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Bitcoin - BTCUSD eyes 2022 lowsDuring the weekend, the price of Bitcoin traded mainly flat. For that matter, we have no reason to change our bearish bias. Just like over the past months, fundamental factors will continue to slow down the global economy, resulting in the declining economic performance of the stock market and companies slashing their economic projections. In accordance with the Dow Theory, that will reflect the market transitioning from the 1st stage of the bear market into the 2nd stage. In our opinion, the cryptocurrency market will continue to drift to new lows, with many speculative coins going bust and never returning to the market. We believe the persistence of bullish sentiment does not signal a market capitulation. Quite the contrary, we think it perfectly illustrates the vicious nature of the bear market, with retail investors addicted to buying dips and subsequently causing volatile movements up and down. Because of that, we will continue to filter these movements and focus on the primary trend to the downside (as we do since November 2021). More details are described below in the text and the attached articles. Illustration 1.01 Illustration 1.01 displays the hourly chart of BTCUSD. Two yellow arrows indicate bearish breakouts, which constitute new lows for Bitcoin since the end of the bear market rally. 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 simple support and resistance levels for BTCUSD. If the price breaks below the immediate support level and stays there, it will further bolster the bearish case for Bitcoin. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily 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
4
Bitcoin - No crypto island is happening For some time before the FED meeting, we warned investors that another rate hike would spook the market, leading to weakness across all sectors. Additionally, we speculated that an irrational and short-lived bounce in the price of BTCUSD could occur after the decision due to retail investors buying a dip in hopes of the FED pivot in 2022 or 2023. However, that was not a message Jerome Powell sent to the market. Instead, he reiterated his hawkish stance toward continuing interest rate increases throughout 2022 and 2023. Based on the dot-plot presented by the chair of the Federal Reserve, the first decline in interest rates can be expected in 2024. That suggests the economy will remain under significant tightening pressure throughout 2023 and likely during the first half of 2024. In turn, that leads us to speculate about the continuation of worsening economic conditions and data, further deepening a recession and risk aversion. In addition to that, yesterday's price action proved our assessment about the initial bounce and dump correct, with Bitcoin halting its rise slightly below 20 000 USD (right after the decision) and then retreating to the vicinity of 18 000 USD. In our opinion, this elevated volatility only highlights the bearish sentiment in the market and the high level of anxiousness among market participants. Furthermore, technical indicators across the daily, weekly, and monthly time frames also support the bearish notion. Because of that, we have no reason to backtrack on our bearish views, and we stick to price targets of 17 500 USD and 15 000 USD. Illustration 1.01 Illustration 1.01 shows the immediate price action of BTCUSD on the 1-minute chart after the FED decision. 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, two SMAs, and simple support/resistance levels. A new low below the immediate support was constituted, bolstering the bearish case for BTCUSD. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily 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
30
Ethereum - Downtrend continuesOnce again, the price action proved our prediction correct, and Ethereum fell below 1300 USD over the weekend. This bearish development confirms our narrative about the downtrend continuation. Simultaneously, fundamental and technical factors also support this thesis. Therefore, we have no reason to change our thoughts on ETHUSD and stick to our price targets of 1000 USD and 900 USD. Illustration 1.01 The picture above shows the daily chart of ETHUSD. The breakout below the immediate support/resistance adds to the bearish sentiment. White horizontal lines indicate particular support and resistance levels. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. 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:ETHUSDShort
by Tradersweekly
25
