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BTC: high order
2023-01-27
1154
Fundamental analysis:
Bitcoin remained volatile around 23,042. According to data from the on-chain data platform CryptoQuant, the reserves of Bitcoin miners are currently 1,837,138 BTC, the lowest level since December 2021. CoinLupin, a contributor to the data platform, believes that miners are still selling their BTC reserves, possibly to shore up capital when the market reverses.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
4-hour chart: High short-term and narrow-range consolidation, the market’s short-term bullish sentiment is still there, but the upward momentum is lacking, the MACD indicator is in the long-term zone to maintain consolidation, and the RSI indicator is in the long-term zone to maintain consolidation;
Long and short turning point: 22875
Suppression: 23397, 23702
Support: 22558, 22263
Trading strategy: Bullish above 22875, target 23397, 23702
Alternative strategy: bearish below 22875, target 22558, 22263
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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