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BTC: Consolidation within a narrow range
2023-01-04
1123
Fundamental analysis:
Bitcoin remained volatile around 16660. Economist Peter Schiff said on social media that if Bitcoin is a risky asset, what is its value proposition? If investors want to take the risk, they have plenty of superior alternatives. Bitcoin has failed as a currency, digital gold, and uncorrelated asset. Nor will it succeed as a risk asset.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low is fluctuating within a narrow range, and the market’s bullish sentiment has signs of waiting for an opportunity to enter the market. The MACD indicator is hovering weakly near the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long and short turning point: 16582
Suppression: 16797, 16974
Support: 16398, 16291
Trading strategy: Bullish above 16582, target 16797, 16974
Alternative strategy: bearish below 16582, target 16398, 16291
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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