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BTC: high retracement
2023-04-16
1040
Fundamental analysis:
Bitcoin remained oscillating around 30287. According to Glassnodes data, the supply of BTC last active for 5-7 years just reached 1,630,490.757 BTC, reaching a one-month low.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls’ momentum fluctuated at a high level and then retreated after encountering resistance. The market’s bearish sentiment began to wait for an opportunity to enter the market. The MACD indicator was in the bullish area to maintain consolidation, and the RSI indicator was hovering above the 50 balance line;
Resistance level: 30639 30894
Support level: 30028 29756
Trading strategy: bearish below 30384, target 30028 29756
Alternative strategy: call above 30384, target 30639 30894
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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