Bitcoin - BTCUSD about to hit 35k USD and continue lower
Updated
In tandem with our expectations, Bitcoin dropped lower. As a result, we continue to maintain a bearish stance. Our short-term price target remains at 35 000 USD; our medium-term price target is 32 500 USD (due to become a short-term price target once 35 000 USD is taken out).
Illustration 1.01
The bearish breakout illustrated above confirms our thesis.
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- also show bearish conditions in the market. ADX continues to increase. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+ and DM- are bearish. ADX indicates that the bearish trend is relatively weak (but gaining some momentum). 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 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.
Illustration 1.01
The bearish breakout illustrated above confirms our thesis.
Technical analysis - daily time frame
RSI, Stochastic, and MACD are bearish. DM+ and DM- also show bearish conditions in the market. ADX continues to increase. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+ and DM- are bearish. ADX indicates that the bearish trend is relatively weak (but gaining some momentum). 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 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
Our short-term price target of 35 000 USD was hit.Note
The idea was updated in the following post: 
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