Bitcoin - Debunking the mythDay after day, we tell ourselves that bullish market forecasts are getting increasingly ridiculous. Unfortunately, however, every bounce up in the market seems to produce more irrational thoughts among market participants. We often encounter statements about Bitcoin being headed to 100k USD, 200k USD, 500k USD, or even much higher. The same applies to other cryptocurrencies. Indeed, people have been writing us and predicting new all-time highs for Ethereum and Bitcoin, four-digit valuation for XRP, and other things we consider outright stupid in the current environment. However, how do these valuations hold in the bigger scheme of things? People making outlandish calls do not seem to bother about this question. Therefore, we decided to answer it today. Based upon the data from the World Federation of Exchanges (which encompasses all significant stock market exchanges with over 58 000 companies), the equity market capitalization stands at 122.94 trillion USD. The current market cap of all cryptocurrencies is slightly above 1 trillion USD; at its peak, the market cap stood at 3.009 trillion USD. The current supply of Bitcoin is about 19 147 400 units. Meanwhile, the supply for Ethereum is approximately 122 323 191 units, and for XRP, about 49 826 021 773 units. Now, let's put in perspective the current valuation and cryptocurrency supply. BTC - approximate units = 19 147 400 ETH - approximate units = 122 323 191 XRP - approximate units = 49 826 021 773 BTC - the (approximate) current market cap = 411 bn. USD ETH - the (approximate) current market cap = 214 bn. USD XRP - the (approximate) current market cap= 17.6 bn. USD Altogether, these three cryptocurrencies account for more than 50% of the (whole) cryptocurrency market cap. However, what would be the value of their market cap if predictions about sky-high valuations were due to become real? BTC at 100 000 USD = 19 147 400 x 100 000 = 1.91 trn. USD BTC at 200 000 USD = 19 147 400 x 200 000 = 3.82 trn. USD BTC at 500 000 USD = 19 147 400 x 500 000 = 9.57 trn. USD ETH at 10 000 USD = 122 323 191 x 10 000 = 1.22 trn. USD ETH at 20 000 USD = 122 323 191 x 20 000 = 2.44 trn. USD XRP at 100 USD = 49 826 021 773 x 100 = 4.98 trn. USD XRP at 1000 USD = 49 826 021 773 x 1000 = 49.8 trn. USD After the calculation, it is evident that at 500k USD for Bitcoin, the whole market cap would be higher by over 8 trillion USD (when taking into account just increase in BTC). That is about an 800% increase for the entire cryptocurrency market (not taking into account an increase of other 20 000 cryptocurrencies). With Ethereum at 10 000 USD, the market cap would grow by another 1 trillion USD, which is again not a tiny number; additionally, the 20 000 price tag would double that figure. Finally, in the case of XRP at 100 USD, the market cap (just for XRP) would be valued at 4.98 trillion USD (which is already multiple times higher than the current market cap of BTC). At 1000 USD, the XRP market cap would be approximately 49.8 trillion USD. It does not take much common sense to realize these valuations are immense, especially when compared to the global equity market capitalization based on the World Federation of Exchanges data. In our opinion, these and many similar predictions about cryptocurrencies reversing to the uptrend and continuing higher are doomed to fail. Our views are based on fundamental and technical factors described in previous and attached articles. Accordingly, we remain bearish on Bitcoin and stick to our price targets at 17 500 USD and 15 000 USD. Illustration 1.01 The picture shows the total market cap of cryptocurrencies and its decline of 66% from ATH. Technical analysis - daily time frame RSI and Stochastic are bullish. However, they are getting overvalued very quickly. MACD is neutral. DM+ and DM- are bullish. Overall, the daily time frame is neutral/slightly bullish. Illustration 1.02 Illustration 1.02 shows simple support and resistance levels for BTCUSD. The breakout above the immediate resistance will bolster the bullish case for BTC in the short-term. However, we stick to our bearish outlook beyond that. Technical analysis - weekly time frame RSI, Stochastic, and MACD are neutral/slightly bullish. DM+ and DM- stay bearish. Overall, the weekly time frame is neutral. 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
95
Ethereum - Panic creeps back into the marketThroughout July and August, we warned that the bounce in the cryptocurrency market, which many rushed to call a trend reversal, was a bear market rally doomed to fail. Then, on 16th August 2022, we gave an ultimate warning to investors as we speculated the top was in for the rally, and a 50% decline was looming. Since then, the price of Ethereum has fallen an astounding 25%, and we have seen more confirmations of our bearish thesis. Because of that, we continue to be bearish in the short, medium, and long term. Indeed, we think the selloff will accelerate in the foreseeable future, leading to panic selling and subsequently to new lows over time. Our views are based upon technical indicators that flash strong warning signs across the board and low liquidity in the market. However, fundamental factors also significantly contribute to our bearish opinion. Repeatedly, higher interest rates, quantitative tightening, and a slowing economy pose a great threat to the stock market and the cryptocurrency market. Accordingly, we stick to our price target of 1 000 USD per Ethereum. However, we would like to set also a second price target for ETHUSD at 900 USD. Illustration 1.01 The picture shows the daily chart of Ethereum and two moving averages, 20-day SMA and 50-day SMA. On 24th July 2022, these averages underwent mean reversion, signifying a powerful downtrend correction. We would like these averages to reverse into a bearish constellation to give us further bearish confirmation. 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 illustration shows two bearish breakouts that confirmed our thesis in the past two weeks. Interestingly, these developments are identical to those on the chart of 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 Illustration 1.03 shows simple support and resistance levels derived from peaks and troughs. 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:ETHUSDShort
