The understanding king signed an executive order to officially establish a Bitcoin strategic reserve, based on seized Bitcoins to create a strategic Bitcoin reserve. The government will not acquire other assets for the reserve. The market directly dropped nearly 6% before rebounding back to around 90,000. At 9:30 PM, both the unemployment rate and non-farm payrolls were favorable, but the market still did not recover the morning's losses.
The three major U.S. stock indices continued to decline last night, and many bloggers began to discuss how much the U.S. stock market had dropped and whether it would crash. Tesla fell by 46%, Nvidia by 28%, and others by 20%. The young master started warning about the "black swan" in the U.S. stock market after the 20th of last month, while also reminding that Bitcoin has a risk of decline. Tonight, the U.S. stock market opened low again, testing the short-term support at the bottom from the last two to three days. I hope the U.S. stock market experiences a circuit breaker and rebounds from the bottom, which would be safer for the global financial market (you can refer to video and article analysis).
At 2:30 AM, the White House's first cryptocurrency summit will begin. Let's wait and see if the market pattern will change! The young master believes that without substantial positive news, it will still be difficult to change the current downward trend.
Bitcoin
In the short term, Bitcoin is still in the downward trend mentioned earlier, receiving converging triangle fluctuations, and is facing a critical point for a trend change. Since the spike on February 3, the daily line has not effectively broken through the MA20, and the downward trend line has also not been broken.
However, the daily line still has support near MA200, having supported five times, so we will see the strength of this line. There will also be a speech from Powell in the early morning. Let’s make a wild prediction about two possible trends for Bitcoin: the first is that after the converging triangle fluctuation, it tests MA200 multiple times downwards and if it holds, a rebound will start; the second is that it breaks below 78,256 and goes to 70,000 before rebounding (a circuit breaker in the U.S. stock market cannot be ruled out).
Support: Pressure:
Ethereum
The weekly line has not yet closed, but there have been spikes for three consecutive weeks. In the short term, there is also support, but the current rebound strength is average. The 4-hour chart has a level that broke and recovered, so we can pay attention to the triangle breakout situation for more stable operations.
Support: Pressure:
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Young Master Fusu
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