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BITCOIN DOMINANCE UPDATE BY CRYPTO.SANDERS !!Hello, welcome to this BITCOIN dominance update by CRYPTO SANDERS. CHART ANALYSIS:-BTC DOMINANCE A small update on BTC dominance that is pumping up BTC. usdt.d similarly dumping btc dominance which is forcing btc peers to dump older coins btc has created support by breaking the local resistance zone next target of btc dominance may go from 47% to 49% this strong resistance level btc is from here dominance job will be rejected in bottom trade so btc altcoin is going to give very good rally so we will do some update by entering btc pair coin and spot it. thanks for reading my update I have tried to bring the best possible outcome to this chart. Hit the like button if you like it and share your charts in the comments section. Thank you
CRYPTOCAP:BTC.D
by CryptoSanders9563
5
Bitcoin 200ma Buyers and ShortersIn the history of bitcoin, the 200ma on the weekly has been a good place to buy before a great rally upwards. This time, buyers of the 200ma weekly were in loss to about 30.5%. Shorters of the 200ma weekly got a 2R trade. Price is now at their entry again. This is tracking the long entries that have been waiting for a significant rise since the drop. R is risk. The number in front is the multiple of that risk. Risk is calculated by how much price goes in the opposite direction of your bias after your entry, before finally going in your favor. This is the concept of actual risk.
COINBASE:BTCUSDLong
by CryptoNFood
BTC & ETH Comparison where the rally will stop ?Hello Everyone, Welcome Back, Well We anticipated the region for Ethereum to short around 1350 1370 but now as per the Footprints and Positive Delta, we come to know that Ethereum might stay in this range and try to flip it into support for further continuation towards 1500$ having said that there is high possibilities that BTC might do the same as Ethereum did. So far so good no sign of weakness has been spotted in both charts, so becarefull while you shorting an uptrend patience is the name of the game Disclaimer : All information is only for educational and entertainment purpose , do paper trades only.
Long
by TheHedgerss
2
Bitcoin is getting stuck within the narrow rangeBitcoin is getting stuck within the narrow range, manifesting a neutral trend. It currently trades near $17 200, which is slightly below the range's upper bound. In the big picture, we continue to be bearish on Bitcoin. However, the lack of a trend makes a case for both scenarios, bullish and bearish. Therefore, we will pay close attention to the price action and setup we introduced a while ago (displayed in Illustration 1.01). If the price breaks above the range, then we may expect a short-term rally. Though, in such a scenario, we do not expect it to impact the primary bearish trend. At best, we can imagine BTCUSD rallying to $20 000 (but we are very skeptical about that). Therefore, if a breakout to the upside occurs, we will monitor volume and look for signs of exhaustion. Contrarily, a breakout to the downside will bolster the bearish case, potentially leading Bitcoin to new lows. In addition to what we stated, the bullish case can get additional support from the stock market (if it continues higher), providing a temporary lifeline for cryptocurrencies. However, if that happens, we once again expect it to be only short-lived. With that said, we maintain our price targets for Bitcoin at $15 000 and $13 000. Illustration 1.01 The picture above shows the daily chart of BTCUSD and a series of breakouts from the narrow range with subsequent invalidations; the range grows in significance. Technical analysis Daily time frame = Neutral Weekly time frame = Neutral Illustration 1.02 Illustration 1.02 shows simple support/resistance levels for BTCUSD. 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.
