June 9th Market Analysis from LBank Derivatives
Bitcoin (BTC) has been under continuous pressure due to negative news from the Securities and Exchange Commission (SEC) in recent days. This has led to an unstable market condition with the currency being consistently suppressed below its trend line.
However, there hasn’t been any significant breach of the trend yet. In spite of a substantial drop in the U.S. Dollar Index and a continued uptrend in the Nasdaq Index, cryptocurrencies have experienced a slight decline. This suggests that large capital is still concerned about the potential continued impacts from the news.
With the influence of these adverse news, the short-term technical indicators may be ineffective. Therefore, it is recommended to watch the market carefully without adopting a overly pessimistic view.
Ethereum (ETH) has maintained a stable trend, showing a strong overall performance with the recent news not causing a significant decline. The advice for this cryptocurrency is to expect continued volatility and reduce trading frequency in the short term.
Notable Altcoins
Binance Coin (BNB) has been significantly affected by the recent SEC news. Before the release of the negative news, the coin was in a volatile upward trend.
However, there has been a noticeable downward breach since, with heavy selling pressure and a clear increase in short-selling by institutions. Future trends suggest continued volatile declines. Therefore, it is recommended to remain bearish in the short term and only consider dollar-cost averaging once it breaks below 200.
Litecoin (LTC), is still in a box shock within its previous range. The forthcoming halving situation is still in an indecisive position, neither rising nor falling. The weakness of Bitcoin has led to a weakening upward momentum.
The market expectation is to lower further. The coin is currently at a critical decision point. It is recommended to buy in with a small position and wait for the weekend news.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
