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China continues to scare traders. On September 24, the People's Bank of China released a new set of measures to promote interagency coordination in the fight against crypto activity. Measures to disable payment channels. Everything would be fine if it were not for the fact that these updates were originally published back on September 3, before they were picked up by the Western media.
Many crypto experts are inclined to believe that the negative media background was coordinated to attack the crypto market. The question arises why this was done if the news is not the first freshness.
The answer is simple, it was beneficial for someone.
According to CoinShares' September 27 weekly digital asset fund flows report, there has been a surge in buying from institutional investors.
Following the report, from September 20 to September 24, an inflow of $95 million was seen. The lion's share of the funds was allocated to Bitcoin and Ethereum, $50.2 million and $28.9 million, respectively. The remaining share went to Altcoins.
This kind of purchase is by no means the first or the last; large players almost always build in such a scheme to build up their portfolio. A correction is not a period of fear, it is an opportunity to acquire an asset at a good discount.
This is not the first time the seasonal correction and negative Chinese background have appeared in the market. Experienced traders are not afraid of this much. If we compare the history with corrections and negative news, then almost always there was a fairly good recovery, it only takes time.
In September 2017, the Chinese government banned crypto exchanges from offering services to users in the country, and also banned citizens from participating in ICOs. After the double ban, the Bitcoin price made a historic rise from a range of $4,000 to a record high at the time of about $19,891.
What happens on Bitcoin and Ethereum trading charts?
After Bitcoin returned to the $40,000 psychological level last Friday, nothing dramatic happened anymore. The quote follows within its deviation, where traders have a clear pivot point, relative to which there is a natural reduction in the volume of short positions.
In this situation, it is worth considering two possible scenarios at once: Long & Short.
The upward development of prices is still relevant and considered by market participants. The process of restoration of the volume of long positions should have a gradual nature, with subsequent strengthening, depending on the passage of the reference levels.
The levels of $45,500, $50,000, $60,000, and $65,000 are considered as signal values where the upward interest may increase.
Downward development considers the formation of the deepest corrective move in the market, which is likely to scare traders.
The level of $39,000, where a local decline towards $38,000- $35,000 is possible, is considered as a signal value, where a strengthening of the downward interest is possible.
As for Ethereum, the $2,600 / $2,860 price range serves as the support area, relative to which there is a decrease in the volume of meek positions.
In this situation, an increase in the volume of long positions is possible if the price passes the control levels of $3,200, $3,700, and $4,000.
The downward trend scenario will capture the market again if the price is kept below $2,600, which may well open the way towards $2,250.
The index of emotions (aka fear and greed) of the crypto market is at the level of 24 points, which is considered a rather low indicator. Traders fear a further collapse of the crypto market.
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