Cheng also Xiao He, defeat also Xiao He | market analysis

Previous review

BTC: BTC prices are in the finishing triangle, seeking choice in the shock consolidation, too fast rise leads to the market gradually appearing fear of high psychology, need a certain degree of shock to digest the panic. When the BTC price is close to $10,500, the short position can be long. If the BTC price falls below $10,000 again, an immediate stop loss is required to prevent the decline from further expanding. The BTC fell to a minimum of $9,200, a 8% drop from $10,000.

EOS: EOS has formed a clear downward trend with no obvious signs of support. Although excessive decline has the possibility of oversold rebound, the risk is high and investors need to be cautious in trading. EOS fell to a minimum of $3.34, a drop of nearly 30% from the closing price on July 12.

LTC: The LTC support range is between $96 and $100. The support range is mostly long. If it is confirmed that it falls below the support range, a large correction will be generated. The LTC fell to a minimum of $75, which is more than a 20% drop from the support zone.

Current report

As of the release date of the report (July 17, 2019), the total market value of global digital currency assets on Wednesday was $252.371 billion, a decrease of $57.187 billion from last Friday, a decrease of 18.64%. The 24-hour market turnover was US$80.184 billion, a decrease of US$2.536 billion from last Friday, a decrease of 3.07%. The market capitalization and 24-hour turnover were in a double-down state, the market value was in a large-scale correction, and the downward trend continued, and there was no significant change in turnover. It shows that the market funds are in a net outflow state, in order to avoid falling.


Source: Standard Consensus, CoinMarketCap

According to the standard consensus sentiment index, the current market sentiment is pessimistic, the latest index is 0.4, and the fluctuation in turnover is not obvious. It indicates that the market funds are not willing to enter the market in the face of falling, and the downward trend will continue further. At the same time, according to the ratio of bitcoin to the total market value, the market value of bitcoin has not changed significantly, up 1.22% year-on-year; while the market value of other currencies has no significant fluctuation, down 0.06% year-on-year. In the case of an overall decline in the market, the BTC market share still maintained growth, indicating that BTC has a resilience on the one hand, while other mainstream currencies have fallen sharply, and BTC is still in the market.



Source: Standard Consensus, CoinMarketCap

Review and analysis of the trend of BTC, ETH and EOS

According to CoinMarketCap data, BTC's average daily turnover rate was 13.23%, which was 2.10% lower than the average daily turnover rate in three months, and 1.23% higher than the average daily turnover rate in the previous week. BTC's average daily turnover rate this week is due to the short running time of this week; on the other hand, the market funds are in a selling state during the continuous decline of BTC. BTC continued to fall in volume this week, mainly because the US mediators released by foreign media are formulating resentment through legal supervision to restrict or even prohibit the issue of cryptocurrency. Although there is a certain rebound demand for BTC prices, it will continue the downward trend and further test the support of the $8,000 support level.

According to CoinMarketCap data, ETH's average daily turnover rate was 34.49%, which was 3.07% higher than the average daily turnover rate in three months, and 9.57% higher than the average daily turnover rate in the previous week. ETH fell nearly 50% from the highest price, and still fell nearly 30% from last week's closing price. The volume of trading continued to increase, and the panic selling was more obvious. There is no significant change in the downward trend of ETH. It is necessary to pay attention to changes in volume, and the price will test the support of the $160 support range.

According to CoinMarketCap data, EOS's average daily turnover rate was 69.96%, which was 21.30% higher than the average daily turnover rate in three months, and 18.77% higher than the average daily turnover rate in the previous week. EOS is obviously weaker than other mainstream currencies. The maximum drop is 60% higher than the highest point, and there is no obvious stop-loss. The current price has returned to the $3.6 support platform. It is necessary to observe whether EOS can stop and stabilize in the support range. If the support level is further broken, the down range will be opened again. EOS should focus on avoiding transactions. The strength of the empty side is too strong, and the decline is large. There is a possibility of oversold rebound near the support range. But for now, the downtrend has not changed.