Crypto Market Analysis - July 17th

 2020-07-17 06:41:47

Bexplus


Bexplus



BTC has less volatility, and the breakthrough direction has not yet been confirmed, but the daily decline has been the third trading day, and there has been no change in the decline rhythm. According to the current decline of 1 to 2% per trading day, the closing price on July 17th will return to below 9000 US dollars. Therefore, it is clearly unfavorable for the bulls.

In terms of trading volume, the 24-hour trading volume of BTC is US$15.5 billion, and the trading volume obviously does not support the short-term rebound of BTC. Next, it is only a matter of time before the $9,000 break in the point. In terms of indicators, the RSI indicator has continued to fall below 50, and the value has not changed much since June 10, indicating that the BTC oscillating down signal is obvious.

During the short-term rapid decline of ETH, the rapid increase in trading volume is very obvious. This shows that the bears have pushed the retracement of the ETH price, which is in line with the price correction expectation. Recalling the volume and price performance of ETH in the 4-hour K line, the number of pulse volume declines after July 9 has increased to 4 times. At present, ETH is significantly lower than the 60-day moving average in the 4-hour chart, and has been below the 120-day moving average. Not surprisingly, there is a risk of simultaneous withdrawal of mainstream currencies.

On the other hand, unless the main force fills positions at a low price, the relatively consistent adjustment trend of mainstream currencies indicates that there is a high probability of lower prices over the weekend.

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