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BTC: Up the ladder
2023-05-05
844
Fundamental analysis:
Bitcoin remained volatile around 28,879, and the Bitcoin (BTC) dominance rate, which measures cryptocurrencies' share of the broader market, has risen sharply since the start of the ongoing turmoil in the U.S. banking sector nearly two months ago. Since early March, the dominance ratio has risen from 42% to a 22-month high near 49%, indicating that the top cryptocurrency has outperformed the broader market.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is oscillating upward in steps, the short-term bullish trend remains, the market as a whole is in an upward trend, the MACD indicator is weakly finishing above the 0 axis, and the RSI indicator is hovering above the 50 balance line;
Resistance level: 29116 29358
Support level: 28456 28214
Trading strategy: Bullish above 28720, target 29116 29358
Alternative strategy: bearish below 28720, target 28456 28214
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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