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BTC: High level rollback

2022-10-28
561
Fundamental analysis:

Bitcoin remained volatile around 20378. According to a recent poll conducted by the Institute of Public Opinion University, El Salvador is still not attracted by the idea of Bitcoin as the legal tender. The results show that nearly two-thirds of the population has a negative impression of Bitcoin, and only a quarter of Salvadorans have used this cryptocurrency.



Bitcoin BTCUSD - 4-hour K line diagram display:




Technical analysis:


The 4-hour chart shows that the momentum of high short positions remains volatile and downward. Short term short positions look for opportunities to enter the market and downward. The MACD index is in the high consolidation of long positions, and the RSI index is in the 50 balanced online weak position;


Empty turning point: 20458


Pressing: 20675, 20921


Support: 20196, 20042


Trading strategy: 20458 lower bearish, target 20196, 20042


Alternative strategy: 20458 upside bullish, target 20675, 20921

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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