BITFINEX:BTCUSD
by Tradersweekly
27
ETH - Lesser of the Two Crypto BearsCrypto winter is here. Is this the darkest before dawn? Or the start of a long artic winter ahead? In such nebulous times, directional bets are rife with risks. In contrast, spread trades vastly lowers risk while enabling limited but durable returns. Set against the current macro backdrop and landscape shift in the industry, this case study will argue that Ether exhibits greater price resilience relative to Bitcoin prices. Accordingly, a long position in CME Micro Ether Futures combined with a short position in CME Micro Bitcoin Futures provides an opportunity to extract yield in a bearish market. Spread entry at 0.0721 with a target at 0.0793 delivers a reward to risk ratio of 1.88 with returns of $1,660. A stop loss of 0.0684 will limit losses from the spread trade to $880. A RESILIENT ETHER? Crypto winter plus recession fears in major economies will keep crypto prices subdued with continuing downside pressure. After a successful massive upgrade last year, the Ethereum blockchain reduced its carbon footprint. Next big enhancement is the Shanghai upgrade expected in March. This upgrade enables withdrawal of staked Ether representing ~13% of the entire supply. Staked Ether withdrawal will be gradual. Even though this might increase selling pressure, it will be less so relative to what Bitcoin faces as described below. GBTC LINKED BITCOIN SELLING PRESSURE Last November, Genesis (a major crypto lender) halted withdrawals citing a $1 billion shortfall. Genesis is looking to avoid bankruptcy filing. Its bankruptcy could spell contagion in crypto markets accelerating selling pressure. Genesis’ parent company Digital Currency Group ("DCG") operates the Grayscale Bitcoin Trust. Grayscale’s flagship product GBTC has suffered sharp sell-off resulting in a staggering 45% discount to NAV presently. Grayscale’s attempt to convert GBTC to a spot BTC ETF allows them to rebalance their holdings to narrow the discount. But their application to transform into an ETF has been denied by the SEC. Grayscale is appealing against the SEC’s decision in court with an outcome anticipated this quarter. If the ruling goes against them, Grayscale plans to offload up to 20% of GBTC shares leading to sales of 128,000 bitcoins which will send its prices tanking. BITCOIN MARKET CYCLES – WILL HISTORY REPEAT? PERHAPS NOT. Crypto winter is not new. Previous winter cycles of extended periods of subdued price action were followed by massive bull rally. Hope springs eternal but this time could be different. Bitcoin as an asset class will face recessionary environment for the first time ever. Unlike in 2018, long term holders (>1Y) have not moved their holdings this time around but hold massive losses on their portfolios down some 50% to 80% which could aggravate bitcoin downside pressures when selling begins. POOR FUNDAMENTALS BUT NEUTRAL TECHNICAL SIGNALS IN BITCOIN Bitcoin’s long-term moving average has served as a strong resistance and continues to be in a downtrend. Falling realised volatility points to a sideways market with limited liquidity and leverage. Declining market volume vindicates that. Orange Fibonacci retracement level which proved to be strong resistance also coincides with the pivot level P could be challenged once the Grayscale-SEC court ruling is out later this quarter. ETHER TECHNICALS POINT TO A SIDEWAYS MARKET DESPITE OUTPERFORMANCE OVER BITCOIN Ether has remained highly correlated with Bitcoin for the past two months. The long-term (100-day) moving average has served as a weak resistance as Ether broke through this level during November. The long-term moving average has become flat over the past two months in sharp contrast to a bearish one for Bitcoin. In the previous period of low HV (October to November), Ether outperformed Bitcoin by a stunning 22%. Stochastic for both Bitcoin and Ether point to oversold levels. OPTIONS MARKET FAVORS ETHER OVER BITCOIN Bitcoin has a put/call ratio of 2.5 on the CME in sharp distinction to Ether’s put/call ratio of only 0.8. On Deribit markets, put call for Ether is two-times lower relative to Bitcoin. Options traders clearly favor Ether over Bitcoin. TRADE SETUP A spread position of long CME Micro Ether Futures and short CME Micro Bitcoin futures. Spread trades require notional values of each leg to be equal. Each contract of CME Micro Ether Futures and CME Micro Bitcoin Futures both expiring in Feb 2023 provides exposure to 0.1 Ether ($120) and 0.1 Bitcoin ($1,665), respectively. Fourteen (14) lots of long positions in CME Micro Ether Futures will provide a notional value of $1,680 to offset one lot of CME Micro Bitcoin Futures which has notional $1,665. Entry: 0.0721 Target: 0.0793 Stop Loss: 0.0684 Reward/Risk Ratio: 1.88 Profit at Target: $1,660 Loss at Stop Loss: $880 MARKET DATA CME Real-time Market Data helps identify trading set-ups and express market views better. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com DISCLAIMER Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services. This material has been published for general education and circulation only. It does not offer or solicit to buy or sell and does not address specific investment or risk management objectives, financial situation, or particular needs of any person. Advice should be sought from a financial advisor regarding the suitability of any investment or risk management product before investing or adopting any investment or hedging strategies. Past performance is not indicative of future performance. All examples used in this workshop are hypothetical and are used for explanation purposes only. Contents in this material is not investment advice and/or may or may not be the results of actual market experience. Mint Finance does not endorse or shall not be liable for the content of information provided by third parties. Use of and/or reliance on such information is entirely at the reader’s own risk. These materials are not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be contrary to applicable laws or regulations or would subject Mint Finance to any registration or licensing requirement.
