Madman's Thoughts on the Epidemic and Crypto Market

Madman's Thoughts on the Epidemic and Crypto Market

Introduction

Madman reflects on the impact of the novel coronavirus epidemic on China's economy and discusses the World Health Organization's announcement of a "public health emergency of international concern" (PHEIC). He also shares his thoughts on the continued rise in cryptocurrency prices.

The Impact of the Epidemic on China's Economy

Madman believes that if Hubei province did not delay the reporting time, China's economy would not have been so affected. He calls for corrupt officials to be held accountable for their actions.

The World Health Organization's Announcement

Madman explains that the World Health Organization's announcement of a PHEIC is not directed at China, but at the epidemic itself. He reassures readers that the organization does not recommend any travel or trade restrictions with China.

The Continued Rise in Cryptocurrency Prices

Madman suggests that the continued rise in cryptocurrency prices is due to more people learning how to trade during the epidemic. He believes that this incremental fund drives the rise in prices.

Madman's Experience

Madman reflects on spending the special Spring Festival in front of the computer, chatting with others about the epidemic and trends. He values the emotional connection he has with others during this time.

Market Analysis

Bitcoin

Madman analyzes the trend of Bitcoin and notes that the super pressure zone of $9,500 to $10,000 requires great effort to break through by each $100. Bitcoin continues to hold along the 5-day average, and off-site funds continue to flow in. The USDT discount is continuously shrinking, indicating a positive trend.

Here is an image of the Bitcoin price trend:

Dogecoin

Madman also briefly mentions Dogecoin and notes that it has risen significantly in the past week. However, he does not provide a detailed analysis.

Here is an image of the Dogecoin price trend:

Cryptocurrency Market Update

If in the stock market, this position should have already returned, the technical indicators have also diverged, the pressure level has also been reached, but the current strong momentum is caused by incremental factors. It is expected that there will be some bored funds coming in the next two days, so it is still more likely to continue to rise along the 5-day moving average. If tomorrow it does not go up, consider reducing short-term positions.

ETH

Increased trading volume has caused Ethereum to rise. Some good news for Ethereum is that the Chairman of the US Commodity Futures Trading Commission has reaffirmed that ETH futures are coming soon, which will inject new liquidity into Ethereum. Secondly, DeFi has locked in a total of $852 million in liquidity, with more than half being in Ethereum. Today, increased volume has caused a rise, and those who have bought should hold for now.

LTC

Litecoin initiated the recent surge and has not completed it yet, hold on for now.

HT

Trends are going up, so holding the platform coin is logical as it should rise before Bitcoin does. Hold on along the 5-day moving average.

BNB

Breaking behavior occurred yesterday, it may continue to follow the trend of HT.

BCH

Yesterday, there were five hours without blocks because of large mining pools jumping to mine Bitcoin, leading to a drop in BCH computing power causing delays in block generation. This has little impact on the price and is not considered a major flaw in the public chain but needs to optimize the difficulty adjustment mechanism. It is still relatively strong as a mainstream coin, so holding on along the 5-day moving average is recommended.

XRP

There may also be a rebound, but it is weaker than LTC and ETH.

EOS

This surge seems forced and limited in its sustainability.

BSV

It is still within the triangle pattern drawn yesterday, so it is best to wait for a breakthrough before participating.

ETC

Primarily oscillating at high levels.

ZEC

High levels of turnover; as long as the volume continues, it is expected to move up along the 5-day moving average.

ADA

The recent pullback has been fierce; take profits during rebounds.

The recent surge was led by the top coins (Dash, ETC, BSV), followed by the second tier (ZEC, ADA, BCH), and then the surge coins (ETH, LTC, XMR) surged. A rally has completed, and for a second one, we need to wait for the top coins to launch again or for new top coins to appear. If not, the market needs to rest a bit. Overall, the bullish trend is still dominant.

Disclaimer: This article represents the author's personal opinion and does not represent Blockke's standpoint. All 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 Blockke will not be responsible for any losses incurred by investors.