Market Focus
The new biography of Musk may confirm that he has been secretly funding the development of Dogecoin.
Bernstein report: Bitcoin spot ETF will be launched between mid-October and mid-March next year.
The London Stock Exchange has developed a blockchain-based digital asset business plan and aims to obtain regulatory approval within a year.
Report: Due to significant selling pressure from exchanges such as Upbit and OKX, XRP fell by over 25% in August.
The proportion of contracts collateralized with Bitcoin increased from 20% in July to 33%.
Due to the impact of the Labor Day holiday in the United States, the stock market was closed for a day yesterday, and market makers were also in a state of rest. Therefore, even on Monday, the market is still in a state of fluctuation. Market volatility is expected to increase only after market makers resume market making.
Looking at the market, it is currently divided into three major camps.
The first camp consists of small-cap coins with a market value of less than 60 million and overlaid contracts, such as LPT, NMR, TRB, GTC, etc. This camp is entirely driven by funds, and short-term rallies are rapid. However, once funds are withdrawn, they often return to the original point. It is necessary to pay close attention to the callback risk of the corresponding varieties.
The second camp is represented by BTC and ETH, with large market values. Due to the withdrawal of market makers, the liquidity itself is insufficient, so it is currently in a sideways phase with small fluctuations. Without narrative and news stimuli, it is difficult to break the large consolidation range.
The third major camp is the vast array of altcoins. Many of these coins have lost liquidity, with extremely low trading volume, making it easy to experience rapid rises or falls. However, it is difficult to reverse the decline, much like zombies.
From a technical perspective, although there was a slight dip to around 25530/1609 in the morning, the rebound was noticeably weak, indicating insufficient bullish sentiment in the market. At the same time, the 4-hour structure has not broken above the zero axis, and the MACD indicator has started to converge. Although there is no indicator resonance at the moment, the indicators show that there may be a need for the market to continue to retrace and seek a bottom.
In conclusion:
The previous view remains unchanged. If the market rebound does not reach the 26300/1660 area, any rebound, even if it occurs midway, is considered a weak rebound of the right shoulder of the head and shoulders pattern.
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