Bitcoin market: 6 months need to be patiently lurking, the bull market will be late but will not be absent

In the overwhelming May, Bitcoin led the mainstream currency callback into a stagflation period as most of the benefits were fulfilled. In June, the market will enter a long adjustment period, which is dominated by shocks and stagnation. At this time, we only need to be patient and lurking. We will study hard to improve ourselves and benefit us.

At the moment Bitcoin is about to hit $9000, there are still many people tangled in whether the bull market is coming. In fact, it does not make much sense to weigh this point repeatedly. If you care about the re-enactment of 2017, Qingyun will go straight to the bull market and will not come directly in the short term. However, there are several reasons to confirm that it is now in the bull market, and the second callback may come, but the bull market will not be absent.

The use of BTC has steadily increased : the computing power is close to 60 EH / S, and the average block size is now over 1MB, reaching 1.26MB.

BTC's market circulation increased : 61%, an increase of $57.2 billion in market value, and an increase of $35 billion in market capitalization.

More retail investors : Google’s Bitcoin search index continues to climb. In the past 12 months, the number of BTCs in Bitcoin wallets has steadily increased, and the number of wallets with 1,000 to 10,000 BTCs has increased by 7%; frequently Some financial media reported on the hot data of the digital currency market, and the currency market turned hot to attract the attention of the outside world.

Institutional investors are preparing for the bitcoin bull market : many of the traditional financial institutions we mentioned before are interested in this, and have increased the company's layout of the blockchain ecology, which brings attention and increase to the coin world. funds.

The transaction volume continues to record high : institutional trading volume continues to rise, while South Korea, Japan, Venezuela, Argentina and other countries have seen a surge in over-the-counter transactions. It is the key to want to improve the activity.

More institutions are trying to adopt bitcoin, and bitcoin is moving toward the public and is gradually expanding its bitcoin usage.

From a technical point of view, the current $7,300 is a key position, and historical resistance is often the support of the future. Bitcoin's Money Flow Index (MFI) is an oscillator that determines market trends and has recently reached 100 (the top of the oscillator) on a weekly chart. Bitcoin has eight times on the chart for MFI over 85, which means that Bitcoin does not have much upside space for the time being. The possibility that the cryptocurrency market will plung more than 80% again is very low, but the callback situation exists, so if it is held in the medium and long term, there is no need to worry too much.

The MA21, a key moving average, has supported Bitcoin and the overall market in the past three or four months. It is now weak to fall below this level and need to wait patiently to fix it back above this indicator.

Bitcoin recently closed above the 50-week moving average for the fourth consecutive week, and this indicator will only appear in the bull market in the history. Therefore, Bitcoin may fall in price in the short term, but by the end of this year or when it will be halved, it will definitely lead to the bull market we want.

BTC

Bitcoin predicted that the air force temporarily dominated yesterday, once the volume fell to $7,500. It is now out of the rising trend, and the weekly level is still being adjusted. Below is a solid support disk, the willingness to continue to fall will become smaller, and today there is a small rebound. The departure of the main force is mostly in the market sentiment tends to chase high and irrational, and now the selling pressure is not heavy, the bulls will try to attack. It is recommended to pay attention to support. This position does not break and can be properly opened.

Support level: $7,400, pressure: $8,000

ETH

Ethereum followed the broader market and oscillated down, and has now rebounded to around $240. From the amount of decline, we can see that the short-term strength is weak, and the short-term ETH is mainly to follow the broader market. In the medium and long term, the potential for rising Ether is still very strong. In the case of a stable market, there is still a compensatory increase in the market.

Support level: $230, pressure: $255

EOS

The grapefruit follows the broader market, and the amplitude is not small and falls out of the rising market wedge channel. After the favorable EOS, the EOS selling sentiment is heavy, and there is no complete stop sign. The following 6 dollars is the key support level. From the 4-hour chart, the indicator is weak, and the strength of the bears is still strong from the strength of the killing. It is recommended to wait and see.

Support level: $6, pressure level: $7

BCH

BCH followed the broader market yesterday, and the indicators have not been completely repaired. In the case of unstable market, BCH will maintain a volatile market, and the support below 347-367 US dollars continues to pay attention. The selling pressure is not completely over. It is recommended to wait for finishing, pressure: $410

XRP

Ruibo follows the shock, and the main force from the disk is not going to leave the market. It is reported that eBay's new loan service will also use XRP, and there will be a wave of upswings later. The short-term linkage is dominated by the broader market, waiting for the indicators to be repaired intact.

Support level: $0.38, pressure level: $0.42

LTC

Wright's callback is not large. Compared with other mainstream currencies, it still has the expected halving, so investors can grasp the direction when the market is shocked. Will not follow the market selling pressure, short-term LTC risk is not big, following the market shocks.

Support level: 98 US dollars, pressure position: 107 US dollars

ETC

ETC began to fall in volume yesterday, and the funds are constantly flowing out. From the 4-hour chart, the rising trend is broken, and the moving average and MACD line are turning heads down. The weakness of the broader market will bring the ETC market directly. In the short-term, whether it will rebound in the middle of the day will be the middle track position. If it does not become a down market space, it will open.

Support level: $7.50, pressure level: $8.5

TRX

TRX has rebounded, and the amount of money given during the decline is not in the trend. Recently, Sun Yuchen has a topic of eating with Buffett on Weibo. I believe that there is still a wave of speculation in the incident, so the TRX will not easily return to the bottom under the wind.

Support level: $0.033, pressure level: $0.037

ADA

In the high level of shock, out of the M-head market, the bottom of the key support. From the amount of decline, it can be seen that the short-term short-term strength has weakened, and the rebound may follow in the day.

Support level: $0.078, pressure level: $0.088