The Madman's View and Market Analysis
Insights on life in China and the current state of the cryptocurrency market.
The Madman's View
Even though the economy is declining and life is difficult, it is not very bad. People in China do not go hungry and have security, and there are opportunities to do whatever they want. For those who have basic needs met, they lead a decent life. However, for those who want to travel, buy luxurious items or expensive cars, and own large houses, it is difficult as materialistic lives can be hard to satisfy. Happiness levels do not necessarily go up when one is wealthy, but it is easier for poor people to feel excitement and happiness when they complete goals.
In Beijing, many people want to settle down as it has the best healthcare, networking opportunities, and entrepreneurial atmosphere. However, for the average worker, owning a house is still impossible due to high prices.
If one were to have 100 million RMB, they could not do much as living expenses for luxury lifestyles are very high. Hence, people must continuously learn, set goals, and complete them if they wish to have a fulfilling life.
Bitcoin has been stagnating with low trading volumes for a week. While there were slight increases in trading volume, it was not significant. Ethereum is currently the focus, and whether or not Bitcoin can break through the 4000 RMB resistance barrier depends on Ethereum's rebound. So far, Ethereum is looking positive for further rebound.
Cryptocurrency Market Analysis
Bitcoin is likely to maintain a fluctuating upward trend with limited fluctuations, with large intervals oscillating between 3550-3980.
Ethereum has regained its position as the second largest cryptocurrency and exceeded Ripple in market value. The daily chart of Ethereum shows a sustained increase, with significant increase in volume compared to other mainstream coins. This is mainly due to the retaliatory rebound after a steep decline, but there is still continuous attention focused on it. The recent high oscillation consumes the pressure from previous highs, indicating continued strength. Another volume increase indicates the willingness of major players, with the second wave of attack potentially coming. Resistance levels are far away at 175 and 195, with a large probability of a sustained rebound for Ethereum and an uptrend for other mainstream coins.
Bitcoin Cash is still limited in volume and narrow in fluctuation, with no good opportunities.
Dash's rebound volume is also strong, and its trend is healthy. It is recommended to buy or hold.
Litecoin is one of the strongest mainstream coins, with significant gains and sustained oscillation. It is recommended to buy or hold.
Although ETC is known as the "king of contrarian", it is worth holding due to its strong market position and sustained oscillation in recent times. Other mainstream coins are not discussed as they are not very operable.
It is recommended to follow the strategy of the author and focus on the above-mentioned coins with strong momentum and sustained oscillation, and not to participate in small currencies. Trend-oriented holding is not recommended, but only short-term speculation with small positions.
Disclaimer: This article reflects the personal opinions of the author and does not represent the viewpoint or position of Blockcast. The content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and Blockcast are not responsible for any direct or indirect losses incurred by investors’ transactions.