Interpretation of cryptocurrency market on Aug 30, 2022
Yesterday the market rallied. If there are lower levels to reduce positions, now will be relatively more active. The market is currently in the rebound phase. Covering short orders must be done at the highs that appear after the rebound cycle has continued for some time. This signal has not yet appeared.
For now, the rally cycle will probably end on Thursday or Friday. This judgment would have a little more certainty if a rally in US stocks could also occur today and tomorrow.
The bear market is not over, and shorting is still the theme. But it can always be held. Only positions that were entered at relatively high levels, with subsequent additions and relatively less favorable costs for short orders, are needed for swinging. The month of September will see non-farm payroll data (9.2), CPI data (9.13), the ETH merger (expected 9.19), and the release of the Fed's interest rate resolution (9.22). Each of these is a major event that needs to be watched closely. Any single movement that deviates significantly from expectations will cause dramatic market volatility. It is also foreseeable that the market in September will be relatively less easy to operate.
But there is one thing that you can start operating with relatively greater certainty: starting a fixed investment in a portfolio of value coins (you can refer to the related article in the help center for the to tokens). As long as BTC is around 20,000 or lower, the odds of doing this will be relatively good. Of course, fixed investments are not the same as bottoming out, and the cash-out cycle is measured in years and is only suitable for investors who have confidence in the crypto market and are patient enough.
For now, the rally cycle will probably end on Thursday or Friday. This judgment would have a little more certainty if a rally in US stocks could also occur today and tomorrow.
The bear market is not over, and shorting is still the theme. But it can always be held. Only positions that were entered at relatively high levels, with subsequent additions and relatively less favorable costs for short orders, are needed for swinging. The month of September will see non-farm payroll data (9.2), CPI data (9.13), the ETH merger (expected 9.19), and the release of the Fed's interest rate resolution (9.22). Each of these is a major event that needs to be watched closely. Any single movement that deviates significantly from expectations will cause dramatic market volatility. It is also foreseeable that the market in September will be relatively less easy to operate.
But there is one thing that you can start operating with relatively greater certainty: starting a fixed investment in a portfolio of value coins (you can refer to the related article in the help center for the to tokens). As long as BTC is around 20,000 or lower, the odds of doing this will be relatively good. Of course, fixed investments are not the same as bottoming out, and the cash-out cycle is measured in years and is only suitable for investors who have confidence in the crypto market and are patient enough.