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Market Analysis
Since exceeding 71,000 in the early hours of yesterday morning, BTC has been oscillating in small areas, and so far, it is still fluctuating around 70,000.
The small level has entered the oscillation range. With the 4-hour stop of BTC, it has entered the long head attack stage, which means that the long head has begun to force, indicating that the support below is very strong and the probability of the next rise is greater than the fall.
ETH also entered a state of shock before the long attack, because the big cake stopped falling. From the perspective of the disk, Ether is also about to make an effort. The 4-hour di bottomed out for the second time, and bullish sentiment emerged. This also means that Ethereum will start a new round of rising market.
At present, the strong pressure of BTC is 72,000, and the support is at the 69,000 line; the esthe pressure is 3700, and the support is at the 3400 line.
Technical aspect: On the daily chart, there are three descending trend lines on the daily chart recently. Every time the trend line is broken, there will be a violent market. Therefore, more can be done at a low level now.
Currently, the price of Bitcoin has fluctuated between 73,000 and 60,000 for about 29 days, and continues to rise after the shock.
There are two possibilities for a short-term shock: one is to follow the wave structure of wxyxz, which ends the z wave and now starts to rise to a five-wave structure. The other is to form a large-level ABC structure and there will be a C wave kill.
Pay attention to whether the rising trend line can be broken quickly. If it is difficult to break through, it may form a large-level ABC structure and then rise. At present, Bitcoin continues to hold long orders and pay close attention to this breakthrough.
Currently, there is no general rise in any sector. Most Altcoin fluctuate with BTC, but many Altcoin have reached daily support levels and are waiting for BTC to stabilize.
A few Altcoin are trending relatively strongly and have the potential to break out of the independent market.
1.OP
Currently, OP is trading between $2.80 and $3.64. After six months of impulsive gains, the recent price trend seems to be correcting.
The pullback of OP did not break the previous low, and there is a hammer line near the support level, which is a stop signal.
After the market stopped falling and rebounded, the support level never retreated again. In general, the bulls are relatively strong. This position belongs to the market with a four-hour retreat support level and there is a stop signal, so this position is a short-term entry point.
Although there is no reversal signal at this position of OP, it is also possible that there is a stop signal near the support level, and the subsequent market will usher in a wave of rise.
2. RNDR
Currently, trading between $8.80 and $10.70, RNDR is showing more of a revision trend, reflecting negative month and week changes and exiting from a price rally.
Considering the current state of RNDR, a balanced price outlook is key. On the positive side, a break above the recent resistance at $11.65 could push up to the second resistance at $13.56, which could indicate a recovery is underway. However, a break below the recent support level at $7.84 could result in a further drop to $5.93, which calls for caution. With the RSI and Stochastics relatively neutral, RNDR could be consolidating and volatile in the short term.
3. XRP
According to cryptocurrency analysis, the Ripple digital currency is on the verge of a major price surge. The analyst optimism is not only based on technical analysis but also relies heavily on the growing popularity of Ripple’s technology in the financial sector.
After three years of a bitter legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the cryptocurrency community is about to reach a defining moment. The final legal proceedings will begin on September 23, which could have a decisive impact on the future of XRP.
Although Ripple has had some legal victories in the past year, the outcome of the case remains uncertain with billions of dollars at stake. Recently, the U.S. Securities and Exchange Commission filed a $2 billion lawsuit against Ripple. Ripple’s chief legal officer, Stuart Alderoty, believes that the move is an attempt to bully the cryptocurrency industry.
It is still uncertain whether this claim will be upheld by the court. This is very important to investors who are expecting a quick and favorable ruling to release the long-suppressed value of XRP.
The above prediction is that XRP could appreciate by nearly 270%, which would bring the coin’s value to $2.25. USD.
What should we do at this stage?
What we need to do is to see the idea of stopping the impact when the trend opens, and at the same time stop the trend thinking when the impact starts, and then flexibly switch the trading system.
Compared with those who successfully predict the top, flee the top, and predict the bottom, although they will be far behind in terms of profitability, they are far lower than the traders who predict all day in terms of loss ability. Therefore, when the market starts to fluctuate, you must give yourself an expectation that the trend will come sooner or later. At the same time, resolutely do not choose one side, let the liquidity (leek) play its own role, and wait for the winning side to join.
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