Crypto Market Analysis - July 10th

 2020-07-10 06:24:32

Bexplus


Bexplus


Although BTC broke the average cost price of investors on the recent 30th and 60th on July 8th, it has a shorter running time at a high level. After a continuous decline in the evening of July 9th, a relatively bearish signal appeared again. The mainstream currency has just shown signs of a rebound, and the sudden price retracement dispels bullish trading sentiment.

At present, the most dangerous trend is the diving trend that started when BTC moved sideways below the 60-day moving average and failed to withdraw the moving average. Since May, BTC adjustments have exceeded 2 months. Therefore, it is necessary to remind the risk factors of price shock at this time.

Despite the recent strong performance of the stock market, it failed to promote a major rebound in mainstream currencies such as BTC. The rise of most currencies is driven by themes, and the rebound space of mainstream currencies is limited. Below the 60-day moving average, the trend of BTC will not be too optimistic. The price increase must start after the 60-day moving average, which is in line with the logic of reducing the selling pressure after breaking the investor's cost price and increasing the price.

Looking at the main trading trend, by analyzing the changes in the number of bitcoin-days-destroyed, we can see that the number of bitcoin-days-destroyed on July 8th reached the recent peak level. Looking back at the performance of the number of coin-day destructions in June, there have been up to six peaks in the number of coin-day destructions, which has prompted the main trading trend of holding coins for a long time. If this part of the changed BTC is bought by the new main force, it will be very beneficial to the price increase. However, from the current point of view, BTC fell quickly after the breakthrough, and the highest reached only 9470 US dollars. On the daily line, the highest closing price of BTC fell continuously on June 10, June 22th, and July 8th, which may really indicate the possible breakout performance of BTC.

After this BTC fall from a high point, it may be an unusual opportunity to choose a direction.

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