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BTC: Low level sorting

Fundamental analysis:

Bitcoin remained volatile around 16127. As of the end of October, Core Scientific, a Bitcoin listed miner, held $32.2 million in cash and 62 Bitcoins ($975000). It is expected that the existing cash resources will be exhausted by the end of 2022 or earlier.

Bitcoin BTCUSD - 4-hour K line diagram display:

Technical analysis:

The 4-hour chart shows that the short position fluctuates for a short time, and the bulls have signs of waiting for an opportunity to enter the market, but the downward trend is good, and the trend continues to move downward in the short term. The MACD indicator hovers under the axis 0, and the RSI indicator is weak near the 50 equilibrium line;

Empty turning point: 16333

Pressing: 16725, 17164

Support: 15733, 15402

Trading strategy: 16333 lower bearish, target 15733, 15402

Alternative strategy: 16333 upside bullish, target 16725, 17164

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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