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BTC: recovery from a huge shock
2023-05-11
885
Fundamental analysis:
Bitcoin remained volatile around 27874. The Hong Kong Special Administrative Region Government Investment Promotion Agency issued a document stating that the Hong Kong Securities and Futures Commission (SFC) will formally implement a new licensing system for virtual asset service providers on June 1, but it will The virtual asset trading platform provides a transition period.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum quickly rebounded after a rapid decline, the long-term momentum emerged strongly upward, rose after a short-term violent shock, the MACD indicator remained in the short-selling area, and the RSI indicator hovered weakly below the 50 balance line;
Resistance: 28110 28341
Support level: 27553 27322
Trading strategy: Bullish above 27765, target 28110 28341
Alternative strategy: bearish below 27765, target 27553 27322
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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