Crypto Market Analysis 06/16

In the daily K-line chart, the recent bearish pattern of BTC is still valid. For this short-term rebound performance, it can be regarded as a price shock during the decline. During the shock, if the closing breaks through the falling K line, the bearish signal can be verified again.

At present, there are various signs that the probability of BTC’s upward recovery is not high. On the daily line, after BTC experienced large declines on June 2 and June 11, respectively, the short-term rebound failed to change the decline rhythm. The falling K line entity is difficult to be broken through in the short term, which means that the falling K line and the sideways adjusted small K line constitute a falling trilogy.

In terms of trading volume, the short-term trading volume of BTC rebounded to 26 billion US dollars, a short-term high. The continuous discharge time is short, and the possibility of changing the volume and adjusting the rhythm is not very high. At the same time, the selling scale of BTC has grown rapidly, and the selling of Coinbase Exchange has quickly recovered to a peak value of more than 32 million US dollars in the month. In other words, the current bulls have limited influence on the market, and the bears are likely to make a comeback.

In terms of mainstream currencies, most currencies have limited gains during the rebound, and it is difficult for prices to rise above the entity that fell on the K line on June 11. The positive current currency retracement did not fundamentally reverse the adjustment rhythm. It is still very important to pay attention to the price trend of mainstream coins after short-term shocks. Because of the cost of holding currency, the average holding of investors in the past year is still lower than the current price, at least for BTC. The market will basically run around the price retracement expectations after taking profit. As for when BTC and mainstream currencies can expand their gains and bring more profits to the overall currency holding investors, we still need to wait patiently.

Disclaimer: Please do not take this as investment advice; please reply to your own judgment. The above analysis does not reflect any preferences of Bexplus exchange platform.