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BTC: Consolidation within a narrow range

2023-01-05
1103
Fundamental analysis:
Bitcoin remained oscillating around 16802, and Ouyi Web3 Wallet announced a cooperation with the decentralized price oracle machine Nest Protocol. Ouyi Web3 wallet users can search through the Discover section and enter Nest Protocol to trade options, futures, Swap, NFT, etc.


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



Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum maintains a narrow range and slowly moves upward, short-term bullish sentiment emerges, the MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Long and short turning point: 16720
Suppression: 16974, 17135
Support: 16579, 16433
Trading strategy: Bullish above 16720, target 16974, 17135
Alternative strategy: bearish below 16720, target 16579, 16433

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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