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BTC: hovering at a high level

2023-02-01
1110
Fundamental analysis:

Bitcoin remained oscillating around 23068. After Twitter applied for a payment license, a large number of giant whales increased their holdings of Dogecoin. According to Whale Alert data monitoring, a giant whale address transferred 450,000,000 DOGE on January 31, worth nearly $40,221,539; another top 20 whale address transferred 352,422,225 DOGE, worth more than $32 million.

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



Brief technical analysis:

4-hour chart: high short-term narrow-range consolidation, the market maintains a short-term range consolidation, the short-term bullish momentum may continue, the MACD indicator is in the bullish area and maintains a weak downward move, and the RSI indicator is in a weak consolidation near the 50 balance line;

Long and short turning point: 22980

Suppression: 23482, 23846
Support: 22603, 22234

Trading strategy: Bullish above 22980, target 23482, 23846
Alternative strategy: bearish below 22980, target 22603, 22234

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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