Master’s hot topics:
The drop in U.S. stocks last night gripped the world's heartstrings, and the next step for the global market will be affected by the future trend of U.S. stocks. The crypto market was not immune. The Bitcoin market originally stood firm at $52,000 and started sprinting again, but it had no choice but to be ruthlessly pulled down by US stocks.
The U.S. Dow Jones Index fell 0.2%, the S&P 500 Index fell 0.6%, and the Nasdaq Index fell 0.9%. Nvidia, which has been favored by the market, also fell, with its market value evaporating by 78 billion U.S. dollars. This is a record for the company The largest one-day decline in market capitalization since.
Today's much-anticipated financial report of NVIDIA is announced. The market expects its fourth fiscal quarter revenue to exceed US$20 billion, more than three times the US$6.05 billion in the same period last year. It is not a good thing to maximize expectations in advance. There is a risk of "selling the facts" after the announcement of this financial report. If the U.S. stock market falls tonight due to NVIDIA's earnings report, the probability of a correction will exceed 50%.
There have been more reports about interest rate hikes recently. Don’t ignore the risk of the market going to extremes in the short term. In addition, the market has not yet digested the expectations of "postponed interest rate cuts", so we must clearly understand the reality. Currently, according to macro market expectations, the first interest rate cut in 2024 has been postponed to June or even July, so the market will not be so optimistic before then.
Although the U.S. stock market macro has been affected, this impact is basically negligible for the encryption market. Let’s look at a set of data to find out: The total trading volume of the nine U.S. Bitcoin spot ETFs is approximately US$2 billion, the highest record since the first day of listing.
Among them, VanEck's HODL, WisdomTree's BTCW and Bitwise's BITB all broke their respective single-day trading records, with a total trading volume of 2 billion US dollars, making them among the top 10 ETFs and the top 20 stocks.
Bitcoin hoarding addresses saw an inflow of 25,300 BTC yesterday, a record high. According to Ki Young Ju, founder of CryptoQuant, the screening requirements for the "hoarding address" data include: no transfer transactions, a balance of more than 10 BTC, excluding addresses belonging to CEX or miners, more than two transfers received, The most recent transactions occurred within the past 7 years.
The adoption of Bitcoin spot ETF has brought certain convenience to traditional investors, allowing traditional institutions to enter the world of encryption smoothly. Therefore, no matter how the macro level changes, the bull market of crypto markets such as Bitcoin cannot be changed. Even if the real bull market occurs after halving and interest rate cuts, the current market enthusiasm will only increase.
Master looks at the trend:
Although the market surged by 53,000 last night, it was still within expectations. The recent market has been fluctuating around 52,000, but this situation is about to be broken. The market trend at the daily level is relatively bearish, and the current market pressure in the four-hour period is around 52,500. Although there was a surge in the morning, it failed to break through, which means that the selling pressure at this position still exists. During the day, the lower support is 51400, 50700, and the upper resistance is 52500, 52900.
From a macro perspective, although the market was affected by the US stock market last night, the impact does not seem to be that big from the current market perspective. This is the time when traditional institutions and capital are going crazy with FOMO, so in the short term I already said yesterday that there is no possibility of a big drop. At most, it is a shock adjustment, and then the final direction is upward.
I think no matter how the main banker performs, everyone must remember that he has only one purpose, and that is to wash the market. Let the leeks get off the bus, and then trigger an even hotter market. The market is now undergoing a normal adjustment, so there is no need to worry. The greater the adjustment, the higher the price will be.
2.21 Shiye short-term prepaid orders
BTC operation suggestions:
Defend 300 more near 52000-52200, target 52700-52900
ETH operation suggestions:
Defend 30 more near 2960-2980, target 3020-3040
More strategies can be added to the real offer
The K-line is king and the trend is king. I am Master Chen. I have been focusing on BTC and ETH spot contracts for many years. There is no 100% method, only 100% following the trend. Macro analysis articles and technical reviews are updated on the entire network every day. Analyze videos.
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