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BTC: short weakness down

Fundamental analysis:

Bitcoin fluctuated around 20678, BTC prices continued to fall, and the mining difficulty and hash rate of bitcoin returned to the high point. The latest data on the chain showed that the hash rate and difficulty did not decrease, but increased rapidly. It is expected that the difficulty will increase by 6.8% next week. According to the monitoring data of on the chain, this will be the highest adjustment of upward difficulty since January this year.

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

Technical analysis:

According to the 4-hour chart, the power of low short positions maintains a narrow range of oscillation. After falling below the previous low in the short term, there is a trend of continued downward movement. MACD index is at the lower side of the 0 axis of weak consolidation, and RSI index is at the lower side of the narrow range of short positions;

Long and short turning point: 20790

Pressing position: 21116, 21442

Support position: 20354, 19953

Trading strategy: bearish below 20790, target 20354, 19953

Alternative strategy: bullish above 20790, targets 21116 and 21442

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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