Overnight, we saw a short-lived bounce in the price of Bitcoin to 20 895.08 USD. Within a few hours, BTCUSD gave up most of its early gains and plunged below 19 500 USD, where it currently trades. We continue to be bearish on BTCUSD. Accordingly, we maintain our price targets at 17 500 USD and 15 000 USD.
Illustration 1.01 The picture shows an overnight correction of the downtrend, represented by natural price retracement toward the 20-day SMA.
Technical analysis - daily time frame RSI, Stochastic, MACD, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.
Illustration 1.02 Since 26th June 2022, the volume is again on the rise; that is bearish.
Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame has not changed and remains 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.
Looking very much like price action between the 7th and 20th of Jan. Could we soon see the last leg down?
Tradersweekly
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@MiserableToppings, Thanks for the comment. I am unsure whether this will be the last leg down, I would lie to you if I said yes or no. I will reassess and update my thoughts as time progresses.
MiserableToppings
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@Tradersweekly, Lying is fine. Sometimes what we need more is hope. But never hopium.
Tradersweekly
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@MiserableToppings, Well, I do not think it is fine; especially in the trading industry as it may be detrimental to investors. My system is based upon trend-following, it is not very much about predicting moves. That is why it is hard to answer your question.
MiserableToppings
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@Tradersweekly, I kid I kid. Thx for the objective TA as usual.