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BTC: strong downward move
2023-05-02
841
Fundamental analysis:
Bitcoin remained oscillating around 27669. According to Glassnode data, evaluating Bitcoin: the last active age group of supply, we noticed that as a large number of tokens continue to mature, the value of all age groups is increasing. This suggests that HODLing remains the main driver for long-term investors, suggesting that further volatility in price action is needed to attract veterans to investing.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term sentiment in the market is moving down strongly, and the short-term decline may continue. The market as a whole is in a bearish mood. The MACD indicator is hovering below the 0 axis, and the RSI indicator is below the 50 balance line and moving down weakly;
Resistance level: 28078 28384
Support level: 27428 27214
Trading strategy: bearish below 27841, target 27428 27214
Alternative strategy: call above 27841, target 28078 28384
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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