Over the weekend, Bitcoin stayed primarily flat, trading near the 20 000 USD price tag. Volume levels continued to hover around monthly lows, and the projection of the downward-sloping channel became even more distorted, ruling out its existence.
Regardless, we have no reason to change our bearish bias. Fundamental factors and technical factors still continue to support our bearish view. Accordingly, we stick to our price targets for BTCUSD, which are at 17 500 USD and 15 000 USD.
Illustration 1.01 The picture above shows simple support and resistance levels for BTCUSD. The breakout below the immediate support will further bolster the bearish case for Bitcoin.
Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
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.
İşlem aktif
Bitcoin broke below the immediate support and then also below the 19 000 USD price tag. This development is very bearish and further confirms our view.
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