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BTC: The shock moves up

2023-05-07
529
Fundamental analysis:

Bitcoin remained volatile around 29420. Russia conducted seven digital financial assets (DFA) placements last month, with a total amount of about 1 billion rubles (13 million U.S. dollars). Of these, most of the DFAs were sold by state-controlled Sberbank, Russia's largest banking institution, followed by Alfa-Bank, the country's largest private bank.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum moves upward in a stepwise manner, the short-term bullish sentiment remains, the bullish momentum in the market continues to rise, the MACD indicator is in the bullish zone and maintains a slow upward trend, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance level: 29622 29867

Support level: 29086 28893

Trading strategy: Bullish above 29291, target 29622 29867
Alternative strategy: bearish below 29291, target 29086 28893

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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