June 17th Market Analysis from LBank Derivatives
The blockchain sector has been sluggish in recent days. However, the Federal Reserve’s decision to pause interest rate hikes in June led to a fall in Bitcoin price rather than an expected surge.
Analyzing the daily trend line for BTC, it rebounded after falling below the 25,000 mark and is currently trading around 25,500.
This suggests the mid-to-long-term upward trend remains effective. However, given the upcoming U.S. House of Representatives hearing on SEC oversight on June 22, traders are advised to wait for the hearing’s conclusion before considering an entry into the market.
The daily trend line for Ethereum is currently weaker. The currency recently broke through the MA120 and the bottom of the uptrend line, indicating the need for sustained market recovery.
Similar to BTC, it’s recommended for traders to wait for the conclusion of the SEC oversight hearing and stabilization of BTC before considering an ETH position.
Notable Altcoins
Following the SEC’s negative news, BNB completed a three-wave decline and found a bottom around the 220 mark, then rebounded.
The 230 area has shown to be a strong support point, and the market is expected to continue its oscillating upward movement. As the negative news progressively digests, traders are advised to buy at low points and stop-profit in a timely manner.
As a former hot meme project, Pepe’s overall trend presents a step-down decline. Though its current position shows stabilization and a halt in decline, the market outlook remains bearish.
Following previous graphic patterns, it is recommended to continue shorting after a rebound.
In conclusion, due to impending regulatory hearings and an uncertain environment, a cautious approach is advised in the cryptocurrency market. Traders should wait for a clearer regulatory landscape before making significant moves.
LBank perpetual contracts are settled in USDT and are not inverse contracts. There is no expiration or settlement of perpetual Contracts. We now offer BTC, ETH, DOT, SOL, and over 100 other popular cryptocurrencies as perpetual contracts.
Leverage is available between 1–125x. One of the key benefits of USDT-settled contracts is that you can easily calculate your returns in fiat. When the market suffers a wild fluctuation, this tool can help you lower your risk.
Click here to download it for iOS or Android
Website: https://lbank.com
Twitter: https://twitter.com/LBank_Exchange
Facebook: https://www.facebook.com/LBank.info/
YouTube: https://www.youtube.com/c/LBankExchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Medium: https://medium.com/LBank
Reddit: https://www.reddit.com/r/LBank2021/
Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
