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BTC: Consolidation within a narrow range
2023-04-07
866
Fundamental analysis:
Bitcoin remained volatile around 27986, and the 90-day correlation coefficient between Bitcoin and the NDX/SPX ratio rose from 0.81 to 0.90, marking the strongest positive correlation between the two assets since June 2022.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term short-term momentum remains weak and fluctuates downward, and the market’s short-term sentiment begins to emerge slowly. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance: 28236 28431
Support level: 27759 27529
Trading strategy: bearish below 28034, target 27759 27529
Alternative strategy: call above 28034, target 28236 28431
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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