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BTC: sharp drop at high level

2022-09-14
1366
Fundamental analysis:

Bitcoin has remained volatile around 20223. According to coinclass data, the position of BTC contracts based on the currency standard in the whole network has continuously exceeded 600000 in the past 30 days. Binance's contract position continues to rank first, and OKx ranks second.



Bitcoin BTCUSD - 4-hour K line diagram display:



Technical analysis:


According to the 4-hour chart, the high-level short power drops rapidly, the short-term short power drops strongly, the market starts to enter the short mood, the MACD indicator is in the long area and keeps sorting down, and the RSI indicator is in the weak position below the 50 equilibrium line;


Long and short turning point: 20365


Pressing position: 20681, 21046


Support position: 19927, 19627


Trading strategy: bearish below 20365, target 19927, 19627


Alternative strategy: bullish above 20365, target 20681, 21046

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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