[Mad man says trend]Bitcoin has a bottom signal, and the downward space is extremely limited


Madman says…

The opening trend of U.S. stock futures before the market was not very satisfactory. With a wave of 6% decline in Bitcoin, the two-day gain was directly erased. It is expected that after the U.S. stock market opened lower in the evening, it will ease, and the market will continue to revolve around 30,000. There will be shocks nearby, and the game between long and short will continue. According to some data, Bitcoin has shown a bottom signal at this time, and the downward space is extremely limited. After the panic is vented, the market will gradually begin to strengthen and rebound. , Although there is not a good profit-making effect at the moment, it is a good time to start the layout. If you are optimistic about the small coins, let’s start gradually.

The Bitcoin S&P Index reached a 21-month low of 0.673. The index was at this position in October 2020 and July 2021. From the perspective of the market outlook, it is a periodic bottom, which is used as one of the bottom data for reference.

Another data is the panic and greed index, which has been around 10 recently. Today’s data is 14. Historically, every time around 10 is the starting point of a staged rebound, which is a relatively short-term indicator.

In addition, the number of bitcoins in a state of loss has reached a record high, indicating that there is sufficient change in hands. Once these traps are resolved in the future, a new high will be opened, and the same is true for ether.


Combined, the market will begin to stabilize gradually.

The Australian Taxation Office has made cryptocurrency taxation one of four areas of focus this year. With the growing expectation of economic recession, cryptocurrency revenue has become one of the country’s top industry revenue. Imagine that the cryptocurrency market will continue to expand in the future, and its tax revenue is likely to replace the current technology companies. Therefore, the government will make arrangements and pay attention in advance. It’s very strategic.

RBI officials believe that cryptocurrencies will dollarize part of the economy and harm the interests of sovereign nations. This is a very insightful statement. When all kinds of economic production use dollar-anchored stablecoins, it is bound to expand the influence of the dollar and further stabilize the hegemony of the dollar. This is one of the reasons why the United States embraces cryptocurrencies. The U.S. will work hard to regulate the crypto market and promote it to a more mainstream position.

Ukrainian cryptocurrency companies are restarting the cryptocurrency business. With the normalization of the Russia-Ukraine dispute, Ukraine’s technology sector has gradually recovered. Crypto companies have become one of the first businesses, providing great help for the Ukrainian people to integrate into international business.

FTX founder blaster says Bitcoin has no future as a payment network. This remark is obviously aimed at embracing government regulation. FTX’s prosperity is due to the support of the government, so it is not surprising that he said this. In fact, the capacity of Bitcoin’s Lightning Network is getting larger and larger, and it will be very convenient and cheap to use as a micropayment in the future, and it is likely to become one of the alternatives to US dollar payments.

It is suspected that 4 anonymous bitcoin addresses are held by one person, and their daily growth rate is increasing at an average rate. A new address will be used for every 10,000 bitcoins acquired, and they are all traded with the Kraken exchange. At present, the whale holds a total of 37,000 bitcoins. Bitcoin is estimated to be an American predator, and whales took the opportunity to build Bitcoin.

The CEO of CryptoQuant, an on-chain analysis agency, said that due to the unexpected sell-off of the LUNA Foundation, the institutions that originally entrusted the buy order around 30,000 began to rebuild the buy order around 25,000. According to the data, the institution is likely to have started to accumulate Bitcoin. Selling pressure is basically lifted. Ki Young Ju’s bullishness is a boost to the market.

Coin News:

Bitcoin: There are more than 840,000 addresses holding more than 1 BTC, a record high, and the consensus is getting bigger and bigger, which is a good thing. In the short term, Bitcoin is still oscillating around 30,000. How to go depends on the performance of US stocks after the opening of the evening.

ETH: The GAS fee has dropped sharply recently, and the daily burning volume is less than 2,000 ETH. There has been no profit-making effect recently. The entire Ethereum ecosystem has begun to be deserted. In the short term, it is still dominated by linkage, and there is no independent market.

MATIC: Investing in funds to help projects on LUNA migrate to Polygon is simply spending money to buy an ecosystem. Recently, this L2 network has developed very well, and the continuous rebound is worth looking forward to.

The overall market risk is small, and it is still in the cycle of oversold and rebound.

Disclaimer: The article only represents the author’s personal views and opinions, and does not represent the objective point and position of the block. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the authors and blockers will not be responsible for the direct and indirect losses caused by investors’ transactions.

This article[Mad Men Say Trend]Bitcoin has a bottom signal, and the downward space is extremely limited. It first appeared on the blocker.


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