CME:ETH1!Long
by mintdotfinance
13
new analysisIt's really hard to explain this but we have a slight downpour, and then about 1 month to 45 days the market is bullish , and the altcoin will grow between 100 and 1000%, currencies with high market caps like Ethereum 100% and currencies with low market caps up to 1000%, and then we have a terrible fall that many currencies will be destroyed if you like analysis with me. Join me and make a profit to message me or comment I put 7 new analyzes I will let you see all the analysis to pay attention to the analysis dates and do not harm
by aryanattar
2
The ECB's strong message, dovish FED, and a high alertYesterday, Bitcoin broke above the 17 000$ price tag in spite of a strong message coming out of the European Central Bank (ECB). The official Twitter account of the ECB tweeted that the price of Bitcoin is artificially held up (at the moment) and that soon it will embark on a journey to irrelevance. This is an unusual statement from the European officials, leaving us only to speculate about the workings behind the veil. Therefore, this message puts us on high alert. The actual message from the official Twitter account of ECB: "The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets." Meanwhile, on the other side of the world, Jerome Powell said during his speech that as soon as in December 2022, the pace of rate hikes might slow down. Despite this being nothing new, the market sought a pivot in Powell’s statements and rose across the board. However, the market discounts the fact that interest rates are here to stay for much longer than initially thought. Additionally, the market participants seem to ignore that rate hikes will continue to increase, putting more pressure on debt servicing and the overall economy. As a result, we expect the bear market to continue to unravel and drag prices of cryptocurrencies and stocks much lower over time. Accordingly, we maintain our price targets at 15 000$ and 13 000$. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD and two simple moving averages in a bearish constellation. The yellow arrow indicates the price retracement above the 20-day SMA, which often coincides with corrections and is bullish for the short term. Now, the 20-day SMA acts as a support level; meanwhile, the 50-day SMA acts as a resistance level. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
92
Bitcoin bottom, people leveraging up, and systemic failuresOnce again, we notice calls for the market bottom all over the place. As if it was not enough, we also see a barrage of statuses on social networks with claims from people about mortgaging their houses, selling cars, and getting loans… only to get on this “lifetime” opportunity in Bitcoin. However, we would like to stop for a second and take time to realize how irrationally bullish the sentiment has become. The FED is set to slow the pace of rate hikes; however, it will not reverse the course in monetary policy. The interest rates will continue to climb, and payments on the debt will climb with it. Over the coming months, people trying to leverage the current situation might end up in a precarious place, being forced to sell their holdings because of improper money management. With that said, we doubt the market bottom is in. Despite that, risks associated with shorting are immensely bigger than a year ago. The potential for the downside in percentage terms might still be relatively high, but this also applies to the potential of missing out on a bottom, which is exactly what causes many people to slide into “FOMO” mode (subsequently sparking big swings up and down in BTCUSD). Problems in the system continue to persist, with many troubled financial institutions amid the downfall in the cryptocurrency market. We do not expect these issues to be resolved in a blink of an eye. Contrarily, we believe more companies might still end up declaring bankruptcy, further risking more systemic failures (and a drop in the price). Accordingly, we remain bearish on Bitcoin, and our price targets stay at 15 000$ and 13 000$. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD and two simple moving averages. The yellow arrow points to the 20-day SMA, which we pointed out numerous times in our article and outlined as a natural occurrence. The 20-day SMA acts as a resistance, and if it is broken to the upside, it will be bullish (the same applies to the 50-day SMA). Technical analysis - daily time frame Stochastic points to the upside. MACD is neutral. RSI is neutral. DM+ and DM- stay bearish. Overall, the daily time frame is turning neutral, potentially foreshadowing a further uptick in Bitcoin (in the short-term). Illustration 1.02 The image above portrays the weekly chart of BTCUSD. The red arrow shows the decline in volume for the past three weeks, hinting at a decrease in selling pressure. Technical analysis - weekly time frame MACD is turning neutral. RSI and Stochastic stay bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. Illustration 1.03 The picture above shows the monthly chart of BTCUSD. The yellow arrow indicates low monthly volume. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
45
BTC/USDT 4HOUR UPDATEHello, welcome to this BTC USDT 4Hr chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:- BTC remains bullish and is consolidating in a symmetrical triangle on the 2H TF. MACD crossover is turning bullish A successful breakout of the symmetrical triangle will confirm the move toward the horizontal resistance and a solid break above it will target the key resistance level of $18.5K. If BTC breaks out of the symmetrical triangle with a retest below it, the chart will be invalid. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
1
