February 6th Accurate Market Analysis and Trading Suggestions! Please like and share
Today's BTC has a slight rebound, but the market's panic sentiment is still present
Will there be another round of secondary crash to explore the bottom? Here's an analysis for everyone:
1️⃣ Regarding ETF funds, The buying force has not been strong in the past two days (buying $300 million the day before yesterday, buying $11 million yesterday) but the exchanges have shown strong buying power Yesterday, Kraken continued to see outflows of 30,000 BTC, plus the outflow of 50,000 BTC in total
Yesterday at 6:00 AM, there was an outflow of 12,000 BTC from Coinbase In total, the two exchanges saw an outflow of 62,000 BTC In this round of decline, the big whales have been accumulating a lot of BTC
2️⃣ The three major stock indices have slightly risen, with Google dropping over 7% 3️⃣ The US data released last night was mixed, with the non-manufacturing PMI recorded at 52.8, significantly lower than the expected 54.3, which is good for the crypto market! The non-farm employment number recorded 183,000, exceeding market expectations (150,000), which is bad for the crypto market!
Our view on the market is: The market is still in panic these days, and under panic sentiment, there are definitely more sellers than buyers. Once the panic sellers have sold off enough, the market will begin to regain its upward trend! If there are still positions that have not been fully utilized, you can gradually buy the dip to build your position! Be patient and wait for the market to reverse!