Crypto Currency Market under China’s Intensified Crackdown
China’s top regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining activities, the power-hungry process in which vast computer networks compete for newly-created crypto tokens.
Gold fluctuates within 1743–1783 of four-hour ribbon in a generally and slightly downward trend where operation within the range or selling limit would be more proper. As for operation, it is suggested to short at 1760, stop loss at 1765 or with a possible buffer until 1743. For further market, I would keep gold bullish after stopping loss, buying long at 1760, stop loss at 1755 and expect gold price up to 1780.
S&P 500 Index
S&P 500 Index rebounds to the trending line after plunging below it. In the general tendency it may be likely to keep rising while at the same time the trending line and 4,500 mark price jointly impose a pressure, giving possibility of a further drop. Investors can make some trial to sell short,meaning to short near 4,500, stop loss at 4,540 stop limit at 4240 and continue to hold it bullish after stopping loss.
Impacted by China’s regulatory clamp, BTC slumped yesterday and soon rallies up steadily above 43,000, showing a possible test for 45,000. In general, BTC stops drop near 40,000, presenting a 50% gain since the end of July in 2021. The possibility of rising above 45,000 remains high. Therefore, it is recommended to mainly buy long in the neighbouring 43,000, stop loss at 42,000 with an anticipation toward 47,000.
ETH has long been sharing much similarity with BTC in terms of performance. It now fluctuates within the range of 2750–3150 with a following trend akin to BTC. However, the strong resistance of 3150 may still hamper its further performance. It is, therefore, recommended to wait and watch BTC’S outlook. It is more appropriate to buy long if the price has achieved an effective gain breakthrough and hold ETH bearish until 2750 if it fails to have effective breakthrough
*Above is merely personal opinion for reference only
Doctor Page, guest commentator of Fish.Pro, creator of Time-Space Psychological Trading Method, has 8-year rich experience in investment with unique trading knowledge and strategies. Focusing on dynamic changes of global financial market, Doctor Page is proficient at technical analysis on multi-national policies of central banks as well as basic economic environment and is highly sensitive to both short-term and mid-line markets with a favor on trade models featured by small costs, hefty returns and high chance for success.
Trade on-the-go with Fish.Pro’s mobile crypto trading app
Find us on