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How BTC Gets To $500k - BE PREPARED MartyBoots here. I have been trading for 16 years and I am here to share my ideas with you to help the Crypto space. This is how BTC gets to $500k, This will also be when its amazing to accumulate ALTs BE PREPARED and DO NOT MISS THIS OPPORTUNITY ------------------------------------------------------------------------------------------------------------------------------------------------------------ If you want help trading Bitcoin or any other ALT coins hit me up , We will improve your trading . Have a look at the link below ------------------------------------------------------------------------------------------------------------------------------------------------------------
COINBASE:BTCUSDLong
by MartyBoots
17
BTC Hitting Confluence of Support - Possible Reversal AreaTaking a look at the weekly chart for BTC, you can see that Bitcoin is hitting a confluence of support from 1) the 2017 all-time high and 2) long-term uptrend originating from Jan 2015. We are also repeating the same price action fractal from 2017-2020. If this support holds, this could be the ideal entry point for the next bull run. However, a breach of this support area could be very bad for the crypto space. Get your buys ready on the chance we bounce here. Otherwise, I will be looking to re-load much lower.
COINBASE:BTCUSD
by jpbrown1023
Bitcoin - BTCUSD due to revisit lows once the rally endsBitcoin's bear market rally shows the first signs of weakness and exhaustion. We still pay close attention to 20-day and 50-day SMAs; in the short-term, BTCUSD may attempt to retrace toward these levels (before breaking down and revisiting lows). Accordingly, we remain neutral/slightly bullish in the short-term. However, in the long-term, we remain bearish. Therefore, we will look for clues hinting at the rally's end. Fundamental factors Bearish fundamental factors continue to persist. The prospect of another rate hike by the FED in July 2022 diminishes the chances of Bitcoin's rally continuation. In fact, it threatens global markets and risk assets like cryptocurrencies. The same applies to the economic tightening, which will put substantial pressure on the economy and drag it lower. In addition to that, the upcoming regulation of cryptocurrencies will tighten the market conditions even further. We view mentioned factors as very damaging to the price of Bitcoin. Illustration 1.01 Volume has declined over the past few days. That is positive for BTCUSD as it hints at the cooling off within the selling pressure. In the short-term, the price will likely attempt to retrace toward its 20-day and 50-day SMAs, representing a correction of the downtrend. Technical analysis - daily time frame RSI and Stochastic are bullish. MACD points to the upside. DM+ and DM- are flatenning. Overall, the daily time frame is neutral/slightly bullish. Illustration 1.02 The total cryptocurrency market-cap remains below 1 trillion USD in valuation. Technical analysis - weekly time frame RSI is in oversold territory. MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame stays bearish. Illustration 1.03 The picture shows simple support and resistance levels for BTCUSD. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
18
Bitcoin - Not bullish yetAfter hitting a low near 17 500 USD and reversing back above 21 000 USD, Bitcoin has been trading mostly sideways. So far, it has failed to move above the 22 000 USD price tag, which hints at a loss of momentum within the bear market rally. Despite that, we remain neutral and abstain from setting a price target for BTCUSD. However, we are growing inclined toward the notion that Bitcoin has not formed a bottom yet. Therefore, we will monitor its price action closely and look for more clues as to the resumption of the selling pressure. Fundamental factors We foresee bearish fundamental factors like higher interest rates and less money printing as damaging for the U.S. economy and cryptocurrencies. As a result, we expect these issues to weigh on the price of Bitcoin and drag it lower. Illustration 1.01 Illustration 1.01 shows simple support and resistance levels for BTCUSD. Technical analysis - daily time frame RSI and Stochastic are bullish. MACD points to the upside as it remains in the bearish zone. DM+ and DM- are bearish. Overall, the daily time frame is neutral/slightly bullish. Illustration 1.02 The idea above shows the potential setup for BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame stays 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
18
