Market Analysis Thursday, October 10, 2024

BTC

Coin stocks are separated, there is no narrative in the coin market, and the news dominates the trend. It is necessary to prepare for a three-wave decline to 58,000.

1. Daily line: It fell below the 7-day moving average (61840) and the 30-day moving average (62000), and formed a dead cross, and fell to the 60-day moving average (60498) to temporarily gain support. The MACD bar line diverged again below the zero axis, and the volume showed a downward trend. It is necessary to prepare for a three-wave decline to 58,000.

2. 4 hours: It fell below the rising trend line, the MACD double line broke the zero axis, the bar line continued to diverge below the zero axis, and fell below the Bollinger middle track (62416). MA60 remained downward and formed a death triangle. MA120 began to turn downward, and the decline has not yet ended.

[Prediction] Consolidation, which may form a downward relay. Consolidation range: 62000~60000

Negative factors led to the decline:

Negative factors 1: On Wednesday (October 9), the FBI created a token "fishing enforcement" to detect misconduct, and the U.S. federal prosecutor in Boston sued four crypto companies and 14 people for suspected crypto market manipulation and false transactions. This is the "first criminal prosecution" related to market manipulation and false transactions of crypto financial services companies. The case will hit the confidence of over-the-counter investors to enter the market.

Negative factors 2: The concubine seized in the multi-billion dollar PlusToken scam has awakened on the chain for the first time since 2021, and in the past 24 hours, about 7,000 of the remaining 542,000 were sent to exchanges, and may continue to sell.

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