HaoBTC Daily Market Analysis | Range Oscillation, Waiting for Direction

Fundamental news:
1. The offshore RMB plummeted 300 points, and the hawkish Federal Reserve meeting minutes pushed it to a new low since February.
At 04:40 Beijing time today, the offshore RMB fell 340 points to 6.5605 against the US dollar, a drop of about 0.5%. The CNH-CNY instant exchange rate difference is currently at 1429 points. As the minutes of the Federal Reserve's April meeting hinted at a possible rate hike in June, the US dollar index rose sharply by about 60 points in the short term. Recently, China's economic data has fallen across the board, and the market's expectations for RMB depreciation have heated up again, which will have a profound impact on the Bitcoin market.
2. Blockchain technology is about to be written into the bill of the state of Vermont, USA, and it will take effect immediately with just the signature of the governor.
This bill effectively combines blockchain data with existing state laws to handle all types of evidence in court. Recognizing the legality of blockchain technology will help Vermont become a pioneer in the field of blockchain technology and enable Vermont to achieve economic development based on blockchain technology.

Bitcoin market:
Provided by the regular and secure Bitcoin platform Haobtc.com:

Big data to see the trend of currency prices:
1. The relationship between halving and Bitcoin price
The current Bitcoin price is 2980, which is exactly in the middle of the 6-hour Bollinger line track. The upper track resistance of the Bollinger line track is 3000 points, and the lower track support is 2960 points. From the K-line pattern, it will reach the end of the triangle in the next two days. It is better to wait for the direction to emerge before adding positions.
2
The newcomer index looks at the amount of entry funds
The Newcomer Index has been flat in recent days, and the impact of on-site trading on prices will be relatively large. Newcomers enter the market every day. When the Newcomer Index is significantly higher, the winning rate of long positions is relatively high. The figure shows the Newcomer Index every day.
3
Sentiment Index looks at the market's reaction to prices
The following is the 6-hour sentiment index. When the price first broke through 3,000 at the end of April, the market reacted excitedly. In early May, the reaction was flat, but when the price approached 3,000 again, the market was excited again and has remained so until now. This shows that the current market has a lot of controversy over the price, and we need to wait patiently for the direction to emerge.

Chief analyst Bi Wanba explains the market:
The Bitcoin market has been fluctuating in the range recently. The long-short confrontation in the market has shown a tense atmosphere, and the market is in a wait-and-see mood. Technically, all indicators are good, and there is a clear upward trend in the long-term outlook, but there is still some distance to an outbreak, so we need to wait patiently.

HaoBTC Bitcoin market analysis is provided by Biwanba, an independent analyst at Biqushi.

Disclaimer: Part of the data in this market comes from haobtc.com, bitrees and other consulting platforms. The above data changes in real time 24 hours a day. The market analysis in this article is for reference only and does not constitute any investment opinion or suggestion. Investors should understand the risks on the relevant product page or seek professional investment advice.