by Tradersweekly
31
Bitcoin - The weekend session forecasts more painOn Friday, we said it would not surprise us to see Bitcoin plunge below 20 000 USD. The following day, Bitcoin fell to a new low at 19 766 USD. Since then, the price action has been mostly sideways. At the moment, Bitcoin trades near the 20 000 USD price tag. We stay bearish as fundamental factors weighing on the market have not changed. Additionally, technical aspects are worsening and pointing to an impeding acceleration of the selloff. Accordingly, we maintain a bearish stance on Bitcoin in the short, medium, and long term. Indeed, we believe BTCUSD is headed to new lows over time; therefore, our price targets are at 17 500 USD and 15 000 USD. Illustration 1.01 The chart shows several bearish developments, which are indicated by arrows and text. White horizontal lines indicate simple support and resistance levels. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is extremely bearish. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is extremely 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
17
Ethereum - Wake up call is ringing!We have been warning about the unsustainable rally in the cryptocurrency market for a while now. Indeed, for several weeks, we have been pointing out bearish developments on the chart of Ethereum and Bitcoin. However, only a week ago, we proposed the idea that the bear market rally reached its peak, and, as if it was not enough, we also said a 50% decline was looming over Ethereum. Today, we continue to stick to this assessment for Ethereum, which is mainly influenced by bearish fundamental factors like high-interest rates, quantitative tightening, and the prospect of a severe global recession. Due to the persistence of these factors, we have no reason to change our bearish medium-term and long-term views on the market. For the short-term, we are growing increasingly bearish on ETHUSD. In the past 24 hours, Ethereum fell 8%, breaking below the immediate support and reaching bearish territory. This development is particularly bearish as it coincides with the RSI breaking below 70 points and other technical indicators turning bearish. Accordingly, we stick to our price target of 1 000 USD. Illustration 1.01 In our previous idea, we said that ideally, we would like to see a drop in price accompanied by a build-up in volume to confirm our thesis; soon after that, a drop in price and a spike in volume occurred. Now, we would like to see more price decline and a further increase in volume. Ethereum is down approximately 15% from its recent peak. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bearish. DM+ and DM- are due to perform bearish crossover, which will further bolster the bearish case for ETHUSD. Overall, the daily time frame is bearish. Illustration 1.02 The setup we introduced recently remains valid. Indeed, the bearish signal was triggered when the price broke below the immediate support. Technical analysis - weekly time frame RSI is bearish. MACD points to the upside but stays in the bearish zone. Stochastic is bullish. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. 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:ETHUSDShort
by Tradersweekly
18
Bitcoin, Ethereum Technical Analysis: Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session ; This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend. Bitcoin Update !! Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000. Saturday saw BTC/USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level. This floor has been at the $20,800 point, which was the last hit on July 16, when prices were trading below $20,500. As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32.97, which is its lowest point since July 12. Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27. Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA. Should this trend continue, this could signal further declines, with BTC likely falling below $20,000. Ethereum Update !! After a strong start to the week, Ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000. ETH/USD, which dropped to a bottom of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34. This is the lowest level Ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4. Honing in on the chart, it appears as if ETH bears are attempting to take prices towards a support point of $1,565. However, bulls have so far resisted this possibility, pushing back from earlier lows, with the token currently trading at $1,636.11. The rebound came as the RSI hit a floor of 43.00, and as of writing, RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700. Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade. Thanks for your time, we hope our work is good for you, and you are satisfied, we wish you a good day and big profits. THANK YOU.
