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BTC: weak consolidation
2023-01-06
1096
Fundamental analysis:
Bitcoin maintains a shock around 16844. According to Forex Suggest research, it is estimated that in 2022, the carbon dioxide emissions from Bitcoin mining will reach 86.3 million tons. In order to remove Bitcoin’s annual carbon dioxide emissions from the atmosphere, 431.6 million trees need to be planted. Litecoin and Bitcoin Cash came in second and third on the polluting list, with Cardono's emissions also climbing.
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls’ momentum hovered after moving up in a narrow range, the volatility space narrowed, and the bulls’ momentum in the market began to show signs of weakening. The MACD index was hovering above the 0 axis, and the RSI index was on the side of the 50 balance line.
Long and short turning point: 16720
Suppression: 16974, 17135
Support: 16579, 16433
Trading strategy: Bullish above 16720, target 16974, 17135
Alternative strategy: bearish below 16720, target 16579, 16433
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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