BTC/USDT 1DAY UPDATE BY CRYPTOSANDERSHello, welcome to this BTC/USDT 1DAY chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Bitcoin (BTC) was once again trading lower to start the weekend, as the token moved back towards a recent price floor. BTC/USD fell to an intraday low of $16,564.61 in today’s session, which comes less than a day after hitting a high of $16,795.20. The move sees BTC move closer to this week’s support point of $16,000, which has been in place since the FTX collapse. Looking at the chart, today’s drop in price comes as a hurdle was hit on the 14-day relative strength index (RSI). This wall of 38.00 on the indicator has seemingly prevented bulls from recapturing the $17,000 mark, and in turn, opened the door to a bearish reentry. Should Saturday’s bearish momentum continue to intensify throughout the course of the weekend, BTC will likely edge closer to $16,000. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
1
BTC/USDT 1DAY UPDATE BY CRYPTOSANDERSHello, welcome to this BTC USDT 1DAY chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Bitcoin (BTC) rebounded on Friday, as the token moved towards the $17,000 mark heading into the weekend. Following a low of $16,479.99 in Thursday’s session, BTC/USD raced to an intraday high of $16,947.06 earlier today. The move sees BTC move further away from its recent floor of $16,200, which was a point of stabilization following the volatility caused by the FTX collapse. Looking at the chart, this surge has pushed BTC closer to a ceiling of 38.30 on the 14-day relative strength index (RSI). As a result of this collision, prices have since dipped, with the token currently trading at $16,720.43. In order to extend its earlier run, bitcoin bulls will need to break the current ceiling on the RSI indicator. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
1
Bitcoin - The FTX's domino effectWith BlockFi added as another troubled company to our long list, we continue to be bearish on Bitcoin and the overall cryptocurrency market. We believe that FTX's domino effect is still underway, and more companies will start coming forward to announce damages incurred in this cryptocurrency exchange fiasco. As a result, the industry will see the rise of more regulation in parallel to the 2008 crisis and Lehman Brothers' bankruptcy. In our opinion, that will lead to the final capitulation in the market and drag the price of Bitcoin much lower from the current level. Over time, however, it might be positive as it will increase transparency and provide more safety for a consumer, potentially luring more institutional players and mass adoption. With that being said, we do not expect it to happen right away or anytime soon. We believe Bitcoin and other cryptocurrencies still have a long way to go before reversing their primary trend. Accordingly, we stick to our price target for BTCUSD at 15 000$. Illustration 1.01 Illustration 1.01 displays the daily chart of BTCUSD. The yellow arrow indicates a bearish crossover between 20-day SMA and 50-day SMA; now, these SMAs act as alternative 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
18
Bitcoin - The market is poised to go SouthTwo days ago, we projected the downward sloping channel on the daily chart of BTCUSD. Since then, the price broke to the upside and retraced back to the channel, increasing the upper bound's significance (and again validating the pattern). Meanwhile, the market sentiment started to turn bearish, with many market participants giving up on hopes of the FED's pivot. As we also do not believe the FED will backtrack on its monetary policy in 2022, we think the mood is set to turn very grim in the month of September. Because of that, we will pay close attention to the FED's decision on the 21st September 2022. We expect the FED to raise interest rates from 50bps to 75bps, which will negatively affect the economy. As a result, we think the risk-on appetite will deteriorate and lead to high selling pressure. However, we will update our thoughts on that before the meeting. In terms of other fundamental factors, we see mounting evidence that the world has entered a global recession, with many real economies starting to feel it. Moreover, with central banks around the globe pursuing the destruction of demand, we think the evidence over the coming months will be even more apparent. Meanwhile, technical factors also point to the downside across various sectors; and across daily, weekly, and monthly time frames. That bolsters our bearish conviction and makes us stick to our price targets at 17 500 USD and 15 000 USD. However, we think the cyclical low might lie far below our price targets. Again, though, we will reassess our thoughts as the trend unravels. Illustration 1.01 Illustration 1.01 shows the most recent technical developments on the daily chart of BTCUSDT. Yellow arrows indicate two bearish breakouts below prior support levels, a bearish crossover between 20-day SMA and 50-day SMA, and a bullish breakout above the channel followed by the retracement. Additionally, the green arrow indicates increasing volume, which is ideal for confirming our bearish thesis. Now, we will pay close attention to the price action; ideally, we would like to see it take out its recent low at 19 510 USD. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 Illustration 1.02 shows the daily chart of BTCUSD. Additionally, several bearish developments are indicated by yellow arrows. Declining and increasing volume is shown by red and green arrows. We would like to see a breakout below the immediate support to confirm our bearish thesis. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 The chart above shows simple support and resistance levels for BTCUSD; for this pair, the low needed to be taken out is 19 526 USD. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
