Bitcoin fell below 40 000 USD, and we continue to maintain the bearish stance. Although, we would like to change our medium-term price target of 37 500 USD to a short-term price target. Additionally, we would like to set a new medium-term price target of 35 000 USD.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. ADX suggests that the momentum of the bearish trend started to increase again. Overall, the daily time frame is bearish and suggests further weakness in the short term for BTC.
Illustration 1.01
The fifty-day exponential moving average (blue line) indicates a bearish condition for BTCUSD.
Technical analysis - weekly time frame
RSI and MACD turned bearish from the prior neutrality. Stochastic continues to be bearish. DM+ and DM- show the prevalence of the bearish trend. Meanwhile, ADX started to increase, indicating that the bearish trend is regaining strength. 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.
Technical analysis - daily time frame
RSI, MACD, and Stochastic are all bearish. The same applies to DM+ and DM-. ADX suggests that the momentum of the bearish trend started to increase again. Overall, the daily time frame is bearish and suggests further weakness in the short term for BTC.
Illustration 1.01
Technical analysis - weekly time frame
RSI and MACD turned bearish from the prior neutrality. Stochastic continues to be bearish. DM+ and DM- show the prevalence of the bearish trend. Meanwhile, ADX started to increase, indicating that the bearish trend is regaining strength. 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.
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