Interpretation of cryptocurrency market on April 20, 2023
The market saw a more rapid decline yesterday. The current position is unlikely to be at the top of the current round.
BTC over 28,600 would have reached the minimum criteria for a third-wave completion. Continuing the third wave or opening fourth-wave correction is possible. If it is a continuation of the third-wave, the subsequent decline should not be too deep, and the vicinity of 28,000 can be considered the limit. However, such a slight decline has no operational value, and there is no need to cover previously reduced positions.
If that happens, you can cover your reduced positions and make band trading.
This morning ETH pledges saw a cumulative 110,000 withdrawals. The vast majority are principals. BTC accounts that have been dormant for nine years also transferred nearly
200
million worth of BTC early this morning. The current sell-off facing the market is heavy. But it's hard to tell if this kind of public information is meant to shake positions or is about shipping. So shorting operations still need to be recommended. The only relatively clear way to operate is to cover your positions after falling out of a higher price/performance ratio.
BTC over 28,600 would have reached the minimum criteria for a third-wave completion. Continuing the third wave or opening fourth-wave correction is possible. If it is a continuation of the third-wave, the subsequent decline should not be too deep, and the vicinity of 28,000 can be considered the limit. However, such a slight decline has no operational value, and there is no need to cover previously reduced positions.
If that happens, you can cover your reduced positions and make band trading.
This morning ETH pledges saw a cumulative 110,000 withdrawals. The vast majority are principals. BTC accounts that have been dormant for nine years also transferred nearly
200
million worth of BTC early this morning. The current sell-off facing the market is heavy. But it's hard to tell if this kind of public information is meant to shake positions or is about shipping. So shorting operations still need to be recommended. The only relatively clear way to operate is to cover your positions after falling out of a higher price/performance ratio.