Interpretation of cryptocurrency market on April 17th, 2023
The overall high level of the market oscillated over the weekend. OKB was up due to the IEO of SUI, Binance Labs participated in SUI's Series B funding, but SUI did not choose to do an IEO on Binance, instead choosing OKX, Bybit, and Kucoin.
BNB has subsequently risen as well. It may be that the market expected or leaked out - Binance will make some counterattack and release other IEO projects.
There is no need to invest too much in a short sale or IEO deliberately. Any new investment is a greater risk after the market has already been judged to be in the realization phase.
For the time being, one can remain optimistic about the overall market. Two days after the Shanghai upgrade landed, coin withdrawals across the network accelerated, and the growth in pledges slowed. The market is digesting the sell-off, which is not good news for short-term bullishness. However, the number of new pledges entering is still more significant than the number of withdrawals. And funding received for pledged projects has been accelerating.
The overall operating idea remains the same, with the smaller coins returning to their previous year highs. Recovering costs only retain profits, and the remaining positions are reduced the more they rise. The mainstream coins also open up the spread to continue to reduce positions in batches on the good.
But it's still a little early, to be short. The reduction of positions only means that the risk of being long is increasing, recovering costs and pocketing part of the profits. You can respond better to the following unfavorable situation, but at the moment, it is still riskier to be short than long.
BNB has subsequently risen as well. It may be that the market expected or leaked out - Binance will make some counterattack and release other IEO projects.
There is no need to invest too much in a short sale or IEO deliberately. Any new investment is a greater risk after the market has already been judged to be in the realization phase.
For the time being, one can remain optimistic about the overall market. Two days after the Shanghai upgrade landed, coin withdrawals across the network accelerated, and the growth in pledges slowed. The market is digesting the sell-off, which is not good news for short-term bullishness. However, the number of new pledges entering is still more significant than the number of withdrawals. And funding received for pledged projects has been accelerating.
The overall operating idea remains the same, with the smaller coins returning to their previous year highs. Recovering costs only retain profits, and the remaining positions are reduced the more they rise. The mainstream coins also open up the spread to continue to reduce positions in batches on the good.
But it's still a little early, to be short. The reduction of positions only means that the risk of being long is increasing, recovering costs and pocketing part of the profits. You can respond better to the following unfavorable situation, but at the moment, it is still riskier to be short than long.