Market Analysis: BTC forms a contraction triangle, which is about to change

CSI100 index

As of 16:00 on July 8, 2019 Beijing time, the CSI100 index reported 1107.2 points, up 2.4% in 24h. Among the constituent coins, 62 rose and 38 fell. After the index rebounded, it began to enter the sideways consolidation state. The 4-hour RSI also remained above 50. The MACD indicator also favored bullishness.

Note: CSI100 is the “Shanghai Composite Index” in the CSI index series. The sample consists of the top 100 certificates of scale and liquidity. The market value coverage rate is 96%, reflecting the overall trend of the market.

BTC

On Friday, Bond’s point of view was that the multi-military faced a back-to-back battle, and only maintained 10,800 and effectively rebounded above 11200 to maintain an upward trend.

• Opinion: Facebook stable currency technology may become the mainstream of blockchain in the future
• Nobel Prize winner Stiglitz: The fool will believe in Facebook's Libra
• Science | Layer 2 Solution Overview: From Status Channel to Roll Up

As shown in the above figure, the BTC completed a one-hour double bottom near 10800, and then basically maintained a shock consolidation above 11200. At present, the 1-hour graph has become a contracted triangle, and it is expected that direction selection will be made soon. The 1-hour RSI remains above 50, and the MACD indicator is also biased towards bullishness. In the past two days, ETH has also become a leading indicator of the mainstream, indicating that the market's long-wearing sentiment still exists.

In the past few days, not only BTC, but most of the mainstream currencies are in a situation where they do not advance or retreat. If they continue to break down, the currency figures will go bad. There are still a lot of funds waiting to see, and all the signals waiting for confirmation will enter the market. Logically speaking, this wave of adjustment is basically in place, and there is a demand for pulls in each currency. After all, if the market's profit-making effect is terminated here, the follow-up may be more difficult to recover.

Trend strategy: cautiously bullish, positions 5-6 percent. Short-term can focus on the following points, the support level is 11200, and the break position can be appropriately reduced. The resistance is at 11500, and you can see 12000 when you stand firm. The bottom line of the shogunate is 10800.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!