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.
Trade active
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BTCUSD started to break down as we expected. We maintain our price targets.
Wow, lot of details, nice, i am trying to see it simple and clean...i am also biased for one more down but before that most probably will be getting a move up, short term buy is very possible
Tradersweekly
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@For3xScalper, Due to the strong positive correlation between BTCUSD and the stock market, and the selloff going on, we will hardly see further move up in BTC (in my opinion); but then, who knows, I might be wrong (though, I thought it could go that high too before reversing down). Thank you very much for sharing your chart; I appreciate it and be welcome also in the future.
short term buy is very possible