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BTC: Consolidation moves down
2023-04-04
903
Fundamental analysis:
Bitcoin remained volatile around 27584, and the encryption mining company Bitfarms produced 424 bitcoins in March, a year-on-year increase of 17%. 394 of the bitcoins produced were sold at an average price of $24,700. As of March 31, 2023, the total computing power of Bitfarms is 4.8 EH/s, an increase of 2% month-on-month and 78% year-on-year.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high short-term narrow-range order is slowly declining, the market's bearish sentiment is gradually emerging, the MACD indicator is hovering weakly on the upper side of the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance level: 28019 28283
Support level: 27264 26983
Trading strategy: bearish below 27715, target 27264 26983
Alternative strategy: call above 27715, target 28019 28283
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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