[Key interpretation] LTC's short position broke $5.18 million, and BTC's turnover rate soared

JinsPublished on 2022-11-23Last updated on 2022-11-24

Abstract

BTC rebounded in the short term and hit the bottom.

1. BTC rebounds easily

BTC's short-term rebound efficiency is very high. The 4-hour K line chart is hours. After the completion of the two clear K lines, BTC bounces from $15476 to around $16400 for you. On the rise, the BTC range rebounded by 7%. From the perspective of price performance, BTC did not break down significantly again during the adjustment period after breaking down on November 10. Therefore, the support is temporarily effective. At the same time, we can pay attention to the pressure level performance of $17246 corresponding to 78.6% of Fibonacci.

2. BTC average transfer quantity high order operation

At present, the average number of single transfers of BTC is at a high level. In other words, the real turnover rate of BTCs is still rising, and it is near the peak in the past year. The number of BTCs has reached 0.031. Compared with the peak in 2021 and the performance before November 2020, the average number of BTCs transferred can reach 0.046 BTCs and 0.05 BTCs respectively. At present, the turnover rate of BTC has rebounded significantly during the decline period, which helps to confirm the true bottom of the price.

3. ETH short line retreats to support position

After the ETH price retreated to $1106 corresponding to 78.6% of Fibonacci, the technical rebound trend and the second time appeared. The first rebound occurred on November 10. After the second rebound, ETH is confirming 78.6% of the bull strength of Fibonacci, the typical support line. So far, ETH has tested the strength of bottom long protection in June, July and this November. The rebound may continue until prices reach a new low.

4. ETH contract position short-term stop falling

The number of contract positions of ETH has been operating at a low level. On November 23, the number of contracts reached US $3.93 billion, and the low level was US $3.56 billion on November 14. The number of contracts at the bottom of this contract is higher than the USD 3.36 billion on June 22, and also higher than the corresponding USD 3.02 billion on June 26, 2021. According to this judgment, the ETH contract position has shown signs of a bottom. Although it is not clear whether the ETH contract position will continue to decline. Only from the ETH price performance and the corresponding contract position, the strong supporting effect has been verified.

5. Large amount of short positions of LTC

Due to the good performance of financing interest rate, the strength of LTC bulls has been recognized as effective and has been reflected in the price. On November 23, LTC's 24-hour increase reached more than 28%. During this period, short-term short positions soared significantly, with the amount of USD 5.18 million, higher than the USD 2.66 million on November 22. LTC's long position explosion has reached new highs on October 25, November 2, November 4, November 22 and November 23. From the perspective of market performance, LTC has continued to strengthen during the period of a large number of short positions.

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