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BTC: Bears move down

Fundamental analysis:

Bitcoin remained oscillating around 23803. According to Insight Group, Paraguay has all the elements to become a Latin American Bitcoin mining powerhouse. The first advantage Paraguay has over other countries in the region is the abundance of clean, cheap hydroelectric power that can be used to set up large bitcoin mining operations.

Bitcoin BTCUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum continues to fluctuate and move down, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD index maintains the shock and moves down to hover around the 0 axis, and the RSI index is in a weak order below the 50 balance line;

Long and short turning point: 23950

Suppression: 24202, 24468
Support: 23572, 23357

Trading strategy: bearish below 23950, target 23572, 23357
Alternative strategy: call above 23950, target 24202, 24468

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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