Bitcoin - The best time to start taking profits off the tableOver the weekend, on Saturday, Bitcoin dropped as low as 17 592.78 USD, missing our price target by 92.78 USD. Then, within 24 hours, Bitcoin erased its losses and dropped below 20 000 USD again. Currently, it trades slightly below the 20 000 USD price tag. At the moment, we are not entirely sure where BTCUSD is headed next; as a result, we would like to abandon 17 500 USD. We expect a relief in the stock market and cryptocurrencies; however, what we are seeing now in the market might be actually it. In our opinion, now is the best time for investors to take profits off the table if they went short Bitcoin and exploited the trend. Although, we have to note that fundamental factors weighing on BTC did not change. Therefore, we speculate it is possible we still have not seen a bottom in the price of BTCUSD. We will monitor the price action closely and update our thoughts soon. Illustration 1.01 The picture shows Bitcoin reaching the 2018 price level. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The declining volume hints at a cooling off in the selling pressure. In our opinion, that might foreshadow a temporary rally toward the 20-day SMA. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
10
Bitcoin - The downfall of the cryptocurrency marketNews outlets report that institutions are selling their assets at a record pace and Bitcoin made a new low at 20 074.50 USD. Nevertheless, we continue to maintain our short-term price target of 20 000 USD. Additionally, we would like to set a medium-term price target at 17 500 USD. Our reasoning is detailed below and in the attached articles. Fundamental factors Today, the FED is likely to raise interest rates by 75-100 bps. If it proceeds with 100bps, then that would be the biggest rate hike since the 1990s. We expect this to weigh on the economy and drag it lower. Additionally, we expect the same from the reduction of the FED's balance sheet. As a result, this will lead to risk aversion and a subsequent drop in the price of cryptocurrencies. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Another threat on the horizon The post above is our previous idea on Tether and the issue with Bitfinex and the backing of their token. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
30
Bitcoin - The "Mashinksy" crash and the "panic mode"In the past 24 hours, Bitcoin fell an astounding 20%, marking a new low at 20 816.35 USD. Since then, Bitcoin bounced above 23 000 USD and continues to trade within its proximity. Yesterday, an important piece of news came out when the Celsius Network, run by Alex Mashinsky, paused withdrawals, swaps, and transfers on its platform. That is a substantial blow to over 1.7 million platform users, leaving their 151 534 BTC locked away. The company's statement says: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.” That is yet another significant development in the cryptocurrency world after just a recent fallout with the Luna stablecoin token. In our view, this will lead to more scrutiny over cryptocurrencies from the U.S. regulators, creating even tighter conditions in the market. Furthermore, we expect the FOMC meeting on 15 June 2022 to accomplish the same. In our opinion, higher interest rates and economic tightening threaten the price of risk assets like cryptocurrencies. Additionally, we think that substantial cracks start to appear in the sector, which will culminate even in more panic selling. Therefore, we maintain our bearish stance on BTCUSD, and our price target stays at 20 000 USD. *Total cryptocurrency marketcap dips below 1trn. USD!* Illustration 1.01 The price of BTCUSD approaches crucial support levels from 2017 and 2019. If these levels are penetrated to the downside, that will be a very bearish development. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are bearish. Overall, the daily time frame is extremely bearish. Illustration 1.02 20-day SMA and 50-day SMA continue to confirm the downtrend. However, at the moment, the price traveled too far from its 20-day SMA; in case of a correction, we would be looking for a retracement toward this moving average. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are bearish. Overall, the weekly time frame is extremely bearish. Illustration 1.03 The picture shows panic selling in Bitcoin. Additionally, increasing volume hints at increasing selling pressure. The market continues to show characteristic signs of the downtrend with strong bounces and even stronger selloffs. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
13
