June 29th Market Analysis from LBank Derivatives
As of now, we are experiencing a market cycle characterized by a resurgence following Bitcoin’s (BTC) breakthrough above $30,000. This surge has given impetus to various early altcoins, leading to their sequential price jumps. As long as Bitcoin doesn’t undergo a significant pullback, there’s a probability of further rallies in these early hot projects. Nevertheless, we’re still in an overall rebound situation driven by news factors. Hence, investors should refrain from overly enthusiastic purchases of junk altcoins.
Bitcoin’s daily chart is currently in a correction phase. The key level of $30,000 has been tested multiple times without a conclusive break below, indicating that Bitcoin is in a period of high-level consolidation, replacing declines with sideways movement.
This suggests relative strength in its price. Advice for new entrants at this point would be to observe, primarily. If choosing to act, consider short-term positions and exit quickly if necessary. If a further downward probe occurs, stop loss promptly to secure profits.
Looking at Ethereum (ETH), it has been stuck in a consolidation phase. Today, it failed to break above $1,900 on several attempts and continues to fluctuate in a wide range.
The probability of continued oscillation remains high. In terms of trading, the idea is to adopt a mindset of oscillation; it’s recommended to buy at the lower range when prices dip.
ARB, as a coin that has received considerable attention this year, may become an event of note in the L2 track due to its potential Cancun upgrade.
After a period of consolidation, there has been a bottoming and recovery. We suggest waiting for it to retrace to confirm support before buying.
For Bitcoin Cash (BCH), one of the most heated early mainstream coins, it has doubled in value within a week, peaking near $245. However, a bearish divergence has emerged on its daily chart, implying a high probability of topping out. It could be worthwhile to try shorting BCH lightly at its current position.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
