Bitcoin - BTCUSD stays down ≈75% from its ATH
Updated
Bitcoin continues to trade choppy near the 16 700$ price tag. On the daily chart, RSI, MACD, and Stochastic trend sideways, which is a sign of improvement compared to the preceding two weeks. However, we remain bearish as we do not expect fundamental factors to get better anytime soon. With the FED staying hawkish, we believe there is much more downside for the cryptocurrency market in the coming months. Indeed, we believe that the fallout with FTX has not been resolved yet, posing more obstacles for the market. In accordance with that, we stay committed to our price target of 15 000$. Momentarily, we will pay close attention to volume, which is currently very low. In order to confirm our bearish thesis, we would like to see a pick-up in volume accompanied by selling pressure.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD, two simple moving averages, and support/resistance levels.
Technical analysis - daily time frame
RSI, MACD, and Stochastic trend sideways. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Illustration 1.02
The image above shows a decline in selling pressure on the daily chart of BTCUSD.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are also bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01
Illustration 1.01 displays the daily chart of BTCUSD, two simple moving averages, and support/resistance levels.
Technical analysis - daily time frame
RSI, MACD, and Stochastic trend sideways. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Illustration 1.02
The image above shows a decline in selling pressure on the daily chart of BTCUSD.
Technical analysis - weekly time frame
RSI, MACD, and Stochastic are bearish. DM+ and DM- are also bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade active
We maintain the price target of 15 000$ for Bitcoin. However, today, we would like to announce a new (second) price target of 13 000$.Trade active
Bitcoin marks a new yearly low.
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