160
BTC/USDT 1HOUR UPDATEHello, welcome to this BTC /USDT 1Hr chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. #BTC/USDT ANALYSIS BTC is moving in a symmetrical triangle and currently holding above its support trendline. A breakdown of the symmetrical triangle will confirm a move toward the horizontal support which is also the current low from where we can expect a good bounce. An effective breakout of the symmetrical triangle will confirm a move toward the horizontal resistance around $18,700 and a strong breakout of it will confirm the further bullish pattern in the market. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
#BTC/USDT 12Hr UPDATE BY CRYPTO SANDERS !!Hello, welcome to this BTC /USDT 12Hr chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Bitcoin (BTC) moved higher on Friday, as the token rebounded following a recent spell of relatively large sell-offs. Following a low of $16,290.27 on Thursday, BTC/USD surged to an intraday peak of $18,054.31 earlier in the day. The move came as the world’s largest cryptocurrency continued to move away from a key support point of $15,800. As can be seen from the chart, this surge occurred as the 14-day relative strength index (RSI) also rebounded from a recent six-month low. Currently, BTC is trading at $16.880.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00. In order for BTC/USD to continue this current momentum, the RSI ceiling will first need to be broken. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
BTC/USDT 1DAY UPDATE BY CRYPTO SANDERS !Hello, welcome to this BTC /USDT 1D chart update by CRYPTOSANDERS. I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis. CHART ANALYSIS:-Market is falling apart as Bitcoin broke the major support level. The weekly support is $15,000-$15,500 area and $12,000-$13,000 area. Binance backs off from the FTX deal and leaves the exchange on verge of collapse. If FTX is not rescued soon then we see more dumps in the market. Better to wait for a clear decision on FTX. This is not a piece of financial advice. Hit the like button if you like it and share your charts in the comments section. Thank you
by CryptoSanders9563
1
Bitcoin - The downtrend is confirmed by several developmentsRight after Jerome Powell's speech, the stock market dropped sharply, dragging cryptocurrencies with it. As a result, Bitcoin fell approximately 6%, dropping below 21 000 USD and subsequently below the immediate support. That is particularly bearish as this development constitutes a new low for BTCUSD, further confirming the downtrend. As if it was not enough, volume continues to grow while the price declines, suggesting a strengthening selling pressure. As for the fundamental factors, it is clear now that the FED's pivot is dead, and there is no reversal in the central bank's monetary policy. As we previously noted, this will inadvertently drag the global economy into a deeper recession, leading to even a higher risk aversion. Consequently, we expect this to pull Bitcoin below its 2022 lows. Concerning technical factors, these are flashing warning signs across the board. We expect a heavy selloff in the short-term future. Indeed, we would not be surprised to see Bitcoin break below 20 000 USD over the weekend. Accordingly, we stick to our price target of 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 shows the daily chart of Bitcoin and simple support/resistance levels. Yellow arrows indicate bearish breakouts. The green arrow indicates growing volume, which supports our bearish thesis; indeed, in our previous post, we stated that this would be an ideal picture to confirm our hypothesis. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.02 The picture above shows the monthly chart of BTCUSD. Again, extremely shallow volumes hint at brewing troubles for Bitcoin. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
37
Bitcoin - No longer bullish, top in for the rally During the last week, we gave market participants an ultimate warning about the impending reversal in the market. Soon after we argued the top of the bear market rally might be in, Bitcoin fell more than 15%. A change in our short-term view is mainly influenced by technical factors, which point to the return of intense selling pressure. Indeed, we believe the current selloff will soon escalate into panic mode in the cryptocurrency sector. As a result, we expect highly elevated volatility and Bitcoin to drop to a new low. Our medium-term and long-term views remain unchanged as we expect bearish fundamental factors to stay persistent throughout 2022 and 2023. Additionally, we believe that the recession will bring risk-off sentiment, wreaking chaos in the stock market as well as the cryptocurrency market. Because of these reasons, and the ones described in our previous ideas, we stick to our price targets at 17 500 USD and 15 000 USD. Illustration 1.01 The picture above shows two bearish breakouts below prior support levels. Additionally, a build-up in volume accompanying a price drop is indicated on the bottom; this development is the ideal picture we wanted to see in order to confirm our bearish thesis. Technical analysis - daily time frame RSI is very bearish. MACD and Stochastic are bearish. DM+ and DM- performed bearish crossover. Overall, the daily time frame is very bearish. Illustration 1.02 Illustration 1.02 shows another bearish breakout below the sloping support, further bolstering the bearish case for BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. Illustration 1.03 Above is the setup we introduced recently. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
38