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Daily analyze of cryptocurrency 20190701

According to Ambcrypto on June 30, because of the sudden unexpected rise in the price of Bitcoin, the price of counterfeit coins has fallen sharply relative to BTC. Most of the counterfeit coins have broken the strong support that lasted for more than five months. Google trends show that ALT season “keyword search has been on the rise in the past few days, indicating an increase in people’s interest in counterfeit coins. The last surge was in 2017, when the price of Bitcoin hit an all-time high of 36 108% for XRP, with the largest increase; NEM rose 29 842% for the second; and Adori, ranked third, surged 16809%. These percentages indicate that if AtLi Festival begins, the price of Shansai coin will rise substantially. However, some people do not believe that the so-called “AI season” will come, and think that most of the counterfeit currency will “go bankrupt”. Peter Brandt is one of them. He compared the 2017 AT quarter to the Dotcom bubble, and thought that only a few important companies survived and the rest of the companies were cleaned; this is the same for Shanzhai coins. Twitter user @ Raffil 123 said that the inflow and outflow of BTC suggested that the season of counterfeit currency was approaching. Bitcoin has exhausted the momentum of the bull market and has begun to move sideways. Therefore, although Bitcoin needs a breather, in the near future, counterfeit currencies may usher in considerable gains.

According to Bitcoinist on July 1, analyst Smith believes that the Indirect downward drag of Bitcoin may form a downward channel and BTC may fall to $9,000 in the next week, which will allow horizontal integration to occur around $9,000. This is a key historical psychological support/resistance level that allows volume to return quickly to the counterfeit currency market. The current BTC market prices and key support levels are $9,500, $8,000 and $6,800. It is highly likely that BTC will close its positions at a very fast rate and cause panic before the market regains momentum. This has happened at every bull market stage in the history of BTC, so every investor should do a good job of risk control.

BTC continued to fall from a peak of $12,000 yesterday to nearly $10,300 now, with a net 24-hour outflow of 4.7 billion yuan. Technically, on the 4-hour chart, BTC breaks through the triangular oscillation zone and falls into a downstream space suppressed by MA10 and MA20 coupled resistance lines. From the downside slope, there is no significant slope, indicating that the downward trend may be far from over, there is a very high probability that the downward test will continue before the low support of $10000, if it breaks this position, the medium-term market will turn to a sustained decline, the next support will be around $9000. If this bit is in the day with effective support, the bull market still has a little hope. One noteworthy indicator is BITFINEX’s multi-empty position ratio, which reached 2 yesterday. Historically, when the index exceeds 1.5 or more, it often means a sharp drop in the market. Therefore, it is necessary to be careful in operation, either to hedge the spot or to open a futures double empty list after a small recovery.

ETH continued to fall yesterday, dropping to around $283, with a net inflow of 400 million yuan in 24 hours, basically BTC inflows, as it did yesterday. Technically, as BTC fell to the downward track yesterday, ETH also withdrew to a considerable extent. However, judging from turnover rate and capital inflow, ETH is now a kind of intensive trading. From the second half of the ETH 2.0 incident, ETH is likely to slowly take over the bull market performance of BTC in the first half of the year. Within the day, the probabilities continued to drop to a pre-trial low of $275 due to the fact that the downward kinetic energy had not yet been fully released. If this position is maintained, it will move into a horizontal range of shocks, and if it is not maintained, it will look at a medium-term downward trend, with a downward target of $230. Operationally, robust traders can try to hedge risk by doing BTC/ETH. Futures players can open some empty orders near the rebound resistance level, but not heavy positions.

BCH also has upward pressure after a sharp fall. In a short period of time, there are double bottoms in the market. The short-term first looks at the wide consolidation interval on the right. The capital surface maintains a large net outflow. Technically, day-level BCH falls below the mid-track and rising trend line, but short-term bears do not take this opportunity to break down before the low, short-term double bottoms still need to wait for the appropriate form to appear before considering the transaction. Below is the $390–402 range. Operational high-level empty sheets continue to hold, short-term is not recommended to do much.

XRP fell by nearly 10% yesterday, just near its previous low. In terms of capital, the net outflow of XRP funds in the past 24 hours is RMB 260 million, mainly by retail cash outflow. Technically, XRP fell sharply for four hours yesterday, and trading volume did not fluctuate significantly. At present, the short-term trend has the potential rebound resistance range between $0.43 and $0.44, while the double-bottom support level sees $0.38. If we continue to fall below the support level, we should pay attention to the failure of the double bottom form. In the short-term market, there is no obvious advantage. Traders should continue to hold their own currency, not easily leverage trading. Those who do not enter the market can enter light positions near $0.39 and stop the loss in time when they fall below $0.38.

LTC continued to rise during the daytime yesterday, but did not break through the resistance level of $140. Follow-up market showed a large retreat, and K line is near the Brin Medium Rail. In terms of capital flow, the net outflow of LTC in the past 24 hours is about 130 million RMB, intersecting with several other mainstream currencies, and the net outflow is fairly good. Technically, LTC fell sharply this morning, breaking the Brin Medium Rail. LTC did not break through the resistance level of $140 the day before yesterday when it came out of its independent opening. The following market fell back to the downward passage of the Brin Belt. So far, we can see the former independence.

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