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BTC: hovering at a high level

2023-02-03
1004
Fundamental analysis:

Bitcoin remained oscillating around 23753. Bitcoin mining company Luxor mined the largest Bitcoin block ever on February 1. The block size was 3.96MB, slightly lower than Bitcoin's 4 MB limit. The block contained an NFT based on the original "magic internet money" meme, but titled Taproot Wizards, with a transaction fee of $209 for the NFT (although presumably just to pay itself). the

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



Brief technical analysis:

The 4-hour chart: the bullish momentum slowly moved up after a high level and began to linger. The short-term bullish upward momentum weakened, but it was still in the process of finishing at a high level. The MACD indicator was in the bullish zone, and the RSI indicator was in the bullish zone and remained hovering;

Long and short turning point: 23558

Suppression: 24016, 24316
Support: 23201, 22867

Trading strategy: Bullish above 23558, target 24016, 24316
Alternative strategy: bearish below 23558, target 23201, 22867

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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