Bitcoin - A relief rally foreshadows an incoming freefall

Today, Bitcoin took out the significant support level at 30 000 USD and stopped at a new low of 29 793.01 USD, which confirms the continuation of the downtrend. The market is reaching "panic selling mode" and therefore we remain bearish on BTCUSDT. Indeed, we would like to set a new price target for BTCUSD to 28 600 USD.

Technical analysis - daily time frame
RSI reached an oversold extreme; after that, a relief rally began. MACD, Stochastic, DM+, and DM- are all bearish. ADX increases, suggesting the trend is gaining further strength. Overall the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. ADX started to increase recently. Overall, the weekly time frame is bearish.

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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 closed: target reached