Greek crisis fails to inject expected life into Bitcoin

Recently, rumors have started to spread in the cryptocurrency circle again. The difference is that because there is really no hype point, the rumors are a bit naive: The rumors are as follows:

The latest news: "According to OKcoin and Huobi recharge personnel, due to the sharp depreciation of RMB, many people began to compete to recharge and purchase BTC and LTC. At this time, the recharge channels have been blocked. OKcoin and Huobi recharge personnel said that the next quarter is expected to be a peak recharge period, and BTC and LTC will set new highs."

I don't know if the main force was trapped in the long position, so he actually made up such a ridiculous lie. You can tell that this is nonsense if you think about it. The government prohibits third-party and bank recharges of BTC. This has been confirmed last year. The platform recharges are all done secretly, right? How can there be a saying that the recharge is blocked due to excessive recharges? In addition, the recharge staff of Huobi.com and OK.com predicted that BTC will set a new high. Isn't this nonsense? Many people who have been speculating in coins for many years dare not do analysis. Damn, the recharge cashier did it. Talented. In addition, many people began to compete to buy BTC. Haha, let me ask, is there anyone around you talking about BTC? Compete to buy? Is this something you think of? However, there is a piece of news that is true, that is, BTC futures have been changed from futures trading to contract trading on a certain international futures trading platform, and the platform claims that this international platform has no connection with the domestic platform, which means that the domestic platform absolutely does not do futures. Why? Because the country wants to strictly investigate such futures transactions.

Okay, let’s get back to the topic, the technical charts tell it all.

First of all, Bitcoin’s important technical support level of 1660 was broken a few days ago, which means that the ultimate of the rising channel, because the characteristics of higher and higher lows, was ruthlessly broken.

Second, the daily moving average has clearly shown a downward crossover, and the RSI daily line has fallen below 50, and the overall strength is moving towards the short side.

Experience tells us that every time the moving average crosses below the target line, there is a high probability of a rebound, which is also a normal market adjustment behavior.

Since yesterday, the price has been in a continuous correction and adjustment, and is now close to the final pullback level of the falling support line. The golden ratio tells us that this wave of correction has reached its limit:

Summarize:

After the market has been rising continuously, there is insufficient follow-up funds and no good news in sight. The Greek crisis has not injected the expected vitality into Bitcoin. The expectations have been dashed, leading to the exhaustion of the power of many parties. The prelude to a new round of BTC decline has been opened. The rumors that are randomly fabricated in the market have proved that the main force has run out of tricks and there is no good news to take advantage of. The market has started a new round of decline in a land of sorrow. I personally predict that $200 will be the bottoming point for the next round of decline.