Get started

BTCEUR

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
Bitcoin - A relief rally foreshadows an incoming freefall Today, Bitcoin took out the significant support level at 30 000 USD and stopped at a new low of 29 793.01 USD, which confirms the continuation of the downtrend. The market is reaching "panic selling mode" and therefore we remain bearish on BTCUSDT. Indeed, we would like to set a new price target for BTCUSD to 28 600 USD. Technical analysis - daily time frame RSI reached an oversold extreme; after that, a relief rally began. MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, suggesting the trend is gaining further strength. Overall the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX started to increase recently. 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.
Short
by Tradersweekly
6
Bitcoin - A word of caution and possibility of freefallLike the rest of the market, Bitcoin also enjoys a relief rally after the prolonged period of selling pressure. Meanwhile, we again started to notice a revival in bullish sentiment accompanied by calls for BTC bottom, trend reversal, and new sky-high prices. However, we resist these calls and remain bearish on Bitcoin, although we acknowledge that the rally might get prolonged for a little longer. Despite that, we watch ominous developments on the chart of Bitcoin. First, several indicators retraced from an oversold condition (on the daily time frame); however, at the same time, BTC failed to make new highs. Second, we start to worry about the absence of any significant support below the 28 600 USD price level. Indeed, we speculate that if this level is penetrated to the downside, then extreme selling pressure is due to follow. Therefore, we voice a word of caution to the investors. Illustration 1.01 The chart above shows the market cap of BTC. It can be observed that BTCs dominance started to increase early this year as other altcoins started to manifest losses. We expect this trend to continue and even strengthen over the coming months. Illustration 1.02 The picture above confirms our statement about the BTC dominance. Technical analysis - daily time frame Despite that RSI reversed to the upside from the oversold zone and started to grow, BTC is choppy and does not continue to make new highs. MACD and Stochastic remain bearish, although, Stochastic managed to reverse; now, it points to the upside. DM+ and DM- show bearish conditions in the market. ADX increases and indicates a powerful downtrend. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish; ADX resumed growth just recently (after the neutrality). 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
6
✅ BTC 💥 +60k It’s been a rocky start to the year for Bitcoin , but experts still say it will hit $100,000 — and that it’s more a matter of when, not if. Bitcoin’s price plunged down to $37,000 Thursday after a brief rally the day prior, primarily driven by the Federal Reserve’s announcement that it is raising its benchmark interest rate by half a percentage point. The Fed signaled that it will continue raising rates aggressively in the coming months and begin reducing asset holdings on its $9 trillion balance sheet in June. Investors continue to wrestle with concerns over rising inflation , geopolitical tensions, and the possibility of tighter monetary policy by the U.S. Federal Reserve . The crypto market has increasingly tracked the stock market in recent months, which makes it even more intertwined with global economic factors. With no end in sight, the war, inflation , and shifting monetary policy in the U.S. will likely continue to drive more volatility in the coming weeks and months, experts say. “The overall market has noticed the high correlation to Bitcoin and the general equities markets,” says Armando Aguilar, head of alternative strategies and research for Ledn, a digital asset savings and credit platform. “The S&P 500 and NASDAQ have had the largest correlations to Bitcoin with 0.88% and 0.91%, respectively. A correlation of one means that they move equally one to the other.” Bitcoin has only been above $45,000 for a few short stretches over the past four months, and hasn’t been above $50,000 since Dec. 25, 2021. Still, Bitcoin has stayed above its 6-month low below $34,000 in late January. Amid the ups and downs, Bitcoin’s current price is a long way off from the latest all-time high it hit in November, when it went over $68,000. But even with the recent decline in price, Bitcoin is still more than twice as valuable as it was just a couple years ago. For Bitcoin , these kinds of ups and downs are nothing new. Bitcoin Price Predictions It was easy to predict a $100,000 Bitcoin price late last year, coming off its latest all-time high in November. With Bitcoin’s big fall since then, the prediction game is even trickier. The most extreme crypto skeptics say Bitcoin will tank to as low as $10,000 in 2022, but a middle ground might be to say the cryptocurrency can still climb to $100,000 like many experts predicted late last year — just on a slower timeline. “The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner,” Kate Waltman, a New York-based certified public accountant who specializes in crypto, told us back in November 2021. But now, bullish experts are re-evaluating the crypto industry altogether as major corporations like Nike and other big brands are looking at ways to monetize their products in the digital metaverse. The rise of metaverse games, worlds, products, and experiences is increasing the popularity of altcoins, which has changed investors’ sentiments about Bitcoin (known as the original crypto). Many experts are hesitant to predict a number and a date, but rather point to the trend of Bitcoin increasing its value over time. Investors should expect a “pretty sustainable” rise in Bitcoin’s long-term value driven by organic market movement, with the $100,000 threshold in near-sight, predicted Jurrien Timmer, director of global macro at Fidelity Investments, last October. “What I expect from Bitcoin is volatility short-term and growth long-term,” says Kiana Danial, founder of Invest Diva and author of “Cryptocurrency Investing For Dummies.” Here are some more predictions we found, ranked from low to high over the next year: Ian Balina Point of View: Bitcoin investor and founder of crypto research and media company Token Metrics Prediction: Bitcoin can go to $100,000-$150,000, but the timeline is unclear Why: