News: The top three net outflows of funds are BTC (-$60.64 million), LTC ($-40.19 million), and MOF (-$35.31 million).
Tech: there was a crossing point of MACD a few hours ago. DIF broke DEA and both are going up. BOLL is narrowing and the price soared above the upper band, the same as MA20. based on those signals we can expect a bulltrend. However, we should be more attention to the risks of falling because of huge funds withdrawal of BTC . so the market will be on the downward track in the long run. So long/short in the short term is still a good choice but be cautious about the risk in the long run.
The technical side: the hourly MACD formed a golden cross under the 0-axis. The RSI entered a rebound phase after oversold, and there was a clear upside above the Bollinger Band . The four-hour chart MACD also stuck below the 0-axis. These indicators prove that there will be a rebound in the short-term, and the early morning market will still be dominated by shocks.
Recently the price dropped below the short-term support of $8,700 reaching the $8,600, but it also quickly made a callback. From the hourly chart, the price of $8,700 has stabilized. We think there is room for the bull in the short run.
But remind that many investors remain short BTC based on the trading volume and the market sentiment. The amount of short-term rebound can be significantly weaker, so remain cautions.
Our suggestion:(short term)
Suggested long $8,650-$8,700 m
Suggested short $8,800-$8,950
Stop loss $9,000
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