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Due to the substantial selling pressure caused by the compensation for the Mentougou incident, yesterday's significant pullback in the crypto market can be described as a 'collective crash'. The exquisite technical moving averages and candlestick theories are of little use, as the uncertain and unexpected news becomes the determining factor in the market. The most terrifying news that affects the market is the recent announcement by the trustee of Mt.Gox that the repayment of Bitcoin and Bitcoin Cash will begin in early July. Due to the skyrocketing value of Bitcoin over the past decade, the trustee of Mt.Gox holds Bitcoin worth over 9 billion dollars. The massive compensation plan of Mt.Gox may lead to a large amount of tokens being sold, creating selling pressure in the market. The U.S. and German governments are also selling previously confiscated Bitcoins, which brings downward risks to the cryptocurrency market. However, in the long term, the impact of Mt.Gox's selling pressure can be controlled, and now may be a good opportunity to catch the bottom.

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Yesterday, the overall trend of Bitcoin's market was weak. After a rebound near 60500 in the early morning, the bulls did not continue to rise, but fell under pressure and reached a low of 56750 before rebounding. The current market is oscillating and recovering around 58000. Successfully tested the bottom and formed a temporary double bottom formation, with support at the bottom of 56500. Looking at the four-hour chart, we are currently in a process of rebound and recovery. This wave of upward movement is expected to test the key level of 60000, but the short-term rhythm is still weak. The price at the hourly level has reached a high level, and a pullback will be formed at the bottom to form effective support before going up again!


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Ether fell below the 3100 line again today. The price stopped falling at 3088 and is currently trading around 3120. The EMA trend indicator is showing signs of downward divergence. The EMA15 fast line has accelerated to around 3280. At this rate, it is expected to be under pressure around 3200 during the day. The MACD has shrunk and short-term funding has increased, indicating that the 3100 support level below is effective, and the market makers will consolidate here. The KDJ is shrinking, the Bollinger Bands are opening downward, and the Candlestick is alternately expanding around the lower Bollinger Band at 3110. The correction at the intraday position will not last too long!