Over the weekend, the price of Bitcoin slumped below 16 000$ before erasing some of its early losses. Currently, the price of one coin trades near 16 600$. So far, we have not changed our bearish view and remain committed to the price target of 15 000$.
Illustration 1.01 Illustration 1.01 shows the daily chart of BTCUSD and support/resistance levels.
Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, MACD, and Stochastic are 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 be 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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BlockFi is reported to prepare for the bankruptcy process.
Trend is certainly bearish, along with sentiment... I am looking at a significant Bullish Weekly divergence - it will require a v shape recovery for confirmation , otherwise continuation - agreed.
$ 15 000 and even $ 14 000 is not bearish but bullish for the long term. If I'm sure in the bottom at $ 14 000 I would open x5 margin long position right now. But I'm not sure so I buy bitcoin on spot.
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@vitsha, Alright, thanks for the comment. Best wishes!