by CryptoSanders9563
12
Bitcoin - The ultimate warning!In yet another perplexing move, cryptocurrencies jumped higher after yesterday's CPI print in the United States. Better than expected results sparked a wave of buying among retail investors pumping the price of Bitcoin above the immediate support/resistance and simultaneously into the bullish zone. However, we think this recent move perfectly shows how irrational markets can become despite mounting evidence that the world will be driven into a deeper recession toward the end of 2022. In our opinion, the narrative that the FED will step in, cut interest rates and start printing money to avoid recession is wrong. Indeed, we think this narrative is one of the leading causes of the current rally (with technical factors also strongly contributing). Unfortunately, we believe the FED is left with no choice but to increase interest rates to fight inflation. However, by doing that, the FED will risk causing more systemic problems in the stock and cryptocurrency markets. Therefore, we stick to our bearish outlook when looking beyond the rally. Accordingly, we maintain a medium-term price target of 17 500 USD and a long-term price target of 15 000 USD. For the short-term, we are looking at 26 500 USD with the invalidation level at 24 280 USD. Illustration 1.01 Illustration 1.01 shows the daily chart of BTCUSD and the trade setup we introduced recently. Simple support and resistance lines are derived from prior peaks and troughs. The yellow arrow indicates the bullish breakout. We stick to our previous assessment of the upside for Bitcoin, which is 26 500 USD in the short term (invalidated if a retracement occurs); however, we will again pay close attention to volume levels. Technical analysis - daily time frame RSI, Stochastic, and MACD turned bullish. However, they show exhaustion, which may imply the ultimate bull trap above the immediate support/resistance. DM+ and DM- are bullish. Overall, the daily time frame turned bullish. Despite that, we voice caution. Illustration 1.02 The picture above shows previous and current bear market rallies. The magnitude of moves is measured from the low to the high. The current rally falls into the range of the earlier downtrend corrections. Technical analysis - weekly time frame RSI, MACD, and Stochastic are slightly bullish. DM+ and DM- are bearish. Overall, the weekly time frame is neutral/slightly bullish. Illustration 1.03 The illustration above shows previous bullish breakouts and what happened to volume after they occurred. For the bearish scenario and invalidation of the breakout, ideally, we would like to see the same development occur this time again. 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
51
Bitcoin - Brace for another 30% decline!Over the past week, the situation in the cryptocurrency market has not changed much. The price of Bitcoin continued to be choppy, trading mostly between 22 000 USD and 24 000 USD. The inability of BTCUSD to break above the immediate resistance hints at even more weakening bullish momentum. Indeed, the same is implied by several technical indicators and the presence of low volume. In addition to that, bearish fundamental factors continue to persist. We view higher interest rates and economic tightening as two main elements driving the U.S. economy into a deeper recession toward the end of 2022, and during 2023. Since such periods are accompanied by risk-off sentiment, we expect this to negatively affect the price of BTC, resulting in a new low over time. Therefore, we still maintain a bearish view on Bitcoin with the price target of 17 500 USD, which is our medium-term price target. However, today, we would also like to set a new long-term price target at 15 000 USD. Illustration 1.01 The illustration above shows the daily chart of BTCUSD during the downtrend in 2017/2018. Bear market rallies are indicated by green dashed lines. The picture illustrates how big moves up can occur during the bear market rally when people flock into the market chasing the asset because of so-called “FOMO - fear of missing out”. As we previously stated, Bitcoin is up approximately 40% from its lows, however, it does not mean that the trend of higher degree has changed to bullish. Technical analysis - daily time frame RSI is neutral. MACD lost momentum and strives to reverse to the downside. Stochastic turned bearish. DM+ and DM- are bullish, however, the trend is very weak. Overall, the daily time frame is neutral. Illustration 1.02 Due to the choppy price action of BTCUSD, the setup we introduced recently remains valid. Technical analysis - weekly time frame RSI, MACD, and Stochastic are neutral. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. 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
BTC to finally lift off?Please 1st of all smash the boost🚀 button to support my work if you like it! It's absolutely for free. BTC failed for the 1st... ...and 2nd time... ...to hold above the yellow channel upper edge. Will 3rd time be the charm? Bitcoin just got above the channel upper edge again (for the 3rd time) and I think there is a good chance that this time the price could hold above it, make it support, and then finally lift off. Breaking the dashed parallel line would be extremely bullish in my view. For broader perspective check this... ...and this... Also check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
BITSTAMP:BTCUSDLong
by bizmark
5
