BTC's main force stands still, price stands on the verge of breaking

 2020-08-25 10:25:42

During the short-term rebound of BTC, the volume contracted, and the rebound was fruitless, and the price retreated to near the support level. It seems that the BTC price is still on the verge of breaking the position without any action by the main bulls. In the short term, you can focus on adjusting expectations, while low-sucking transactions require relative caution.

The reminder of the data is that the 24-hour trading volume of BTC is only 20 billion US dollars, which is difficult to promote the price increase. At the same time, the data of miners selling BTC for the first time also showed that the continuous movement of miners to sell BTC has virtually intensified the price fall. At present, the competition between long and short is not fierce, and the price still maintains a low volatility. In this case, in addition to continuing to focus on the rebound performance of important points, we should also be cautious in taking actions to increase positions. After all, the current trend of BTC is relatively sensitive. When the number of active addresses shows a strong shock retracement, the number of large transactions is also declining. Therefore, the key support of $11,515 may also fluctuate repeatedly.

In terms of specific points, BTC's daily line has been close to falling below the 30-day moving average corresponding to $11,582. Before falling below the moving average, BTC must have a technical rebound. Otherwise, even in the state of sideways operation, the price will still fall below the 30-day moving average, thereby continuing to move closer to the 60-day moving average corresponding to 10,430 US dollars. Once out of the downward trend, the negative decline will continue to ferment.

In terms of mainstream currencies, the short-term trends of DeFi concept currencies ETH and LINK are still weak, which means that the market driven by mainstream currencies is difficult to develop in the short term. At the same time, other top-ranked currencies that are not very popular have all adjusted, which has exacerbated market turmoil.

In terms of cross-chain concept currencies, ATOM shot up and fell back in a short-term, with a limited decline. DOT maintains its strength in the short-term, which indicates that the concept currency of the sector may have a second strong situation. It's just that mainstream currencies such as BTC are performing poorly. Investors who are concerned about risks can reduce their operating frequency and consider actions after waiting for the typical stabilization signal in the market recently.


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