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BTC: Weakness hovers
2022-11-28
1357
Fundamental analysis:
Bitcoin remained fluctuating around 16511. According to Coinmarketcap data, about $3.5 billion worth of stablecoins have been redeemed in the past 14 days, of which the supply of USDT, a U.S. dollar stablecoin issued by Tether, has dropped from more than $67 billion to $65 billion, which means Investors have redeemed around $2 billion in USDT since the FTX crash.
Bitcoin BTCUSD - 4-hour candlestick chart shows:
A brief technical analysis:
From the 4-hour chart: the low level remains weak in the short term, the overall market is still weak, and the short-term or tangled low level is hovering. The MACD indicator is in a weak order near the 0 axis, and the RSI indicator is weak and hovering near the 50 balance line;
Long and short turning point: 16333
Repression: 16858, 17164
Support: 15950, 15633
Trading strategy: bullish above 16333, target 16858, 17164
Alternative strategy: bearish below 16333, target 15950, 15633
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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