Huge bearish news in the cryptocurrency market! A hundred billion-dollar giant on Wall Street is shorting Bitcoin. Will it drop to eighty thousand this time? When can we bottom fish? Musk's sudden big moves, Dogecoin is about to take off! Let's take a look together.
Will Bitcoin drop to eighty thousand?
Bitcoin first pulled up to lure in buyers, then directly crashed in the middle of the night, even breaking the 8-hour Bollinger support, stopping above the daily support. Since it hasn't broken the daily line, the overall situation hasn't deteriorated, and it continues to move within the daily Bollinger bands.
The converging triangle has now broken down, and Bitcoin is in a continuous bearish state. I do not recommend chasing shorts here; wait for further rebounds to short. Over the weekend, there is a high probability of low-level consolidation, and there are two scenarios for the subsequent rebound.
Weak rebound: The rebound height does not exceed 105200.
Strong rebound: The rebound height does not exceed 106800, with support continuing to look at around 100500. If it breaks below, it can be viewed as forming a double top.
A hundred billion-dollar giant on Wall Street is shorting Bitcoin!
The hundred billion-dollar asset management giant Abraxas is shorting the crypto market, currently shorting $BTC, $ETH, $HYPE, $SOL, and $SUI, with an amount reaching 489 million dollars. Their positions total up to five hundred million dollars, and they are fully shorting. The unrealized profit currently amounts to approximately 5 million dollars.
The giant whale Spoofy has completed liquidation in the past few weeks, selling a total of three billion dollars' worth of Bitcoin, and there are currently no signs of re-buying.
All of this indicates that the market still has greater downside potential. Bitcoin is currently in a similar situation to previous times, forming a double top before distributing the top. Typically, the distribution phase lasts about 1-2 months before the market starts to crash, and it will buy back at low prices. Bitcoin has now been consolidating for a month since reaching the top, and it seems that the harvest is coming in just a few weeks.
ETH
ETH is currently in a descending wedge pattern, which is also a bullish signal. After yesterday's triangle pattern breakout, it did not stabilize and fell back, so the triangle pattern is now complete. Currently, it can only be judged through the wedge, and the current price is near the lower edge. Therefore, one can enter long positions near 2424 to bet on a rebound.
Altcoin
ZRO
ZRO will unlock 22% of the current circulating supply in large amounts on the 20th of every month starting from June. The unlocking on June 20th has already been fully shorted, and the next one will be on July 20th. I will set up short positions at high prices in early July to hold until July 20th, with a high probability of success.
ZRO doesn't just unlock once; it continuously unlocks in large amounts. No one is willing to take over, so it leads to low buying and high selling pressure. This is truly a perfect shorting target, just waiting to set up short positions again in early July.
The founder of ZRO has run away, transferring four million dollars' worth of coins to Binance to sell. When the next unlocking happens, he might buy again, after all, he also needs to sell to make a profit. If you knew this information, you would have shorted with me last week, and by now your assets could have doubled.
Dogecoin
(Financial Times) Solid evidence, X (formerly Twitter) is about to launch built-in trading. X's 500 million users can directly buy and sell DOGE! Liquidity explosion! Retail investors are flooding in! Musk's support for Dogecoin will give it an advantage.
Through integrated trading, X can further promote Dogecoin into the mainstream market. The trading volume of Dogecoin will significantly increase. As more and more people trade Dogecoin on the X platform, higher accessibility can improve liquidity (faster transaction speeds, smaller spreads). Musk + DOGE = an unbeatable combination! Will history repeat itself? Is there a raging bull market 2.0 in 2021?
Finally, I want to say that the cryptocurrency market is actually the best place to make money, because retail investors cannot see the orders placed by major players, the unlocking of altcoins, or the selling data of large holders on-chain. If you can see this information, you will have a huge advantage, it's almost like having insider information. I update these data and operations in real time every day, allowing you to significantly outperform retail investors and earn tenfold or even dozens of times the returns beyond your expectations.
