OK Exchange is a source through which those interested can buy Bitcoin (BTC), buy Shiba (SHIB), buy Ripple (XRP), buy ethereum (ETH) and… and sell them after making a profit.
Due to the decentralized nature of Bitcoin (Bitcoin, the collapse of banks and centralized government organizations can have a positive effect on the price of Bitcoin. According to the news published last month, another American bank named First Republic Bank went bankrupt and its shares fell by more than 70% in just 3 days.
As you know, the successive bankruptcies of American banks and global inflation in February and March caused the explosive growth of the digital currency market value. But is this effect alone enough to grow the price of digital currencies?
Definitely not! It should be noted that this fundamental factor (news) is not alone Bitcoin purchase price (BTC/USDT) and the Cryptocurrency market in general is not affected; Or at least it will not have a lasting effect. For this reason, we decided to take a look at the Bitcoin chart and the current price of this famous digital currency and check it from a technical point of view.
Technical Chart Analysis of Bitcoin (BTC/USDT)
If we pay attention to the blue line in the chart below, which represents the exponential moving average or the twenty-day EMA (Exponential Moving Average), we will notice its positive slope and upward trend. In short, this line shows us the average price of Bitcoin in terms of Tether (USD) on the Bitcoin/Tether technical chart.
Another interesting and good point that we can point to is the placement of the relative strength index in the positive area above the number 50. This shows the conditions and the positive view of traders towards buying Bitcoin. In general, one of the most reliable technical indicators for digital currency traders is RSI, which you can buy or sell bitcoin more easily by reading related tutorials and learning digital currency analysis. https://ok-ex.io/buy-and-sell/BTC ) pay
According to the picture above, apart from the range of $30,000, which is considered a number and psychological resistance, the range between $31,000 and $32,400 is very important; Because if this resistance range is broken, the price of Bitcoin can grow up to 40 thousand dollars.
On the other hand, if the price of digital currency BTC falls below the 50-day simple moving average (red line in the chart) and stabilizes, the possibility of correction to the price range of $25,200 will increase greatly.
Buy Bitcoin from OK Exchange
So far, we have done the technical and fundamental analysis of the current price of Bitcoin and we have analyzed the conditions of the digital currency market and cryptocurrencies relatively. It is obvious that no analysis is definitely 100% correct, so we must follow the capital management rationally, both for holding digital currency (long-term investment) and for trading digital currency (short-term transaction).
The cryptocurrency market always has its own special risks, so it is better to enter it without greed and fully calculated to minimize your loss and maximize your profit.
After making your decision to buy and sell digital currency, you can buy bitcoin by registering in a reputable digital currency exchange such as OK Exchange (https://ok-ex.io/).BTC), buy Shiba (SHIB), buy Ripple (XRP), buy ethereum (ETH) and… and sell them after making a profit. Fortunately, you can immediately complete your authentication on OK Exchange without worrying and start trading digital currency. With the 24-hour support of the OK Exchange exchange team, you will not have any problems with transactions, 7 days a week.
Phone number: 05191001040
Email: support@ok-ex.io
Date: 05/10/2023
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