Bitcoin - 25k USD taken out and what is next?!Over the past few weeks, despite the numerous calls for the bottom and trend reversal, we kept our bearish stance on Bitcoin. Today it has plunged below 25 000 USD, hitting our price target and constituting a new low. We continue to maintain a bearish stance on Bitcoin. As a result, we would like to update the short-term price target for BTCUSD to 23 000 USD and the medium-term price target to 20 000 USD. Our views are drawn from bearish fundamental and technical factors, which are detailed below. Fundamental factors On 15th June 2022, the FOMC meeting is set to take place. We expect higher interest rates to impact the cryptocurrency market negatively. Furthermore, we expect the same from the economic tightening combined with reducing the balance sheet that belongs to the FED. Therefore, we foresee more pressure from the weakening stock market (to which BTCUSD is highly correlated) and a lack of appetite for risk assets. In addition to that, we view increasing scrutiny into cryptocurrencies (by the SEC and other governmental entities) as very harmful to the sector. In our opinion, the upcoming regulation after the fallout Luna stablecoin token will lead to an even tighter market. Illustration 1.01 The picture shows two recent bearish breakouts leading to the formation of a new low in the price of BTCUSD. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is very bearish. Illustration 1.02 A volume tells a story of increasing selling pressure. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is very bearish. Illustration 1.03 Illustration 1.03 shows additional simple support and resistance levels. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
22
Bitcoin - The stock market provides a temporary lifeline for BTCOur latest post hinted at similarities between the structures of Bitcoin and Ethereum. We warned that Bitcoin was likely to follow the Ethereum's breakout below the support, which occurred a few hours later, and Bitcoin made a low at 28 003 USD. Then Bitcoin reversed back into the neutral zone and continued to climb higher over the weekend. Currently, BTCUSD trades around 30 600 USD. Despite that, we remain bearish on BTCUSD, and our price target stays at 25 000 USD. However, at the moment, we will pay close attention to the 31 411.18 USD support level. If the breakout above this level occurs, then BTCUSD is likely to continue higher - especially if the stock market continues its own “bear market rally.”; in our opinion, that would provide a further lifeline for cryptocurrencies in the short term, and as a result, BTCUSD could rise as high as 36 000 USD before resuming a downfall. Illustration 1.01 Illustration 1.01 shows the recent breakout to the downside from the neutral zone. Technical analysis - daily time frame RSI and Stochastic are bullish. MACD also points to the upside. DM+ and DM- remain bearish. The ADX started to decline, which is reflected in the choppy price action of BTC. Overall, the daily time frame is neutral/slightly bullish. Illustration 1.02 We will also pay close attention to the volume. We will monitor it to see if it will be sufficient to sustain a rally in a case of a bullish breakout. Insufficient volume accompanying the bullish breakout would suggest a bull trap. Technical analysis - weekly time frame RSI, MACD, and Stochastic are all bearish. DM+ and DM- are bearish too. The ADX increases, which points to a strengthening trend. Overall, the weekly time frame remains bearish. The same also applies to the monthly time frame. 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
38
Bitcoin - The bullish breakout and potential bull trapYesterday, Bitcoin broke above its resistance at 31 411.48 USD. In our last post on BTCUSD, we noted that this would be a bullish development. However, we also said we would pay close attention to volume if the breakout occurred. Currently, the volume does not seem sufficient to sustain the rally from the breakout zone (31 411.48 USD). In addition to that, the stock market shows weakness which weighs on the price of Bitcoin. At the same time, we also foresee pressure from fundamental factors like higher interest rates and economic tightening. As a result, we have no reason to change our bearish outlook for BTCUSD; we still expect it to make new lows. *Although, in the short-term, if the stock market erases losses and continues to march higher, it will provide a further lifeline for BTC (temporarily). Illustration 1.01 The picture above shows a bullish breakout above the resistance at 31 411.48 USD. However, in our opinion, a low volume raises caution, hinting at a potential bull trap. Technical analysis - daily time frame RSI, Stochastics, and MACD point to the upside. However, we expect them to start reversing soon. DM+ and DM- are due to perform a bullish crossover; if they fail, it will bolster the bearish case for BTC. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, and Stochastic are bearish. The same applies to DM+ and DM-. 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
52
