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Golden Observation | After a week of consecutive losses, it has reached the RSI oversold area.The probability of BTC hitting a new low in the short term is small?



Since "519", Bitcoin has fallen one after another, almost cut in half, and "Bitcoin plummeted" has landed on Weibo hot searches for several days in a row. However, the latest data shows that Bitcoin has reached the oversold area of ​​the RSI for the first time since March 2020. Don't sell when BTC is already oversold.

It is reported that RSI stands for relative strength index, a relative strength index indicator, which judges the future trend of market prices based on the comparison of the dynamics between the upward and downward trends. RSI less than or equal to 30 indicates that the situation is oversold or undervalued, the current RSI value is 28.48.

In an interview with Jinse Finance, OKEx analyst Charles pointed out that due to the recent ferment of multiple bad news, the continuous release of market panic caused the currency price to drop significantly. However, from a technical perspective, the MACD indicator in the 4-hour chart represents the mid-term trend of the market There is a phenomenon of continuous bottom divergence, indicating that the strength and persistence of active-zce short selling in the market are declining. The above phenomenon shows that there is a relatively strong rebound demand in the short-term trend, and the probability of making a new low in the short-term is small.

Golden hot search-zce list: SEELE tops the list: According to the data of Golden Finance and Economics ranking list, in the past 24 hours, SEELE topped the list. The specific top five list is as follows: SEELE, OKB, BTC, ADA, XRP. [2020/11/9 12:06:04]

At the same time, on the evening of the 24th, the encryption market ushered in a rebound, with 87 of the top 100 coins by market value rising and 13 falling. In addition, according to peer customer data, the annualized price difference of Bitcoin on May 25 was 5.71%, an increase of 1.22% from the previous day, and the market sentiment index was "optimistic".

At the same time, in this deep decline, Bitcoin has also "changed hands". According to news on May 24, in the recent price adjustment, large bitcoin holders seem to be actively buying bitcoin. Anthony Pompliano from Morgan Glass Digital, an encryption investment agency, said that he analyzed Glassnode data and found that since the market crash last Wednesday, Bitcoin whales holding 10,000 to 100,000 BTC have purchased a total of 122,588 BTC. Bloomberg interviewed some crypto hedge funds and found that these funds also participated in the purchase, and they were actually bargain hunters, including London-based MVPQ Capital and ByteTree Asset Management and Singapore-based Three Arrows Capital (Three Arrows Capital). Kyle Davies, co-founder of Three Arrows Capital, said: "Every time we see a large amount of liquidation is an opportunity to buy, I would not be surprised if Bitcoin and Ethereum can retrace the entire decline within a week."

Jinse Finance mining data broadcast | BCH's network computing power rose by 11.33% today: Jinse Finance reported that according to the data of the spider mining pool:

The computing power of the entire ETH network is 177.001TH/s, the mining difficulty is 2223.64T, the current block height is 9802212, and the theoretical income is 0.00787833/100MH/day.

The computing power of the BTC network is 101.473EH/s, the mining difficulty is 13.91T, the current block height is 624277, and the theoretical income is 0.00001807/T/day.

The computing power of BSV network is 2.497EH/s, the mining difficulty is 0.36T, the current block height is 629123, and the theoretical income is 0.00072082/T/day.

The BCH network computing power is 3.635EH/s, the mining difficulty is 0.49T, the current block height is 629330, and the theoretical income is 0.00049514/T/day. [2020/4/4]

On May 24th, Morgan Creek founder Anthony Pompliano tweeted: “On-chain indicators overwhelmingly show that new Bitcoin holders are selling Bitcoin to those who have been in Bitcoin for years. Weak newbies Selling (bitcoin) to strong long-term buyers." On the same day, Grayscale founder Barry Silbert tweeted: "Many cryptocurrency traders have become long-term investors, which is healthy."

Golden Evening News | List of important news on the evening of March 13: 12:00-21:00 Keywords: Bitcoin plunge, RRR cut, Coinbase, Snowden

1. The People's Bank of China: On March 16, it implemented targeted RRR cuts for inclusive finance, releasing long-term funds of 550 billion yuan.

2. The founder of Morgan Creek: The plunge of Bitcoin is a "liquidity crisis".

3. The Bank of England is exploring how to introduce central bank digital currency (CBDC) into the existing market.

4. New York regulators in the United States require encryption companies to develop contingency plans for the new crown virus epidemic.

5. Coinbase launches Bitcoin transaction batch processing feature that can reduce fees by more than 50%.

6. Chief Researcher of OKEx Research: Global market panic has intensified and Bitcoin has plummeted.

7. Snowden: This is the first time in a while that I want to buy Bitcoin.

8. MakerDao adjusted the voting through multiple risk parameters and increased the debt auction delay time to 6.5 days.

9. Today's panic and greed index is 10, the degree of panic is deepening. [2020/3/13]

It is worth mentioning that John Bollinger, creator of the Bollinger Bands indicator, tweeted: "BTC/USDT is fluctuating at the bottom of the short-term W in a reasonable position. Developing risk/reward looks good."

Jinse Finance’s exclusive analysis Japan has great potential in the field of virtual currency payment: Bloomberg summarized the situation of Japanese traditional giants entering the blockchain yesterday. E-commerce, social networking, games, banks, and securities giants have all begun to deploy. According to the analysis of Jinse Finance, in the field of centralized payment, Japan appears to be extremely conservative. In daily payment, credit card and current payment are still the mainstream. The popularity of linepay launched by social giants in Japan is far lower than that of WeChat Pay and Alipay in China. As for virtual currency, Japan is more interested. There are already 3.5 million people using virtual currency to trade, accounting for 3% of its total population. Compared with the history of virtual currency development, it is already a large scale. In addition, Japan’s domestic regulatory environment for virtual currency, Renben is expected to reverse the backwardness of traditional mobile payment at the virtual currency payment station. [2018/4/16]

Bitcoin’s drop in May was the largest monthly drop ever, hitting a new all-time high. Nevertheless, according to the current data, the total assets under management of encrypted hedge funds will increase by 90% in 2020, and the average rate of return will still increase by 3 times.

