Bitcoin - The weekend session forecasts more pain
On Friday, we said it would not surprise us to see Bitcoin plunge below 20 000 USD. The following day, Bitcoin fell to a new low at 19 766 USD. Since then, the price action has been mostly sideways. At the moment, Bitcoin trades near the 20 000 USD price tag.
We stay bearish as fundamental factors weighing on the market have not changed. Additionally, technical aspects are worsening and pointing to an impeding acceleration of the selloff. Accordingly, we maintain a bearish stance on Bitcoin in the short, medium, and long term.
Indeed, we believe BTCUSD is headed to new lows over time; therefore, our price targets are at 17 500 USD and 15 000 USD.
Illustration 1.01
The chart shows several bearish developments, which are indicated by arrows and text. White horizontal lines indicate simple support and resistance levels.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely 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.
We stay bearish as fundamental factors weighing on the market have not changed. Additionally, technical aspects are worsening and pointing to an impeding acceleration of the selloff. Accordingly, we maintain a bearish stance on Bitcoin in the short, medium, and long term.
Indeed, we believe BTCUSD is headed to new lows over time; therefore, our price targets are at 17 500 USD and 15 000 USD.
Illustration 1.01
The chart shows several bearish developments, which are indicated by arrows and text. White horizontal lines indicate simple support and resistance levels.
Technical analysis - daily time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely 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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.