BTC: hovering at a low level

Fundamental analysis:

Bitcoin remained volatile around 16592. The newly elected Prime Minister of Fiji Sitiveni Rabuka supported Bitcoin. Tongan aristocrat and former member of the Tongan Parliament Fusitu'a said that he had explained to Rabuka step by step how Fiji adopted Bitcoin as legal tender like Tonga. Tonga’s timeline for introducing bitcoin as legal tender is public and could be passed as early as February 2023. Due to its location and history, Fiji faces similar economic and development challenges as Tonga.

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

Brief technical analysis:

The 4-hour chart: the short-term entanglement is low and weak, the market as a whole is in a weak position, the short-term decline may continue, the market’s bearish sentiment is good, the MACD indicator is weak and hovering below the 0 axis, and the RSI indicator is in a weak consolidation below the 50 balance line ;

Long and short turning point: 16626

Suppression: 16754, 16886

Support: 16452, 16339

Trading strategy: bearish below 16626, target 16452, 16339

Alternative strategy: call above 16626, target 16754, 16886