IDAX Research Center : Daily Analysis of Cryptocurrencies 20191101

IDAX-CENTER
Nov 1 · 6 min read

News

  1. According to the latest statistics, the total number of Dai and eth locked in defi has reached a new record. According to defipulse’s data, the total amount of Dai locked in defi on October 30 has reached 25.42 million, and the total amount of eth locked in defi has reached 2.381 million. At present, the total value of defi lock is about 6.16
  2. On October 31, Yang Tao, deputy director of the national finance and development laboratory, said that blockchain technology is growing rapidly, but the innovation of blockchain has nothing to do with the currency circle in the future. Blockchain can only be used in a small range in the marginal areas in the financial field, such as supply chain finance, trade chain finance, and it is possible to serve small and micro finance, provided that it can not bring significant impact and impact on financial services in the short term. (China Securities News)

Market Analysis

BTC — BTC has continued to maintain range volatility since yesterday and is still hovering around $9200. In the past 24 hours, the net outflow of BTC capital has exceeded US $30 million, and the outflow of market capital has decreased significantly compared with the previous period. Yesterday, BTC fluctuated a lot. In the afternoon, it pretended to fall below the $9000 level and quickly rebounded to the highest around $9467. Then it rebounded slightly after stepping back on the $9000 support twice in the morning. At present, the short-term market is still in the stage of interval fluctuation, and frequent operation here may be more difficult. It is recommended to take the medium and long-term line as the investment target. The upper resistance level is close to $9600, while the lower resistance level is close to $9000. In terms of operation, it is suggested to control the position for the time being. The risk of further write back cannot be excluded here.

ETH — Since yesterday, ETH has been fluctuating with the market, and rebounded after falling to a minimum of $178 in the afternoon, currently hovering around $182. In the past 24 hours, the net inflow of eth capital is less than US $2 million, and the market inflow is significantly reduced compared with the last cycle. In terms of the 4-hour line, ETH is still in a range of shocks. Yesterday, it stepped back to the vicinity of $178 with great accuracy. For the time being, it has a strong support below, and its short-term trend is better than that of the general market. The medium-term trend still tends to be long, but the start of the market still depends on the overall market. For the time being, there is no sign of an independent market. It is recommended to wait patiently. The upper resistance level is around $190, and the lower support level is between 178–180. In terms of operation, we should continue to keep the strategy of bargain hunting, and we can consider to reduce positions and avoid risks in terms of futures leverage.

BCH — Yesterday, as the market retreated, BCH reached the mid line support position of $269 at the lowest level. From the perspective of the market, the overall trend was relatively stable, and it continued to hold positions patiently when the market was stable. On the technical side, the daily level touched the lowest position of the daily line ma10 yesterday, focusing on the range of $269–278 below the short line. There is a certain degree of support for the position after the 4-hour level of short-term downward pin insertion. The short-term line reduces repeated operation, and the transaction is dominated by the medium and long-term line. Continue to wait patiently for positions in trading, and make up positions properly in bargain hunting.

EOS — Yesterday, the short-term market returned slightly again, the market was in consolidation, the capital side showed a small net outflow, the midline market has not been reversed, a short time still needs patience. On the technical side, the daily level EOS closed down the cross star yesterday, while the midline focused on the position near the mid track $3, and the short line didn’t take advantage of the trend to go down in 4 hours. The short line may appear a short-term market, and the midline position is now mainly focused on the market trend. In terms of operation, we will continue to hold the middle line position and wait and see. Short selling is not recommended for the time being. We will focus on the range of USD 3–3.2 below the short line.

ETC — Etc’s net capital inflow in the past 24 hours was 100 million yuan, a significant increase compared with the previous cycle. At 10 a.m. yesterday, a short-term rise of 4% was triggered by the news that the etc hard fork time was determined. But gradually fell back in the afternoon, to a minimum of $4.66. It’s currently chopping around 4.8. It can be seen from the daily line that the K line is still above the brin belt, and there is still a short distance from the middle track, which may retreat downward in a short time. Let’s see $4.6 for the bottom support. In terms of operation, there is not much space below. The spot can continue to make up the position close to the support position below, and the small futures position will be long.

LTC — Yesterday’s LTC market followed the market sideways consolidation, after the shock low came to around $57, it stopped falling and rebounded, with some support below. In terms of funds, the net outflow of LTC funds in the past 24 hours was 30 million yuan, and the turnover rate dropped to 38%. The main trading sentiment was not high. In four hours, yesterday’s trading volume of LTC continued to be low, and short positions did not fall below the support. At present, the support position is temporarily stabilized. The short-term market rate will continue to fluctuate trend, the lower support position is 57 US dollars unchanged, while the upper part of the shock will stabilize the middle track of the forest; the medium-term market is more unchanged. The operation is the same as yesterday, the spot holders hold the currency to wait and see, withdraw to the support position nearby can appropriately add positions or enter the market, the market falls below $55 and leaves in time.

XRP — On the capital side, XRP 24 hours’ net capital outflow was about 330 million yuan, mainly net small single cash out, and the turnover rate slightly dropped to 8%. Yesterday’s market downturn, XRP linked to the market trend, in four hours under the brin middle track concussion finishing, several rebounds are suppressed by the brin middle track, the bull is still waiting. The short-term market rate will continue to consolidate at the bottom of the range, with a support level of $0.285 below, while a drop will focus on $0.265. In the medium term, there is still the possibility of more upside, with the upper resistance level of $0.31. In terms of operation, the spot will wait and see from time to time, and if it falls below the support level, it will leave the market in time. If there is a strong long amount of support for us $0.285, it can be appropriately added or entered the market. Futures can also be built up in the vicinity of the support level.

Conclusion

Bitcoin rose rapidly at about 8 o’clock last night, once breaking through $8400, but then rose and fell back. It was close to $9000 at about 5 o’clock this morning. Now it is fluctuating above $9100, temporarily at $9145.61, slightly down 0.17% in 24 hours; eth temporarily at $182.31, down 0.42% in 24 hours; XRP temporarily at $0.2941, down 0.29% in 24 hours. In addition, in the past 24 hours, the top 100 currencies by market value have seen mixed gains and losses.

IDAX global digital asset exchange
(www.idax.pro)

IDAX (http://www.idax.pro), a global digital financial services platform focused on blockchain asset trading. Business cooperation: pr@idax.pro

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