Bitcoin - BTCUSD eyes 25 000 USD againWith the recent developments in BTCUSD, we do not need to change our bearish bias. Therefore, our price target stays at 25 000 USD. Negative fundamental factors Among the fundamental negative factors weighing on the higher price of Bitcoin is the prospect of the FED pursuing more rate hikes in the U.S. and its reduction of the balance sheet. We expect these factors to strengthen USD and, as a result, weaken BTCUSD. Additionally, we still foresee the weakness in the stock market to which the price of Bitcoin is highly correlated; with more declines, we expect risk appetite to drop even further. Technical analysis - daily time frame MACD is flattening. Stochastic and RSI are bearish. DM+ and DM- are bearish too. Overall, the daily time frame is bearish. Illustration 1.01 The picture above shows the bull trap we hinted at two days ago. Since then, the price of BTCUSD fell over 9%. Currently, BTCUSD trades around 29 400 USD; favorably, we would like to see a plunge below 28 600 USD. That would further bolster the bearish case for Bitcoin. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.02 The picture shows how Bitcoin failed to penetrate the sloping resistance; instead, it reversed to the downside. 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
25
Bitcoin - We have not seen a capitulation yetAs fast as the odds of the bounce increased yesterday, they faltered right away after Bitcoin retraced below 31 411.48 USD. After that, Bitcoin erased most of its prior gains and halted a decline at 29 184.25 USD. Currently, it trades near the 26 600 USD price tag. We maintain our bearish stance and price target of 25 000 USD. The market sentiment and fundamental factors The retail sector exhibits exuberant bullishness as we continue to see an immense attempt of lay traders to call a bottom in the market. That suggests we have not seen a capitulation yet. Additionally, all this continues to occur despite persistent bearish fundamental factors like higher interest rates in the U.S. and economic tightening. Meanwhile, other problems for the cryptocurrency market also start to mount. The recent fallout with the Luna token will lead to stricter regulations in the cryptocurrency market, which will see many cryptocurrency projects disappear in the future. Further, the SEC launched a probe into Binance over its BNB token, which raises more uncertainty in an already uncertain market. These are just a few factors that we consider to support our bearish thesis. Illustration 1.01 The picture shows BTCUSD gaining market dominance since the start of 2022. That suggests that many smaller altcoins are left behind, and money flows into Bitcoin. Technical analysis - daily time frame RSI is bearish. MACD and Stochastic are neutral. DM+ and DM- performed bearish crossover. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 shows the hourly chart and simple support/resistance levels. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
33
Bitcoin - Higher interest rates pose threat to BTCUSDBitcoin continues to move within the range between 28 615.23 USD and 31 411.48 USD. We still maintain a bearish notion on it as we expect the FED to move ahead with its economic tightening next week and pursue demand destruction. As a result, we expect the stock market to reverse the bear market rally and start drifting lower. Simultaneously, we expect this selling pressure and risk aversion to spill into the cryptocurrency market. Accordingly, we expect BTCUSD to be dragged lower by the declining stock market and rising USD. Therefore, we have no reason to change our bearish stance on BTCUSD; our price target stays at 25 000 USD. Technical analysis - daily time frame RSI is neutral. The same applies to MACD. Stochastic turned bearish. DM+ and DM- are neutral. ADX suggests the trend is turning neutral. Overall, the daily time frame is slightly bearish. Illustration 1.01 The picture above shows two recent false breakouts above the short-term resistance. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
8
Life Changing Opportunity If This Plays OutMartyBoots here. I have been trading for 16 years and I am here to share my ideas with you to help the Crypto space. IF THIS PLAYS OUT THE LOWS IN ALTS ARE ALMOST IN Bitcoin and ALTs are trying to have a BIG move soon and we in CryptoCheck intend to be prepared for it $$$$$$ DO NOT BE LEFT BEHIND ------------------------------------------------------------------------------------------------------------------------------------------------------------ If you want help trading Bitcoin or any other ALT coins hit me up , We will improve your trading . Have a look at the link below ------------------------------------------------------------------------------------------------------------------------------------------------------------
INDEX:BTCUSDLong
by MartyBoots
26
