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BTC: Bears move down

2023-03-06
912
Fundamental analysis:

Bitcoin remains oscillating around 23344. According to the latest data from Dune Analytics, the cumulative inscription NFT casting volume of the Bitcoin NFT protocol Ordinals has exceeded 300,000, reaching 301,644 so far, and the total cost so far has reached about 66 BTC.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole is in a weak position, the MACD indicator is in the bearish area and slowly moving down, and the RSI indicator is in the bearish area for weak consolidation;

Resistance level: 22742 23016

Support level: 22098 21876

Trading strategy: bearish below 22490, target 22098 21876
Alternative strategy: call above 22490, target 22742 23016

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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