Bitcoin pays attention to 11900 as a short-term strength boundary

The nature of each level: daily line - up, 4 hours - consolidation (more pattern), 1 hour - down

The screenshot is from the 1-hour chart of OKEX BTC/USDT perpetual contract: For the market, there are two angles, one is the objective trend status and the coping strategies formulated according to the objective trend, and the other is the subjective prediction based on experience . Actual trading is mainly based on coping strategies under objective trends. Subjective forecasting is more of a prospect or entertainment for future development. It cannot be used directly as a trading strategy. The main purpose is to prepare psychologically for potential risks and opportunities in advance .

Interlay announced the launch of the Bitcoin super application plan: On November 5th, Interlay, a cross-chain interoperability network based on Polkadot ecology, announced the launch of the Bitcoin super application plan (DeFi Superapp) at the Web3 Summit in Lisbon, which will soon build a set of decentralized A decentralized financial application that enables users to borrow, borrow, trade, and earn Bitcoin in a decentralized and trustless manner without relying on centralized providers.

Interlay launched the first completely trustless BTC stablecoin bridge interBTC in August this year. Through interBTC, Bitcoin can be used on other blockchains for secure transactions such as DeFi, cross-chain transfers, and NFT. [2022/11/5 12:20:27]

The current objective trend and coping strategies: As shown in the figure, it is clear at a glance that the medium-term rising pattern has not been destroyed, and the short-term falling pattern has not ended. Needless to say in the mid-term, as long as 10670 does not break, the mid-term bullish thinking will not be changed. The short-term trend is currently focusing on the 11900 line, which can be regarded as the short-term strength and weakness dividing line. Before there is a clear breakthrough, the short-term operation is mainly short-term.

The 90-day correlation between Bitcoin and the S&P 500 returns to 0.59: Golden Finance reported that according to TradingView, the 90-day correlation between Bitcoin and the S&P 500 returned to 0.59, which means that Bitcoin The correlation with traditional stocks, especially technology stocks, is getting stronger again.

Correlations above 0.5 are considered moderately strong, above 0.7 very strong, and between 0.3 and -0.3 weak. During the mid-June sell-off that led to a plunge in risky asset prices, Bitcoin’s correlation with the S&P 500 reached 0.9 amid a deteriorating investment environment, but the value has since declined steadily, falling to 0.44 on September 5 . [2022/9/10 13:20:29]

At present, the short-term trend of the currency price has tested the support of 11650 three times to stop the decline, but the subsequent rebound has shown the characteristics of "one time is not as good as one time", and the trading volume has gradually shrunk, indicating that the willingness of many parties to take the initiative to attack is very low. At the same time, the double lines of the MACD indicator reflecting market momentum are located in the weak area below the zero axis, and the green columnar line representing multi-party energy is very short. These signs all indicate that the probability of a sharp rebound in the short term is small, and the probability of continuing downward after the consolidation is over is greater.

Market|Bitcoin futures closed below $7,200: CME Bitcoin futures BTC June contract closed down $695, or about 8.83%, to $7,180, closed at $8,225 on May 15, and rose more than 12.80% this week; The CME Bitcoin futures BTC July contract closed down at $7,195. At the end of New York trading on May 17, the CBOE bitcoin futures XBT July contract fell 10.0% to $7,135, and the front-month contract rose more than 12.23% this week. [2019/5/18]

It is recommended to use the position above 11900 as the risk control position of the short position. Before the short position is broken, the short position will give the profit a chance to run. Do not blindly buy the bottom or chase the rise.

Dynamic丨Bitcoin Cash has more infrastructure, applications, and innovative protocols: According to bitcoin, in the past few weeks, Bitcoin Cash (BCH) has seen a large number of new infrastructure support, applications, and innovative protocols. While all eyes are on the current bear market in the cryptocurrency market, there are a lot of positive changes happening in the BCH ecosystem replacing the current price speculation. [2018/7/1]

Subjective expectations (for entertainment only): The actual market trend is very consistent with last night's expectations. It is estimated that the currency price will temporarily consolidate in a narrow range in the lower area of ​​the 11650-11900 range, and continue to move downward after consolidation. Focus on the support of 11200. This paragraph is not used as a trading strategy reference.

Resistance and support

Resistance: 11850--11950--12080

Support: 11650--11480--11200

The nature of each level: daily line - rising, 4 hours - rising, 1 hour - falling

Screenshot from OKEX ETH/USDT perpetual contract 2-hour chart: current objective trend and coping strategies: ETH trend is also more in line with yesterday's expectations, and the currency price fell after briefly breaking the 399 support mentioned yesterday and ushered in a short-term rebound. The rebound is obvious It is stronger than BTC, which shows that "the strong will always be strong" is still in play.

Judging from the current trend structure, the short-term decline pattern that started at the high point of 447 the day before yesterday has not ended. In the short term, it is recommended to pay attention to the 416 first-line resistance, which is regarded as the short-term strength and weakness dividing line. When you see a rise, go to chase the rise. If it falls as expected in the later period, the support will focus on the rising trend line marked in the chart, which is probably located in the 383 area.

Subjective expectations (for entertainment only): The first half of yesterday's expectations have been fulfilled. It is estimated that there will still be a high probability of testing the area around 383 in the future, and then usher in a strong rebound. This paragraph is not intended as a trading strategy reference.

Resistance: 416--430--442

Support: 399--388--382

Screenshot from OKEX  EOS/USDT perpetual contract 1-hour chart: current objective trend and coping strategies: EOS trend is also in line with yesterday's expectations, the currency price continued to decline, and stopped falling at the suggested 3.25 support level and ushered in a short-term rebound .

Judging from the strength of the rebound and the trading volume, the strength of the rebound is not strong, there is not much money to actively follow up, and the negative volume is obviously more dominant. The current rebound is unlikely to be sustainable, and it is prone to a trend of rising and falling. It is recommended to pay attention to the first-line resistance at 3.46 first. If there is an obvious stagflation signal near this price or after a small breakout (long upper shadow, bearish engulfment, etc. in the 1-hour chart) or a good short-term high-altitude opportunity.

The short-term decline has been relatively large, and if it falls again, it is easy to break through and then stand up again. Potentially strong support, focus on depositing at 3.1. Don't chase short after seeing the new low, but buy at an opportunity.

Subjective expectations (for entertainment only): It is estimated that the currency price will break through the first-line resistance of 3.46 in the short term and then stagflate and fall back. It is expected to test 3.25 or a new low in the later period, and then usher in a strong rebound. This paragraph is not intended as a trading strategy reference.

Resistance: 3.46--3.60--3.75

Support: 3.25--3.10--3.00

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