The weekly time frame is growing increasingly bearish
Updated
During the long weekend, Bitcoin stayed mostly flat, oscillating around $26,000. Currently, it trades slightly lower, near $25,700. In the past few days, technicals on the daily chart began to turn bearish again after last week’s spike above $28,000. Besides that, the weekly time frame also continues to grow bearish, with MACD, RSI, and Stochastic pointing to the downside. In fact, MACD is just slightly above the midpoint, and if it breaks below zero, it will strongly bolster a bearish case in the medium term. As a result, our stance has not changed since the previous update on Bitcoin. We expect it to continue lower in the short and medium term, sliding to the area around $24,000.
Illustration 1.01
Illustration 1.01 displays the weekly chart of MACD. The crossover below the midpoint will be bearish.
Illustration 1.02
Illustration 1.02 shows the daily chart of BTCUSD and simple support levels based on the previous lows.
Technical analysis gauge
Daily time frame = Slightly bullish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
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.
Illustration 1.01
Illustration 1.01 displays the weekly chart of MACD. The crossover below the midpoint will be bearish.
Illustration 1.02
Illustration 1.02 shows the daily chart of BTCUSD and simple support levels based on the previous lows.
Technical analysis gauge
Daily time frame = Slightly bullish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
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.
Note
The number of Bitcoin addresses with 1,000 or more tokens in the balance dropped below the level reached shortly before Tuesday's spike, suggesting that big players are once again not satisfied with the current price and waiting for a better bargain.Note
We continue to maintain the bearish stance and will provide a new idea on Bitcoin tomorrow.
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Disclaimer
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