Jinse Finance’s exclusive analysis of Japan Virtual Currency Association’s new regular member is Japan’s licensed exchange: The Japan Virtual Currency Association (JCBA) recently announced that it has added 13 new members, of which Bitgate Co., Ltd. is a regular member, BLUEBELT JAPAN Co., Ltd., BiTreasury Co., Ltd., B2C2 JAPAN Co., Ltd., LastRoots Co., Ltd., OKCOIN JAPAN are associate members, and other companies are assisting members. The Japan Virtual Currency Association was jointly established by Japanese domestic banks, securities companies, and financial institutions in 2016. The purpose of its establishment is to provide sound information for the industry and promote the healthy development of the cryptocurrency industry. Bitgate Co., Ltd., which became a regular member this time, is a cryptocurrency trading platform registered in Kanagawa and established in 2010. Bitgate was originally named "エフ・ティ・ティ Co., Ltd." is a cryptocurrency trading platform that has obtained an exchange license from the Japan Financial Services Agency. one. In recent days, Japan’s Financial Services Agency has taken frequent actions against exchanges. At the same time, the Japan Virtual Currency Association (JCBA) is still adding new members. It can be seen that despite stricter supervision, the development of cryptocurrency exchanges in Japan is still hot. Regulation may not be a bad thing. Regulation can enable truly qualified companies to provide services to investors and protect the interests of investors. [2018/4/8]

According to the annual global encryption hedge fund report released by PricewaterhouseCoopers and investment company Elwood Asset Management in cooperation with the Alternative Investment Management Association (AIMA): the total assets under management of encryption hedge funds in 2020 will reach 3.8 billion US dollars, an increase of 90% compared with 2 billion US dollars in 2019. %; the average rate of return of encrypted hedge funds in 2020 will reach 128%, a three-fold increase from 30% in 2019; 47% of traditional hedge fund managers surveyed have invested or are considering investing in cryptocurrencies; the asset management scale in 2020 exceeds The proportion of $20 million crypto hedge funds increased from 35% to 46%; most crypto hedge funds traded BTC at 92%, followed by ETH at 67%, LTC at 34%, LINK at 30%, DOT at 28%, AAVE accounted for 27%; crypto hedge fund investors accounted for 54% of high-net-worth individuals and family offices for 30%.

In addition, Nobel laureate and economist Paul Krugman (Paul Krugman) also said on Twitter that he had given up on his previous prediction that Bitcoin would die, and he suggested that Bitcoin be regarded as A belief (cult) that survives indefinitely, but Paul Krugman still believes that Bitcoin has no fundamentals. Paul Krugman said: I have given up the prediction of Bitcoin's imminent demise, because Bitcoin always seems to have a new group of believers, and perhaps it can now be regarded as a belief that can survive indefinitely. However, Bitcoin is not an innovation, nor is it a convenient means of transaction and stable store of value, and it is certainly not a unit of account.

In the face of such a large decline, there are endless voices of the end of the bull market. According to Glassnode data, the losses caused by this bitcoin sell-off to short-term holders are of historical significance. The value has only fallen below this position three times, namely the beginning of the bear market in February 2018, the sharp drop in November 2018, and the sell-off caused by the new crown pneumonia in March 2020. STH-SOPR takes into account the degree of profit realized by cryptocurrencies moved on-chain, filtering cryptocurrencies held for less than 155 days, representing entities buying cryptocurrencies during the current bull market cycle.

Bloomberg analyst John Authers also tweeted that (Bitcoin) fell 53% in 5 weeks and then rose 35% in 4 hours. There are currently two observations: 1. No one will participate in Bitcoin-denominated transactions. 2. It's too early to say the bubble has burst (or that this is a new bull market).

It is worth mentioning that, as the decline intensified, voices calling for bottom-buying also gradually arose.

On May 22, Synthetix founder Kain Warwic tweeted that it is still in a bull market, so take it easy.

Anthony Scaramucci, founder of Tianqiao Capital, said that I still think that the bull market of Bitcoin is not over yet. Most small retail investors are using leverage. In our view, with over $8.6 billion in crypto assets liquidated yesterday, Bitcoin will rally in the long run.

According to news on May 23, Justin Sun, the founder of TRON, once again tweeted that he had "buy the bottom". Earlier on May 20, Justin Sun bought $153 million in Bitcoin at an average price of $36,868 and $135 million in Ethereum at an average price of $2,509. In addition, Sun Yuchen also posted on Weibo: I personally think that the bull market is definitely not over yet. This decline is an adjustment among the bulls. The adjustment in June is over, and a big bull market will definitely start in July and August. My personal opinion is not to be used as financial investment advice.

According to the news on May 24, the data showed that the ARK Fund bought the GRAYSCALE Bitcoin Trust. In addition, former BTCC (Bitcoin China) co-founder and CEO Li Qiyuan (Bobby Lee) said on Monday that despite the recent regulatory pressure, he does not think Bitcoin will continue to fall, and reiterated that Bitcoin will continue to fall in the next few months. Soar to $100,000 forecast. However, Li Qiyuan warned that after the current bull market, Bitcoin may usher in a "severe winter" that may last for several years.


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