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BTC: Low down

2022-11-10
530
Fundamental analysis:

Bitcoin remained volatile around 16000. Eric Balchunas, a senior ETF analyst at Bloomberg, disclosed on social media that the trading volume of two major bitcoin exchange trading funds, "ProShares Bitcoin Strategy ETF (BITO)" and "ProShares Short Bitcoin Strategy ETF (BITI)", suddenly soared today. The total trading volume of the two ETFs was close to $1 billion, but both ETFs showed very obvious discounts or premiums, At present, the transaction price is close to the price of the underlying assets.



Bitcoin BTCUSD - 4-hour K line diagram display:




Technical analysis:


The 4-hour chart shows that the short selling power continues to fluctuate and plummets rapidly, and the short-term low level continues to decline. The MACD indicator is in the short selling area, and the RSI indicator is in the underside of the 15 equilibrium line in the oversold area;


Multi empty turning point: 16173


Pressing: 16533, 16913


Support: 15568, 15142


Trading strategy: 16173 lower bearish, target 15568, 15142


Alternative strategy: 16173 upside bullish, target 16533, 16913

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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