has also increased dramatically. When the Bitcoin market fell back, Litecoin's strong performance also reflected the market's characteristics of being reluctant to raise funds. In mid-March, I did a large-scale trend analysis of Litecoin in the communication group, predicting that the trend high point of Litecoin would be at the end of June, with an expected height of 155-185 US dollars. If the market is relatively crazy, it will go to around 200 US dollars. As of today, when the article was published, Huobi LTC Litecoin is currently priced at around 138 US dollars, which is about to approach our expected height. According to the daily trend analysis of Litecoin, Litecoin is approaching the stage of accelerating its rise from a high position.

The lower support level of Huobi: $130

Upper pressure level Huobi: $155

EOS

After the good news announced by BM on June 2 was realized, the market continued to sell off and cash out, and a large amount of funds continued to flow out. Although the market selling pressure has weakened in the short term, it is difficult to get out of the independent market, and the weak rebound trend will continue.

Support level below Huobi: $6

Upper pressure level Huobi: 6.9 US dollars

In the large-scale rising cycle, although the general direction is upward, once a large number of chips are sold at the stage high, it actually means that the bulls begin to hesitate and the bears begin to fight back. Although the trend will still have an upward transition period, the staged risks will gradually increase. Therefore, it is recommended that friends gradually make plans to reduce positions according to the development of the trend and do not blindly chase high prices. The way to win in investment (speculation) lies in stability, and keeping profits is more important than making profits!

This article only represents personal opinions and does not constitute any investment advice! The market is risky and you need to be cautious when entering the market!

Author: Hai Rui; Article source: WeChat public account: Hai Rui's Views       

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