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BTC: Shocking retracement

2023-04-30
914
Fundamental analysis:

Bitcoin remained oscillating around 29251. The 7-day moving average number of transactions on the Bitcoin chain reached about 408,000, a record high. According to Glassnode, the number was about 426,000. The increase in the number of transactions comes from Ordinals. At present, there are more than 2.4 million Ordinals on the Bitcoin network, and the total transaction fee exceeds 213 Bitcoins.

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



Brief technical analysis:

Looking at the 4-hour chart: After a short-term wide range of shocks, it began to retreat slowly, and the market's bearish sentiment gradually emerged. In the short term, there are signs of continued consolidation and downward movement. The MACD indicator is in the long-term area to maintain consolidation, and the RSI indicator is hovering above the 50 balance line;

Resistance: 29601 29831

Support level: 29019 28798

Trading strategy: bearish below 29371, target 29019 28798
Alternative strategy: call above 29371, target 29601 29831

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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