Bitcoin - The stock market will drag BTCUSD lowerYesterday, the general stock market erased most of its “bear rally” gains. As a result, Bitcoin also erased some of its recent profits; however, not as much as the stock market. We expect Bitcoin to catch up with the stock market and manifest more selling pressure in the short term. Accordingly, we remain bearish and expect BTCUSD to form a new low below 25 000 USD. Illustration 1.01 The Nasdaq 100 index to which Bitcoin is highly correlated broke its downward sloping channel, which is very bearish. Indeed, in our opinion, it forecasts an acceleration in the selling pressure in the incoming days. We expect the stock market to drag BTCUSD lower with it. Technical analysis - daily time frame RSI started to flatten; we expect it to turn bearish again. The same applies to the MACD. Stochastic remains bearish; DM+ and DM- also remain bearish. The ADX shows extreme strength of the downtrend. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. The ADX increases, which suggests that the bearish trend of a higher degree is not losing momentum yet. Overall, the weekly time frame remains very 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
21
Bitcoin - "A dead cat" about to die for the second time So far, Bitcoin has failed to move above 31 411.48 USD, which puts the odds in bearish favor. Technical and fundamental factors also stay bearish. Therefore, we have no reason to change our bearish bias. We expect BTCUSD to form a new low below 25 000 USD. Technical analysis - daily time frame RSI, MACD, and Stochastic remain bearish. The same applies to DM+ and DM-. ADX is highly elevated, suggesting a powerful downtrend or “peaking” trend; however, we are inclined towards the “powerful downtrend” interpretation. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, and Stochastic remain bearish. The same applies to DM+ and DM-. ADX grows. Overall, the weekly time frame shows an intact bearish trend. 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
16
Bitcoin - "A dead cat bounce"Bitcoin shows extreme volatility after hitting a low slightly above 25 000 USD and then erasing a loss while bouncing above 31 000 USD. The recent price action may leave many market participants perplexed and wondering whether the bottom is in and if the trend reverses to the upside. However, we stay adamant in our bearish notion and expect the price to give up its gains soon. Indeed, in our opinion, the recent price action represents “a dead cat bounce” rather than any significant change in market sentiment from bearish to bullish. Therefore, we consider the current valuation of BTCUSD as quite attractive for short-position (re)entry. Accordingly, our price target stays at 25 000 USD. Illustration 1.01 The price of BTC retraced towards its 10-day simple moving average; however, not entirely, which leaves some room for more upside in BTC. Though, in our opinion, the bearish trend of a higher degree remains intact. Technical analysis - daily time frame RSI is in the oversold area; if it manages to reverse to the upside and penetrate 30 points, then the price of BTCUSD might follow suit and bounce even higher towards the 33k-35k USD price tag (before falling to a new low). Stochastic points to the upside, which is bullish; however, it still oscillates in the lower zone. MACD, DM+, and DM- stay bearish. ADX shows peaking conditions or a very powerful downtrend. Overall, the daily time frame is bearish but leaves room for a little bit more bounce in the price of BTCUSD. Technical analysis - weekly time frame RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. ADX started its growth just recently, suggesting this is not the late stage of the bear market. 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
16
Bitcoin - BTC has entered the "Free-fall area" A few days later, we hinted at BTC eyeing 28 600 USD. Today, Bitcoin reached a new cyclical low and confirmed continuation of the downtrend. Indeed, Bitcoin entered what we previously named the “free-fall area” - an area with an absence of any significant support. In our opinion, Bitcoin will continue to move lower and mark new lows throughout the incoming weeks. Accordingly, we would like to set a new short-term price target for BTCUSD to 27 500 USD and a medium-term price target to 25 000 USD. Illustration 1.01 Cryptocurrency market-cap continues to crash along with BTC. Technical analysis - daily time frame RSI reached an oversold condition and indicates an extremely strong downtrend. MACD and Stochastic are bearish. The same applies to DM+ and DM-. Overall, the daily time frame is extremely bearish. Illustration 1.02 Stablecoin Luna also experiences a crash and foreshadows what is to come in other cryptocurrencies that have no other use than speculation. Technical analysis - weekly time frame RSI, MACD, and Stochastic are all 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 serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
20