-【Review】-

There was no market analysis last Saturday, so let's skip that.

-【Today's Market Analysis】-

Liquor Trading Diary: Daily Interpretation 6.17

① Intraday ultra-short-term resistance: 66600-66800

If the price can stand and stabilize between 66600-66800, it can continue to rise. If it fails to go up and encounters resistance, it will continue to look for support downwards. Implement a 4-hour level retracement, which is a washout.

② Intraday ultra-short-term support: 65700-65800

Theoretically, when the price reaches this level, there will be a small rebound. If the rebound cannot turn into a big rise, the possibility of breaking through 65700-65800 and continuing to explore the bottom is a sure thing.

Summary: The washout downwards begins.

-【Cryptocurrency News】-

Traders: Observing Bitcoin Whales Is Not Useful?!

Traders believe that tracking the movements of Bitcoin whales (holders of large amounts of BTC) will not bring short-term effective returns, even though Bitcoin whales have been used as a popular indicator for speculating market sentiment for some time.

Cryptocurrency traders generally believe that whales can influence the market through their trading strategies.

However, although whale activity can have an impact, their movements have multiple interpretations, so the data can never provide clear evidence. For example, the sudden activity of dormant addresses holding large assets may indicate selling, especially if they enter the deposit addresses of exchanges. In addition, when whales sell large amounts of Bitcoin in a short period, it does not always mean that a sell-off is occurring.

The gradual withdrawal of funds here indicates wallet management, and sometimes these companies and institutions have multiple wallets and hundreds/thousands of clients.

Moreover, the large "whale" wallets you are paying attention to are mostly ETFs and exchanges.

However, in my personal opinion, it is impossible to say that they are completely useless. It can only be said that whale activity may not necessarily affect your short-term trading, but it does have a good reference value for your medium to long-term trading. For example, when you feel scared, whales have just purchased $1.3 billion worth of Bitcoin.

In short, there are still many analysts in the market who pay attention to the movements of whales to judge the market trend.

On May 15th, a data institution stated that after a two-month downtrend, the demand for Bitcoin whales has entered an "acceleration mode" again. The report stated that since March, the growth in Bitcoin demand has been slowing down, but it now seems to be stabilizing. Further acceleration in demand is needed to maintain this price increase.

Personal opinions, for reference only.

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