From the news point of view, the rebound in bitcoin rebound last night was more affected by the speech of the US authorities. Earlier in the day, Coindesk reporters said that US Treasury Secretary Steve Mnuchin said at a press conference on cryptocurrencies that "cryptocurrencies have been linked to cybercrime, extortion, ransomware, etc., and the United States is managing cryptocurrencies. Staying at the forefront will not allow digital asset service providers to basically violate the law, and said Facebook must follow the KYC/AML/BSA/etc wrt encryption service."
- Analyze the correlation of Bitcoin with gold and crude oil: Is Bitcoin a commodity, currency or a safe-haven asset?
- A new high in history! The correlation between Bitcoin and the S & P 500 index is about 0.5. What has happened to "digital gold"?
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- What's wrong with Bitcoin? Andreas Antonopoulos gave the answer two months ago
- Bitcoin broke through $5,100, and the decline in trading volume is worthy of vigilance
- Behind China's supervision of virtual currency mining in many places, it is really not a recognition of the value of Bitcoin
From the subsequent market interpretation, investors reflect a positive and consistent view that the United States views neutrality on all cryptocurrencies, including Bitcoin and Libra. As long as speculation is under the legal framework, everything can be done. For Libra, Mnuchin's point of view is positive. He thinks Facebook is frank but must come up with a solid anti-money laundering rule to convince the government.
From the current market point of view, the US government's attitude toward Libra will be linked to the encryption market. In the short-term news, at 10:00 pm Beijing time on the 17th, the US Congress will conduct a hearing on Libra in Washington.DC. The result of the night may affect Bitcoin and the entire cryptocurrency market. Investors need to be alert to the market at that time. Change.
Another thing worth to say is the decline in the number of active addresses. Bitcoin active address numbers have always had a strong correlation with the market. During the bear market, the number of active addresses has remained low. This year, the data has continued to rise, but since Bitcoin has fallen from around 14,000, the number of active addresses has also fallen and broke the upward trend line this year, and there has been a downward trend with lower lows and lower highs in the near future. The gradual decline in the number of active addresses is also a basis for us to believe that Bitcoin may continue to decline after a short-term rebound.
In the process of bitcoin recovery, the market value of other mainstream currencies also showed a rebound. Although the overall performance is still weak, there are some opportunities for ultra-short-line rebound in some currencies.
According to our previous comparison of the strength of the volume. BCH may have a chance of a short-term game. First of all, on the k line, the BCH has a long lower shadow line and a larger physical positive line, and the transaction volume is significantly larger than the previous decline. The upper end of the physical line that fell on the Yinxian line on July 14 will be the pressure of the rebound. The short-term rebound is just to seize the opportunity of the oversold rebound. The light warehouse and strict execution of the stop loss are two disciplines that must be paid attention to.
ETH and BNB have similar cases of similar volume enlargement and long shadow, but since yesterday's closing price is just at the edge of the head oscillating platform, there may be a relatively large risk in entering here. Participate in the market game without the price regaining the bottom of the platform.
Source: CoinNess
