Crypto Market News
October 6 Highlights:
1. Coinbase cites SEC's appeal against Ripple, urging the judge to approve the interim appeal request.
2. BlackRock describes Bitcoin and Ethereum as "safe-haven assets" and "risk assets."
3. Institutions that are out of the game are discussing memes and how memes could become assets in institutional portfolios, suggesting that memes are about to receive significant VC investment?
4. MicroStrategy announces a job opening for a "Bitcoin Advocacy Manager."
5. A documentary about HOB is about to air; is it just for show, or is there real news? Let's wait and see, as everyone is looking forward to the idea that the deceased Satoshi Nakamoto is the real Satoshi.
Trading Insights
Current state of the crypto market: 1. Funds are not flowing into the crypto market: Despite China's monetary easing and the U.S. dollar interest rate cuts, more funds should theoretically flow into the market. However, the reality is that this liquidity has not significantly entered the crypto space. Investors prefer traditional assets like stocks and real estate over the higher-risk crypto assets. 2. Increased unlocking and cashing pressure from project teams and institutions: In previous cycles, ordinary investors had more opportunities to participate early in quality projects, such as through ICOs or launchpads. However, now many new projects are funded through private placements, excluding ordinary investors. When these projects enter the public market, early venture capitalists have already reaped multiple returns. When their tokens unlock, they often choose to sell and cash out, creating continuous selling pressure in the market and driving prices down. 3. The altcoin market is too fragmented: Many new tokens have a high fully diluted valuation (FDV), but their actual circulation is very low. This means that the number of tokens circulating in the market is very small compared to the total supply. At the same time, the number of new tokens with high FDV is excessive, further dispersing liquidity in the altcoin market. As locked tokens gradually unlock and enter the market, there will be continuous downward pressure on prices. 4. Lack of confidence from external investors: Significant market volatility and previous negative events, such as the collapse of the FTX exchange and the Luna project, have led many external investors to adopt a wait-and-see attitude towards the crypto market. 5. Lack of new market hotspots: In this cycle, we have not seen innovations that can attract public attention to drive market sentiment; ICOs, DeFi, and NFTs have all brought corresponding altcoin booms.
LIFE IS LIKE
A JOURNEY ▲
Below are the real trading signals from the Big White Community this week. Congratulations to those who followed along; if your trades are not going well, you can come and test the waters.
Data is real, and each trade has a screenshot from the time it was sent.
Search for the public account: Big White Talks About Coins
BTC
Analysis
Bitcoin's daily chart formed a doji yesterday, with a high spike up to around 62390 and a low drop to around 61670, closing around 62000. The upper resistance is near the MA14, while the lower support is near the MA120. If it breaks below, we will look towards the MA60. A pullback can be considered for buying near this area. The MACD shows a decrease in bearish momentum. On the four-hour chart, the upper resistance is near the MA120, and the lower support is near the MA30. If it breaks below, we will look towards the MA200. A pullback can be considered for buying near this area. The MACD shows a decrease in bullish momentum and has signs of forming a death cross. In the short term, buying can be considered around 61310-60600, with a rebound target of around 61900-62800.
ETH
Analysis
Ethereum's daily chart formed a doji yesterday, with a high spike up to around 2430 and a low drop to around 2390, closing around 2415. The upper resistance is near the MA7, and if it breaks, we can look towards the MA30. The lower support has been tested multiple times around 2320. A pullback can be considered for buying near this area. The MACD shows a decrease in bearish momentum. On the four-hour chart, the upper resistance is near the MA30, and if it breaks, we can look towards the MA200. The lower support has been tested multiple times around 2360. A pullback can be considered for buying near this area. The MACD shows a decrease in bullish momentum and has signs of forming a death cross. In the short term, buying can be considered around 2358-2320, with a rebound target of around 2420-2450. In the medium term, buying can be considered around 2270, with a rebound target of around 2430-2490.
Disclaimer: The above content is personal opinion and for reference only! It does not constitute specific trading advice and does not bear legal responsibility. Market conditions change rapidly, and the article may have some lag. If you have any questions, feel free to consult.
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