CryptoExplorers says
31/05/2021
With the plunge, this wave of market enthusiasm has dropped rapidly, and it is no longer a bull market call by the whole people. The voices of the bear market are one after another, and the differences between the bulls and the bears are becoming more and more obvious. The chips are almost handed in, and the platform we are currently on will probably continue for some time, because the exchange of hands caused by the bull and bear disagreement is still going on, but it has already reached the second half, so it will enter June. , The shock cycle will not be very long, and it will open a new direction soon. The monthly line in June will also be very important, and it will most likely be the month that determines the bull and bear trend. Therefore, we must be more objective this month. When looking at the market, you should not miss any details about the market. Based on past data and experience, the cryptoexplorers still believes that the bull market is still going on.
The data shows that short-term Bitcoin holders are selling, while long-term holders are holding or tuning the currency. Real investors still believe that the bull market is not over yet, while speculators have long been on the market due to Mr. Market’s volatility and policy suppression. The trend is suspicious. From the perspective of the big cycle, long-term coin holders continue to grow, and their chips are severely locked. At present, there are very few bitcoins in the market, which will become one of the signs that they have not peaked.
The spot trading volume of cryptocurrency exchanges this month exceeded US$2 trillion, setting a historical single-month record. The heavy volume during the plunge indicates that the market acceptance is still strong. This kind of acceptance will definitely come out even if it is not a bull market. Waves rebounded strongly, and the army waiting for the bottom hunters was unimaginable.
The founder of Aave just gave a set of data, saying that the liquidity of the Aave market has returned to the level of 20 billion US dollars, so it is definitely a signal that the bull market continues. The basic logic of this statement is: if the bull market is not completely eliminated, it will be difficult for the bull market to end, and liquidity will generate more premiums for future currency prices.
Dario, the founder of Bridgewater Fund, said this afternoon that Bitcoin is "an alternative currency." "Rich Dad and Poor Dad" author Kiyosaki believes that Bitcoin's plunge is good news, and if it can fall to 27,000, it will start buying again. These bigwigs continue to be bullish on Bitcoin, and they belong to the bull market.
The research director of Jiasheng Group said that Bitcoin is already at a high level and the market outlook is limited. In the future, the United States will adjust its monetary policy. Once it faces tightening, the currency circle will shrink in an all-round way. Rather than saying that everyone has different expectations for Bitcoin, it is better to say that the basic judgment of the future macro environment is inconsistent, because the underlying logic of Bitcoin is the issue of whether the United States will continue to print money and inflation in the future.
The former deputy governor of the Central Bank of Nigeria stated that Bitcoin is still a hedging tool for many Nigerians to resist the devaluation of the legal currency. From this sentence, we can also see that it is precisely because a large number of Nigerians hold positions in Bitcoin that have led to a change in their central bank policy. Only by choosing to embrace can their people receive the dividends against global inflation.
Brazil has also given a tax plan, requiring Brazilians holding more than $1,000 in cryptocurrency to declare taxes before the end of May. Another country is ready to move towards compliance. If the most populous countries are to embrace, the Bitcoin bull market may really be over.
The panic index of 18 is still very panic and does not have the basis for a continuous plunge.
Market analysis
Bitcoin:
Starting this afternoon, Bitcoin has a feeling of weakening to strong. The market has the opportunity to challenge the pressure level near 38000 again in the short term. Overall, it is still believed that the 35000-38000 range is the main shock.
ETH:
Much stronger than the big pie, this kind of strength is expected to continue, and the pressure is near 2800.
DOT:
Relatively weak, mainly due to linkage shocks. The pledge last week was 4.35 million, and 3.34 million was unlocked this week. The selling pressure is not too big.
XRP:
The lawsuit was won again, and the judge rejected the memo from the SEC to visit Ripple. Ripple is gradually winning this oversight victory. The currency price is relatively strong today and is expected to continue.
LINK:
The rebound did not keep up, but it was still dominated by linkage rebound.
ADA:
The high position continues to oscillate, hold it patiently.
XMR:
The shock is mainly higher.
TRX:
The small bottom has come out a bit, and there is a chance to start an oversold rebound.
ETC:
The amount of energy today is too small, which is not conducive to sustainability. You can consider swapping positions for the rebound.
DOGE:
The rebound is weak and may weaken independently at any time.
MATIC:
Continue to be strong and hold mainly.
UNI:
The rebound is the main thing, and the valuable things will eventually rise.
AAVE:
Challenge the strong pressure zone again and have the opportunity to break through the pressure.
In the afternoon, the overall market went well, with a tendency to turn from weak to strong. It is mainly based on the idea of bullish and rebound. The bull's counterattack horn may have sounded.
That's it for today, see you tomorrow.