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BTC: Upward at a high level

2023-02-02
1079
Fundamental analysis:

Bitcoin remained volatile around 23728. Bitcoin mining company Bitfarms produced 486 bitcoins in January this year, a decrease of 2% month-on-month and a year-on-year increase of 61%. In addition, as of January 31, 2023, Bitfarms’ online computing power is 4.7 EH/s, a year-on-year increase of 104% and a month-on-month increase of 4%.

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



Brief technical analysis:

Looking at the 4-hour chart: high short-term fluctuations within a narrow range, bullish sentiment emerges in the market, bulls continue to consolidate and then move up, the MACD indicator is hovering above the 0 axis, and the RSI indicator is on the 50 balance line and moves upward in weak shocks;

Long and short turning point: 23558

Suppression: 24016, 24316
Support: 23201, 22867

Trading strategy: Bullish above 23558, target 24016, 24316
Alternative strategy: bearish below 23558, target 23201, 22867

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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