The market is experiencing violent smashing, is it a bull trap or a strong dishwashing?

Bitcoin suffered a large selling pressure in the early hours of the night and once touched the 8000-dollar integer mark. It fell nearly $1,100 from the daily high of $9,096, and fell by 7.5% in 24 hours. Bitcoin rose more than 60% in May. Earlier today, Bitcoin once broke the $9000 integer mark, hitting a high of $9,096, a record high of more than a year. This figure is not only higher than the $5,200 a month ago, but more than double the amount at the beginning of the year, while the S&P 500 index fell by about 5% over the same period.

In March, a study published by cryptocurrency Bitwise found that 95% of Bitcoin's spot trading volume was forged by unregulated exchanges, raising doubts about the legitimacy of Bitcoin transactions. The company analyzed the top 81 cryptocurrency exchanges on the industry website by volume, reporting a total daily trading volume of $6 billion. The study found that only $273 million was legal.

Yesterday, someone shouted in a forum that some people would smash in the evening. I don’t know if the short-seller intentionally released the news, causing the market panic to facilitate the short-selling attack, but in any case, the market has indeed been suppressed by the bears, if this time The decline is a strong wash, so the bulls should immediately organize an effective counterattack, can not give the market hesitant time, if the market continues to fluctuate or fall again, then it is clear that the breakthrough of 9,000 US dollars last night is a long trap.


Yesterday night, BTC plunged after a quick break of 9000. Yesterday, a big Yinxian line with a broken head was put out. The strength of the faucet was stronger than before. Because the direction is not clear, we suggest that at least half of the position should be lost now. In this way, we can see that the BTC can hit the platform support level near the 8,000 US dollar. From the 1 hour-level K-line chart, we can see that the BTC has a platform support level near 8,000 USD. It may be necessary to pull back the 8350-8450 area to confirm whether the break is effective. From the aspect of volume, I personally tend to fall below the effective, based on this pre-judgment, we believe that the target will once again return to the 8000 dollar integer mark.

ETH As early as yesterday, the market actually had the meaning of going down. It was only affected by the rise of BSV. Afterwards, it was confirmed that the news was a fake news. Then the market still had to run at the original rhythm. ETH followed the market outlet and fell sharply. 260 dollars as an indicator to determine the strength of the market, the target now directly penetrated the support level of 245 US dollars, and then received back, but I think the target is weaker than the BTC, will continue after withdrawing 260 US dollars Test the support of $245 down.

Although XRP XRP fell below the 5 antennas following the market downturn, the 5 antennas did not turn head down, indicating that the target has a chance to do more, but the target must stand 5 antennas before the 5 antenna head down. Pay attention to the trend of the macd indicator. The sideways or falling will cause the dead ends of 5 antennas and 10 antennas and the dead fork of macd. Therefore, there may be a trend of M heads. Only a strong breakthrough of 0.48 dollars can resolve the M head crisis.

BCH BCH was greatly affected by the market yesterday, but the target did not fall below the uptrend line below, and did not fall below the support level of 425 US dollars. The target long position also has the opportunity to organize counterattacks, currently losing 5 antennas, macd The indicator is a dead end. After the adjustment, or continue to go up, maintain the previous target of 506 US dollars, do a good job of defense, and fall below the 425 US dollars to wait and see.


EOS didn't have the big Yangxian line that we expected yesterday. Instead, it took out a big Yinxian line that was wearing a broken head. With the enlargement of the volume, it was observed whether it could be quickly pulled back to the 5 antennas in a few days, and if it lost 5 antennas. We believe that we need to reduce the position and respond to it. If it falls below $7.3, we can leave the market.

The LTC LTC is also a big yin with a broken head. It falls below 5 antennas and falls below the support of $110. There is a risk of further downswing. The first target for the downside is at $100.


BNB's trend is very clear, 5 antenna dead fork 10 antenna, macd indicator dead fork, fell below the support of 32.5 US dollars, the trend is downward, pay attention to risk.

This article data source: qkl123

The author's point of view is only used for learning communication, not as an investment recommendation, and does not constitute an investment basis!

Author: talk on gold coins

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


Was this article helpful?

93 out of 132 found this helpful

Discover more


Cardano (ADA) Adoption Surge: A Bullish Sign for Future Price Levels 🔥💰

Exciting possibilities lie ahead for Cardano (ADA) as it shows promising signs of surpassing current price levels, ba...


Why is Cardano's (ADA) price rising this week?

ADA's recent surge in value can be attributed to the overall upward trend in the market and the positive impact of th...


Blockchain User Activity Survey Ethereum Still Reigns, Who is Using Litecoin and Tron?

Cryptocurrency KOL Ignas conducted a survey on blockchain user engagement and compiled 7 important insights.


Bitcoin Battles Between Bulls and Bears: Understanding the Current Market

Although analysts have shown a negative outlook in the short term, the launch of new Bitcoin ETFs has brought about s...


The Drama Behind Bitcoin ETF Approval: What You Need to Know

Although the spot Bitcoin ETF decision may potentially result in a sell the news situation, alternative cryptocurrenc...


Cardano's ADA price is dropping towards $0.52. Is it time to buy the dip?

The value of Cardano (ADA) may decrease below $0.52 according to short-term forecasts, however long-term optimists re...