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BTC: Consolidating the pullback
2023-08-31
509
Fundamental analysis:
Bitcoin remains volatile near 27248. Grayscale won the lawsuit, but it is unlikely to prevent Bitcoin from ending August with a negative monthly return. BTC was trading above $29,000 at the beginning of this month and is currently hovering above $27,000. Bitcoin’s performance in August has brought uncertainty to September’s trend.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum continues to fluctuate downwards, the short-term decline may continue, the market as a whole continues to move downwards, the MACD indicator is in the long zone and maintains consolidation, and the RSI indicator is hovering weakly above the 50 equilibrium line;
Resistance level: 27711 27986
Support level: 26989 26699
Trading strategy: Bearish below 27419, target 26989 26699
Alternative strategy: bullish above 27419, target 27711 27986
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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