Today, a striking event occurred in the contract market. Surprisingly, the total amount of liquidation in the past 24 hours was as high as 110 million US dollars. This violent fluctuation triggered panic, and the greed panic index also reached 55, and the mood of market participants fluctuated.
However, Lao Leek has some unique observations on the trend of BTC. Yesterday's market showed an upward surge, but unfortunately it did not break through the previous high. Currently, the price has fallen back to around $30,550, and the overall trend looks like a straight line segment.
In the intraday market, I carefully studied the changes of the K-line indicator and the KDJ indicator. At present, these indicators all show weak signals, especially the third indicator, that is, the C-line indicator, which shows a dead cross pattern. In addition, this morning's daily K-line formed an inverted hammer pattern, and the price hovered above the daily 7-day moving average.
Of course, on the 4-hour chart, the indicators are more clearly pointing to a downward trend. Although the current price is above the 4-hour 30-day moving average, Lao Leek does not think this is a strong support level. Based on the analysis of various indicators, I think there is a high probability of rebound shorting today, and the most ideal shorting point should be around $30,850 above the price. Of course, in order to reduce risks, the stop loss position should be set at a higher point.
In addition to the contract market and BTC market trends, Lao Leek also paid attention to some hot news. According to data, more than $32 million worth of OP tokens will be unlocked this week, which will have a certain impact on the market. At the same time, I noticed the former SEC consultant’s views on the draft cryptocurrency legislation, believing that this is a good starting point, but it requires bipartisan participation to achieve better development.
In addition, the Bank of Italy is launching a central bank digital currency (CBDC) pilot project, which will bring new opportunities and challenges to the cryptocurrency market. Another data showed that 120,000 Ethereum (ETH) worth more than $220 million flowed from Bitfinex to an unknown address, which aroused some attention and speculation. Finally, the Gemini trading platform announced that customers affected by Voyager's bankruptcy can create accounts on its platform and withdraw cryptocurrency assets, which provides a solution for those affected users.
Please note that the market is volatile and investment is risky, so you need to make careful decisions. The above is my in-depth analysis of the contract market and BTC market trends. I hope it can provide you with some useful information.
