China's policy is more to combat virtual currencies but still support the development of blockchain

By ZT Global | Blockchain views | 29 Sep 2021

From the news side, China's policy is more to combat virtual currencies but still support the development of blockchain. It is also a way to suppress speculation due to the relatively large fluctuations in the currency market recently. As said yesterday, there is a major bearish negativity in the air although BTC and ETH have not made new lows, but panic-smashed. The market is still in a cyclical bottoming, and the market trend has not changed substantially. The overall cryptocurrency trend remains in a sideways state.

The current time is not conducive to pulling the market upwards. The current market sentiment is negative, full of panic selling sentiment. However, we know the volatility laws of BTC and ETH, etc., and it is not difficult to find that there are still large inflows of funds to stabilize the trend. Simply put, there are still funds in the process of absorbing.

Therefore, the current market will show a longer period of sideways to kill the mentality of retail investors, forcing them to hand over their chips. Capital is already close to the mid-to-long-term layout rhythm. You can always follow the dynamics of some top institutions

Risk control and trading opportunities:

The market is currently in a state of panic selling, with all the bad news. The cryptocurrency market is likely to show a sideways bottoming trend before the end of the Chinese National Day. Those who need to operate can sell as high as possible and buy as low as possible.

Pay attention to the announcement of US non-agricultural data at 9 p.m. on October 8th. Due to the current economic downturn, global data is currently lower than expected. Will the US non-agricultural data exceed the expected excess income?

BTC: e2079aabe7ecca1ed7b444ebdb980374c88bc0fe00dace269029f8c7bc1a95cc.png

As BTC showed yesterday, it is just a rebound and is still bottoming. Pay attention to the 41000 support and the pressure of 43500. However, it should be noted that although the current turnover of BTC is higher than that of ETH, the driving force of the market needs more attention to ETH.

ETH: 43d2f0f9479fe8485df9548cd7ba821f95fcc47349979c5b38f45a01cacd71ee.png

Risk Warning: The above analysis is for reference only. There are risks in the cryptocurrency market, any investment needs to be cautiously made and at your own risk.

Cryptocurrency Bitcoin (BTC) Crypto Blockchain Ethereum (ETH)

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Blockchain views

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