BTC decline slows down, attention to the possibility of rebound

 2020-08-20 10:22:38

BTC is already in a state of adjustment for the third trading day, and the price began to rebound after retreating to $11,571. Although the rate of increase was limited, after the rate of decline narrowed, the outflow of funds began to shrink. Therefore, the support effect of key points on BTC is still effective, and it is still an opportunity to buy.

In terms of capital flow, after BTC inflowed 1.98 billion yuan on August 17, in the subsequent adjustment phase, there were 1.28 billion yuan, 1.12 billion yuan and 380 million yuan outflows on August 18, 19 and 20, respectively. Happening. From the current point of view, the scale of capital outflows is showing signs of narrowing. Despite the net capital outflow, the scale of capital outflow did not significantly exceed the scale of capital inflow on August 17. Therefore, the BTC price retreat this time may also be the result of the main bulls letting the price pull back. During the adjustment period, the key $11,515 is a typical support level.

Before the break of $11,515, the trading opportunities in the price range above $11,000 were not considered.

In terms of mainstream currencies, most currencies are consistent with the market performance of BTC. During the period when the decline narrowed, some strong currencies showed signs of rebound. XMR, ATOM, IOTA, NEO, etc. all showed better market performance. The key leading currency LINK also showed a short-term sideways doji pattern. It can be seen that the market has not accelerated the decline. Therefore, to look at this price retracement from the perspective of short-term adjustment, buying low is a better trading strategy.

In particular, TRX, OMG, etc., which are supported by positive news, have seen a significant increase in volume due to the upper limit of Justswap, and OMG has seen a 40% increase in 2 trading days due to the issuance of USDT on its network. At the same time, there was a signal of nearly 7 times the amount of capital intervention. In terms of popular currencies, after DOT opened the transfer, the price quickly retreated, and then the opportunity to buy low can be closed.


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