Bitcoin is in a bearish sentiment cycle, but the total crypto market and other crypto asset classes are not. Bitcoin was the first cryptocurrency, but now others have surpassed it in innovation when it comes to what experts call “Web 3” — aka the new internet built on blockchain. The release of new altcoins and hype about the metaverse will continue to drive the demand for crypto, and Bitcoin will therefore bounce back eventually. Matthew Hyland Point of View: Technical analysis and blockchain data analyst Prediction: Bitcoin can reach $100,000 in 2022 Why: The price of Bitcoin in January 2022 is almost equal to its price in January 2021, but there’s a new demand for altcoins. There’s also an ongoing trend of Bitcoin supply leaving major exchanges (presumably to be stored in offline crypto wallets), Hyland said in a tweet. He also recently tweeted that a dip below $40,000 could lead to “free fall” into a Bitcoin bear market. Robert Breedlove Point of View: Founder and CEO of the digital assets marketing and consulting firm Parallax Digital Prediction: $307,000 by October 2021 (now passed), and $12.5 million by 2031 Why: Inflationary pressures after COVID-19 will drive interest in cryptocurrency, pushing the value of Bitcoin up higher than previous projections estimated, Breedlove said in an interview earlier this year. Known as more of a philosopher type among crypto enthusiasts, Breedlove speaks often about the broader social implications of crypto as a form of more transparent, decentralized currency — but his price predictions haven’t exactly been spot-on. Big financial institutions have made their own predictions, as well, with JPMorgan predicting a long-term high of $146,000 and Bloomberg predicting it could hit $400,000 if the currency climbs at rates comparable to the past. *All text credits to Megan DeMatteo
Long
by MiguelFTCurado
3
Bitcoin - The cryptocurrency market enters "panic selling mode"In our last post on Bitcoin, from just a few hours ago, we hinted at the impending acceleration of selloff due to extremely bearish technical conditions. A few hours later, our prediction became fulfilled, and BTCUSDT moved significantly lower. Meanwhile, some technical indicators started to point to the oversold condition in the short term. A shortlived bounce in price might occur; however, we expect the bearish trend of the higher degree to remain intact. Indeed, we think that BTCUSDT is poised to drift lower and make a new cyclical low below 28 600 USD. We are extremely bearish on Bitcoin, and our short-term price target of 30 000 USD stays in place. Bearish fundamental and technical factors support our view. We expect the prospect of higher rates in the U.S. to put even more pressure on the cryptocurrency market, which will accompany the stock market lower. Indeed, we think the cryptocurrency market is poised for its downfall. Currently, there are over 20 000 cryptocurrencies traded around the world; meanwhile, only a few of them have found a utility besides being a speculative assets. This draws parallels to the 2000s and the dot-com bubble. Therefore, we think that the public should perhaps start to reconsider whether the last five years of cryptocurrency hysteria were not foreshadowing a burst of the most giant bubble in the history of financial markets; especially in times when the market turns into panic selling mode. Illustration 1.01 The picture above shows the daily chart of BTCUSDT. The yellow arrow indicates the spike in volume, which hints that the cryptocurrency market is slipping into “panic selling mode.” Technical analysis - daily time frame RSI is oversold, which raises caution. MACD and Stochastic are bearish. DM+ and DM indicate the same condition-. Meanwhile, ADX signals that the bearish trend is extremely strong and gaining further momentum. Overall, the daily time frame is very bearish. Illustration 1.02 The picture above shows the correlation between BTCUSD and the tech sector. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, which indicates that the bearish trend is gaining strength. Overall, the weekly time frame is very bearish. Illustration 1.03 The picture above shows a dwarwing of the market cap of cryptocurrencies. Illustration 1.04 The picture above shows BTC inflows from other cryptocurrencies, which is bearish for the overall market. Indeed, it suggests that money is getting out of risky coins. 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
9
BTCUSD - Lacking Bearish MomentumTrade Safe - Trade Well Regards, Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc. RISK DISCLAIMER Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose
BITSTAMP:BTCUSDLong
by Michael_Harding
Bitcoin - BTCUSD eyes 28 600 USD againOver the weekend, BTCUSD formed a new low near 33 000 USD price tag. We still maintain a bearish view on Bitcoin as we expect it to drift lower. Our short-term price target of 32 500 USD stays in place. Furthermore, we would also like to set a new medium-term price target of 30 000 USD. Bearish technical and fundamental developments support our bearish view. Indeed, they foreshadow much more weakness ahead for Bitcoin. If the general stock market selloff continues (which we expect), then it is likely for Bitcoin to form new lows below 28 600 USD. However, at the moment, we will pay close attention to the price and its ability to take out support levels first. Illustration 1.01 The picture above shows simple resistance and support levels. We will pay close attention to 32 950 USD and 28 600 USD price levels. At the moment, taking out 32 950 USD would confirm a further continuation of the downtrend. Technical analysis - daily time frame RSI is due to perform bearish crossover, which we expect to be accompanied by heavy selling pressure. MACD and Stochastic are bearish. DM+ and DM- show bearish conditions in the market. ADX indicates that the bearish trend is gaining further strength. Overall, the daily time frame is very bearish for BTCUSD. Illustration 1.02 The picture above shows a recent bearish breakout; previously, we stated that the downtrend would accelerate once a breakout occurred. The prediction became fulfilled, and the selloff started to accelerate after the breakout. Technical analysis - weekly time frame RSI, MACD, and Stochastic are bearish. DM+ and DM- are also bearish. ADX started to increase recently, suggesting that the higher degree's bearish trend has returned. 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
6