Judging from the price performance of BTC on September 2, a large number of BTC was transferred during the retracement period, indicating that investors were panic selling BTC. The closing price finally fell by 4.5%, and the emergence of the broken position means that this price adjustment has a greater impact on the overall market.
The correction of mainstream currencies drove the entire market retracement. Yesterday, BTC fell at a faster rate, and the number of transactions per minute reached the highest peak in a week. However, from the perspective of sustained effects, the number of transactions did not rebound significantly in the short term. In other words, this BTC fall may be a short-term market performance, but the impact on other currencies cannot be ignored.
On the daily line, the BTC price fell behind and broke, indicating that the impact on the recent trend will continue. After all, in the area where the moving averages are stuck in the short-term, repeated price fluctuations mean that BTC may need to obtain support from the long-term moving average to stabilize in the short term. And down is around 10,800 US dollars corresponding to the 60-day moving average. At present, BTC does not have the basis for a strong rise, and then wait until it is close to the 60-day moving average to get an effective reversal. The approach to approaching the 60-day moving average is nothing more than a horizontal consolidation and a short-term retracement.
In the face of the crash, most mainstream currencies are already in a bearish state. From the perspective of daily volume and price performance, the peak and fall of heavy volume appears in the K-line chart of most currencies. For example, ETH and XRP have a similar situation. As for the platform currency, after BNB closed with a wide oscillating doji, the signal of change is still more prominent. In terms of strong currencies, TRX and XEM once again closed up, but the gains did not break through short-term highs. This shows that after the market enters the adjustment phase, not all currencies can maintain their strength. Selecting currencies to hold is the most noteworthy place in the near future.