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BTC: short term low narrow range finishing

2022-08-26
580
Fundamental analysis:

Bitcoin remained volatile around 21631. According to the data of glassnode, a cryptocurrency analysis platform, as of August 25, the 7-day average of bitcoin stock in the cryptocurrency exchange had dropped to 1921 BTC, a two-year low.




Bitcoin btcusd - 4-hour K-line diagram shows:




Technical analysis:


According to the 4-hour chart, the weak position at the bottom of the short-term entanglement is in a narrow range. Although there are many bulls waiting for the opportunity to move up slowly, the market as a whole is in a weak position. The MACD indicator is in the short position and the region keeps moving up. The RSI indicator is hovering below the 50 equilibrium line;


Long and short turning point: 21463


Pressing position: 21952, 22212


Support position: 21152, 20881


Trading strategy: 21463 is bullish, with targets 21952 and 22212


Alternative strategy: 21463 lower bearish, target 21152, 20881

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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