Positive developments and evolving trends
The market experienced a strong push in the morning but returned to a state of volatility by midday due to massive sell-offs from investors holding onto cheap chips. Institutional buyers are taking advantage of the situation and buying these chips at high levels, indicating that the market is still undergoing a turnover at a high level.
Two positive developments occurred in the morning:
Pornographic website Pornhub stopped accepting fiat payments and began only accepting cryptocurrency, which will benefit Bitcoin and BCH.
There are rumors that Zuckerberg has invested in Bitcoin.
Also, Banca Generali, an Italian private bank, is planning to launch cryptocurrency services and has acquired the Bitcoin wallet Conio. Institutional buyers are still investing in Bitcoin.
The Bitcoin market is still experiencing high volatility, with buyers looking to push through resistance at higher levels.
Let's stay tuned for more updates!
Support is at a historical high in the market, and the longer the market fluctuates, the greater the chance for an upward trend. The madman still believes the market will form an upward continuation pattern at the high point and move further towards new highs.
ETH is linked to the overall market and is directionless at a high level, continuing to operate within a triangle.
XRP is independently falling, and there are currently no expectations for upward momentum; therefore, it is not recommended to participate.
LINK is oscillating in tandem with the overall market and has the potential to rise after another sideways movement.
BCH is continuing to raise its bottom, and today's daily volume is not bad, providing a promising outlook.
LTC has seen two consecutive days of high-volume increases but has since fallen back down with relatively weak upward momentum; a correction in the short-term is possible.
ADA is still under significant pressure on the top end and is risky to participate in without an increase in volume.
XMR is currently showing upward momentum along the five-day moving average.
FIL has many miners complaining about the excessive consumption of FIL in the project, and the team seemingly "cuts" everything, including selling mining machines, mining itself, and trading the coin. The project will likely continue to fluctuate, but it is not worth analyzing.
DOT rebounded strongly today, and the double bottoming pattern played out well at this level, suggesting a continuation of this trend.
YFI is still consolidating within a triangle, and the market is expected to continue to fluctuate.
In the short-term, the market is directionless, and it is recommended to patiently hold and wait. The "Mentougou Act" draft could come out tonight, and if the author sees the final result, it will be shared in the comments section. There is some expected short-term downside risk, so investors must be cautious.
Disclaimer: This article reflects the author's personal opinion only and does not represent the viewpoint or stance of Blockcast. All content and opinions are for reference only and do not constitute investment advice. Individuals should make their own decisions regarding investments and trading, and the author and Blockcast will not be held responsible for any direct or indirect losses incurred by investors through trading.