crypto analysis
According to the news, Cynthia Lummis, a member of the Senate of Wyoming and a bitcoin advocate, said on Wednesday that she hoped Congress could reform the tax rules governing cryptocurrencies, which has been a long-term problem for bitcoin owners and the emerging encryption industry. She also expressed optimism about the encryption tax reform, saying that the support of both parties will accelerate the encryption tax reform. It is reported that Lummis has owned bitcoin since 2013, and her remarks are in response to whether Congress will pass a proposed law requiring "minimum" tax exemption for small cryptocurrency transactions.
BTC market analysis:
Yesterday, the bitcoin market stepped back and went up again. After the price went up continuously and broke through the 50,000 mark, it went out of the strong pull-up again, and the high position was measured at 52,637 before it was under pressure. By the end of the day, the market was under pressure and retraced 50,000. The support was not broken, and the bulls weakened and entered a high consolidation trend. The upward trend in the day did not change.
On the daily chart, yesterday's price was the end of the positive line, and the price stepped back on the middle rail to support a strong rebound. The overall upward trend has not changed. However, at present, the price was blocked near the position of 51600, and the upward attack of the rebound was interrupted. The follow-up focused on the first-line support of 50000, and it is still possible for the price to rise again within the day
On the short-cycle hourly chart, Bollinger Band is in a closing posture, and the market is running in the middle-upper rail area. At present, the market is blocked from entering the high position, and both the long and short sides start to stick together. However, the moving averages on the 5th and 10th days and all indicators in the attached drawings have a downward trend, and all short-term prices may be adjusted back. It is not recommended to chase up blindly. At present, the support pays attention to the middle track position of Bollinger Band, and the market will continue without breaking short-term shocks.
BTC strategy:
Make long position when the price goes near 50000, stop loss: 49700, target profit: 50500-50800-51000
Make short position when the price rebounds 51600 , stop-losses: 51850, target profit: 51100-50800-50600
ETH market analysis:
The trend of Ethereum was linked with the market. After stepping back to the position of 1455 yesterday, the market also kept fluctuating upward. The price broke through the position of 1600 all the way up, and the high test of 1660 was under pressure, and the overall bullish sentiment was strong. Up to the day, the upward trend was weakened, and the subsequent rebound did not break through the high point. At present, the price is under pressure to run near the 1580 position, and it is not recommended to chase up blindly in the short term.
On the short-cycle hourly chart, the current market position oscillates downward, but the low position is about to touch the middle rail support, and the bullish sentiment is only weakened. However, as long as the lower support is not broken in the follow-up, there is still the possibility of rebound and upswing in the follow-up. At present, the market is a callback arrangement, so it is suggested that the operation should be higher and lower. The lower support focuses on 1560, and the upper pressure level focuses on 1630-1660
ETH strategy:
Make long position when the price goes near 1560, stop-losses: 1540, target profit: 1600-1615
Make short position when the price rebounds 1635, stop-losses: 1660, target profit: 1600-15800
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