Market is coming to a key cross, BTC can protect 39500 or not?
1. Weekly hot point overview
a. Chinese Government throw out a big gun-------Exchange which registered overseas do business to mainland CHINA is ILLEGAL!
What does this mean? In short term, this will hit the exchange like Huobi and OKEx whose major clients are in mainland. There users may
have two choices, withdraw as soon as possible or transfer their coins to safer exchanges overseas, like Binance and KUCOIN. As we know that
OKEx and Huobi occupied a lot of shares in crypto, big selling pressure will come after this policy took effect. To investors, better empty your
positions and wait for signal then enter. Short term falling risk still exists.
b. US government also gave a signal that they will begin to access the risk of centrilized stable coins mainly point to USDT and the back
company---- Tether
A risky signal appears as we know that USDT has the biggest percentage among stable coins and large amount of capital use USDT as a flow
entry. Since USDT was born, outside still keeping a doubt that Tether whether has enough reserve compare with large amount of USDT they
have punished recent years. Although Tether used to "prove" themselves, this time is different, an official monitor will come, and the
negative impact has reflected to the market, the exchange rate of USDT once dropped below $6, if Tether can pull through, the market will
be stable, in opposite, USDT will have the risk of crashing, so this will be another risk to the investors.
2. Weekly market overview and prediction.
a. BTC/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Investors should notice that if retracement or consolidation can be support by 39500~41000 area, and combine with the reduced selling volume, it's time to enter long position or spot, otherwise, it's a better idea to open short position, and the closing price can look forward to 37100~37200. Set stop loss around 41500.
b. ETH/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
To ETH, trading method can follow BTC, if short term support 2650 can be effective, rebound possibility will be bigger, otherwise investors should focus on the last hard support around 2400, which is also the neckline of the previous double bottom, break through it means absolutely bearish market, stop dumping may expect rebound back to 3000.
c. SOL/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Although SOL has a good fundamental condition, but it also can't opposite the market trend, as the GAMEFI an NFT temperature reduced, demand of SOL no longer as hot as before, and due to the biggest increasing in August, selling demand still high, this is why after came into September, price kept dumping. 127 can be treated as a short term support, if break this price level, can straightly notice 102~115 support area, if not effective, means trend will go bearish. Otherwise, long positions still alive.
d. AVAX/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Compare with its mainly competitor Solana and Ethereum, Avalanche still keeps the biggest bullish range until now, this must benefit by the motivation policy of community and the high transaction efficiency. Short term support can focus on 65.7, then 57.3, the strongest support can notice 51.9.
a. Chinese Government throw out a big gun-------Exchange which registered overseas do business to mainland CHINA is ILLEGAL!
What does this mean? In short term, this will hit the exchange like Huobi and OKEx whose major clients are in mainland. There users may
have two choices, withdraw as soon as possible or transfer their coins to safer exchanges overseas, like Binance and KUCOIN. As we know that
OKEx and Huobi occupied a lot of shares in crypto, big selling pressure will come after this policy took effect. To investors, better empty your
positions and wait for signal then enter. Short term falling risk still exists.
b. US government also gave a signal that they will begin to access the risk of centrilized stable coins mainly point to USDT and the back
company---- Tether
A risky signal appears as we know that USDT has the biggest percentage among stable coins and large amount of capital use USDT as a flow
entry. Since USDT was born, outside still keeping a doubt that Tether whether has enough reserve compare with large amount of USDT they
have punished recent years. Although Tether used to "prove" themselves, this time is different, an official monitor will come, and the
negative impact has reflected to the market, the exchange rate of USDT once dropped below $6, if Tether can pull through, the market will
be stable, in opposite, USDT will have the risk of crashing, so this will be another risk to the investors.
2. Weekly market overview and prediction.
a. BTC/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Investors should notice that if retracement or consolidation can be support by 39500~41000 area, and combine with the reduced selling volume, it's time to enter long position or spot, otherwise, it's a better idea to open short position, and the closing price can look forward to 37100~37200. Set stop loss around 41500.
b. ETH/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
To ETH, trading method can follow BTC, if short term support 2650 can be effective, rebound possibility will be bigger, otherwise investors should focus on the last hard support around 2400, which is also the neckline of the previous double bottom, break through it means absolutely bearish market, stop dumping may expect rebound back to 3000.
c. SOL/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Although SOL has a good fundamental condition, but it also can't opposite the market trend, as the GAMEFI an NFT temperature reduced, demand of SOL no longer as hot as before, and due to the biggest increasing in August, selling demand still high, this is why after came into September, price kept dumping. 127 can be treated as a short term support, if break this price level, can straightly notice 102~115 support area, if not effective, means trend will go bearish. Otherwise, long positions still alive.
d. AVAX/USDT KUCOIN
https://www.tradingview.com/chart/s2lCj0vh/
Compare with its mainly competitor Solana and Ethereum, Avalanche still keeps the biggest bullish range until now, this must benefit by the motivation policy of community and the high transaction efficiency. Short term support can focus on 65.7, then 57.3, the strongest support can notice 51.9.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.