Conveying the Way of Trading, Enjoying a Wise Life. This week, let us delve into a comprehensive review of last week's market dynamics, from the execution of trading plans to the impact of significant fundamental events, and the technical analysis of major cryptocurrencies, providing an all-around interpretation of the cryptocurrency market's secrets.
NC: Last week, NC performed remarkably in the cryptocurrency market. After entering at a price of 0.072, it surged like a dark horse to 0.1 USD, with an overall increase of up to 40%. Such an outstanding rise undoubtedly attracted the attention of many investors. For those interested in NC, we remind you that if the price retraces to 0.0535 or 0.072, it will be a good opportunity to re-enter, as its potential for further increases remains considerable.
GLM: Similarly, GLM showed strong upward momentum last week. When the price retraced to around 0.2904, we advised investors to enter. Subsequently, GLM peaked at 0.37, becoming a highlight in last week's market. Its steady upward trend brought substantial returns to investors.
MKR: As a highly watched cryptocurrency, MKR peaked at around 1650. However, at this critical position, a divergent candlestick pattern appeared, which usually signals a disagreement between bullish and bearish forces in the market. Based on this, we promptly advised investors to take profits and exit. Looking back at its upward journey, the maximum increase was in the range of 30% - 40%, making this a relatively successful investment operation for investors.
II. Fundamental Analysis
Review of the Bybit Theft Incident:
Last week, the focus of the cryptocurrency market was undoubtedly the Bybit theft incident. In the 3-4 days following the theft, on the 22nd, Bybit faced immense pressure, needing to handle 580,000 withdrawal requests.
This incident instantly triggered panic in the market, with investors worrying about the safety of their assets. However, it is fortunate that exchanges like Bitget, MEXC, and Binance extended a helping hand, providing a total loan of 172.5 million USD to Bybit. This move not only helped Bybit through the crisis but also stabilized market sentiment to some extent.
Currently, Bybit's withdrawals and normal trading have resumed, and this historically largest theft case has basically calmed down. This incident not only tested Bybit's response capabilities but also highlighted the spirit of mutual support among exchanges in the cryptocurrency circle, effectively avoiding extreme situations similar to the FTX incident and playing a positive role in stabilizing the entire market.
Bitcoin Market Dynamics and Whale Holdings Changes:
In the Bitcoin market, changes in whale holdings have always been a focal point for investors. Yesterday, the overall dynamics of the top 100 Bitcoin whales remained relatively stable. Among them, the 12th and 59th whales increased their holdings by 133 Bitcoins, while most other whales maintained a wait-and-see attitude.
It is noteworthy that the number of whales decreased from 11 to 22, reducing their holdings by 23,277 Bitcoins, leaving a total of 37,194 Bitcoins, with no signs of further reduction for the time being.
Bitcoin ETF Outflow Situation:
From the flow of Bitcoin ETFs, the market has shown a certain degree of caution. On the 21st, Bitcoin ETFs still experienced an outflow of 50 million USD, while on the 20th, the outflow amount reached as high as 365 million USD. From the 10th to the 21st, the net outflow of Bitcoin ETFs reached 960 million USD. This series of data indicates that for a long time, Bitcoin ETFs have been continuously experiencing net outflows.
Based on this, Jiugo believes that in the short to medium term, the Bitcoin market still faces significant pressure, with a clear bearish outlook. Although there are doubts about the bullish and bearish views on Bitcoin in the market, considering the continuous outflow of Bitcoin ETFs, the 11th whale selling 23,000 Bitcoins, and the fact that the weekly death cross for Bitcoin has not yet been repaired, the pressure on the Bitcoin market in the short to medium term should not be underestimated.
However, as long as the Bitcoin price does not break below 90,000 USD (90K), altcoins are expected to have development opportunities. Once Bitcoin breaks below 90K, this wave of upward momentum is likely to end, potentially leading to a rapid decline in the entire market. Therefore, 90K has become a key support level for the Bitcoin market and needs close attention.
III. Technical Analysis Interpretation
BTC: From the weekly chart of Bitcoin, it is currently supported at the middle band of the Bollinger Bands, which is at 90K. This support level is crucial; if it breaks, the Bitcoin price could plummet.
However, from another perspective, 90K may also hold. If Bitcoin can gain effective support at 90K and break through the daily resistance line, it will once again challenge the high of 110,000 USD.
Conversely, if it fails to break through the resistance, Bitcoin will continue to test the important support level near 90,000 USD. Therefore, in the short term, Bitcoin's movement will depend on whether it can stabilize at 90K and break through the daily resistance.
ETH: On the weekly chart, Ethereum showed a small bullish candle last week, but it also broke below the weekly level near 3130, which is the middle band of the Bollinger Bands, and has not yet recovered.
On the daily chart, although Ethereum's price broke through the middle band of the Bollinger Bands, it is currently consolidating below 2840 USD and has already broken through 2800 USD, but today it fell below again. This indicates that the support level at 2800 USD is not solid, with both bulls and bears engaged in fierce competition here.
Currently, Ethereum's performance is relatively flat, consolidating below 2800, and its future movement remains to be further observed. Patience is needed to wait for Ethereum's next performance and to see if it can break through the key resistance level for a price breakout.
GLM: On February 16, a long bullish candle appeared, with an increase of 40% and a significant volume. Subsequently, there were a few days of reduced volume retracement. Yesterday, GLM experienced another surge, again with significant volume, although not as large as on the 16th.
For students who entered at the retracement position, this wave of profits is quite good. Looking ahead, if GLM retraces to around 0.33 again, based on its previous trends and volume-price relationship, it still has the opportunity to continue rising. Everyone can closely monitor this key price level to seize potential opportunities.
NC: Belonging to the artificial intelligence sector, from the daily chart perspective, it has formed a double bottom structure. Since the day before yesterday, NC has been rising, with increasing volume at the bottom, and yesterday it surged by 58%, successfully breaking through the neckline.
Currently, NC's price is 0.083, having reached a high of 0.10, which has met our previously set profit-taking target. However, this does not mean that NC's upward trend has ended; it may continue to push towards 0.16 USD or even higher. If the price retraces to the neckline at 0.070, it may be worth considering re-entering to capture its subsequent upward potential.
MKR:
MKR formed a doji yesterday, indicating a divergence between bulls and bears. However, it is worth noting that its fast and slow lines have crossed above the zero axis, which is usually a positive signal.
MKR spans multiple sectors, with a 40% increase from the bottom. Next, in the short term, it may continue to retrace to around 1400, where short-term traders can take profits. After a brief consolidation, Jiugo believes that MKR is very likely to challenge the important resistance level of 1800, the descending trend line. Once this position is broken, the next target will be 2400 USD.
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