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BTC: high retracement
2023-03-15
953
Fundamental analysis:
Bitcoin remained volatile around 24,698, and Bitcoin options trading volume on the cryptocurrency exchange Deribit soared after several bank failures in the United States caused market volatility. According to data tracked by Amberdata, $2.4 billion worth of bitcoin options changed hands on Deribit in the past 24 hours, the highest daily volume since May 17, 2021.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls’ momentum is high and retracement, the market as a whole is in a bullish trend, the MACD indicator is moving up from the high level in the bullish area, and the RSI indicator is in the bullish high level retracement;
Resistance level: 25138 25517
Support level: 24209 23843
Trading strategy: Bullish above 24588, target 25138 25517
Alternative strategy: bearish below 24588, target 24209 23843
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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