Bitcoin - The sucker's rally nears its endWe made a case for the ultimate bear market rally just a few weeks ago. We also said the rally's erratic movements would suck many people into believing the market has formed the bottom and reversed to the upside. Indeed, that is exactly what we currently see in the market. Mounting calls for sky-high prices, guarantees of the bottom, and fear of missing out highlight retail's bullish sentiment. Meanwhile, the institutional side of the market continues to show systemic cracks, with many companies going bust amid crypto winter. The list of affected companies and concise description: 1. Voyager (bankrupt) - defaulted on $350 million in the U.S. dollar-pegged stablecoin, USDC, and 15,250 bitcoin. 2. Zipmex (bankrupt) 3. 3 Arrow Capital (bankrupt) - filed for bankruptcy and founders went missing. 4. Celsius Network (bankrupt) - went bankrupt after freezing over 151 000 Bitcoins locked away from its 1.7 million users. 5. CoinFlex - (limited withdrawals) 6. SkyBridge Capital - cryptocurrency fund (suspended withdrawals) 7. Coinbase (investigated by the SEC) - probed over the issuance of securities and insider trading. 8. Binance (investigated by the SEC) - probed over Tether stablecoin and insider trading. In addition to that, tighter monetary policy continues to pressure the U.S. economy, to which cryptocurrencies are highly correlated. As a result, we think it is just a matter of time until the market starts to manifest weakness again and drag the price of Bitcoin and other cryptocurrencies lower. Because of that, we are very cautious and looking for weakening signs in BTCUSD. On the endnote, our medium-term and long-term outlook stays bearish. Due to that, we would like to set a price target for BTCUSD at 17 500 USD. Illustration 1.01 Illustration 1.01 shows the total cryptocurrency market cap. It is far below its all-time high value, approximately 63% from it. The list of affected cryptocurrencies Luna - stablecoin (-99%) CEL - cryptocurrency (-84%) Cardano - cryptocurrency (-82%) BNB - cryptocurrency (-57%) XRP - cryptocurrency (-79%) BTC - cryptocurrency (-64%) ETH - cryptocurrency (-65%) SOL - cryptocurrency (-82%) Dogecoin - meme coin (-90%) Polkadot - cryptocurrency (-84%) Matic/Polygon - cryptocurrency (-72%) *The list shows values from 30th July 2022. Declines are measured from all-time-high values. Technical analysis - daily time frame RSI is neutral. MACD is flattening. Stochastic points to the downside. DM+ and DM- are bullish, but the trend is weak or neutral. Overall, the daily time frame is neutral. Illustration 1.02 The setup above we introduced several weeks ago; it still remains valid. Volume continues to support our thesis that buyers are harder to find between 22 000 and 24 000 USD. Although, it is possible that the price can continue a bit higher (especially at low volume). Technical analysis - weekly time frame RSI and MACD are neutral. Stochastic is slightly bullish. DM+ and DM- are bearish. Overall, the weekly time frame is neutral. 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 - Deceitful rally Despite yesterday's move up in Bitcoin, we remain very skeptical about the prospect of rally continuation. That is mainly due to the FED moving toward a more hawkish stance in regard to its monetary policy. Indeed, now, it projects another 75bps rate hike for September 2022. As a result, we expect this to negatively affect the U.S. economy as well as the cryptocurrency market. Due to the persistence of these bearish fundamental factors, we have no reason to change our medium-term and long-term assessment of BTCUSD. Illustration 1.01 Illustration 1.01 shows the trade setup we introduced recently; it consists of two alternative scenarios. Additionally, there are several technical developments displayed on the chart. The bullish trigger occurred when the price moved above 21 868 USD. Despite that, we are skeptical about this move. We are looking for the bearish trigger, which will take place once 21 868 USD is retraced to the downside. Low volume after the most recent breakout hints at a declining number of buyers between 22 000 USD and 24 000 USD. Technical analysis - daily time frame MACD, Stochastic, and RSI all show signs of stalling. DM+ and DM- are bullish; however, ADX contains a relatively low value. Overall, the daily time frame is neutral. Technical analysis - weekly time frame RSI is bullish. MACD is neutral. Stochastic is bullish but stays in the lower zone. DM+ and DM- remain bearish. Overall, the weekly time frame sends mixed signals. 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
124
Bitcoin's next moveHere we go again! BTC broke the white downward channel/wedge which indicates that the downside momentum is gaining more strenght. Price found support at 21000-20750 zone (zoom out), but I think we are just going to test the resistance confluence around 21300 (white and lime downtrendlines) and then we could see reversal and then another leg down to finally hit the yellow channel lower edge. See the two ideas right down below to get the full story! Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
BITSTAMP:BTCUSD
by bizmark
4
Bitcoin - Rip or dip The setup we introduced recently remains valid. We will have our eyes on the FOMC meeting today. We expect volatility to be elevated throughout the day. We will update the idea after the FED decision. Our thoughts are detailed in the attached ideas. Technical analysis - daily time frame RSI paused its fall and became neutral. MACD is also neutral. Stochastic is bearish. DM+ and DM- are also bearish. Overall, the daily time frame is bearish. Illustration 1.01 We showed the chart above before. Structurally, Bitcoin continues to develop like during prior corrections of the current downtrend. Technical analysis - weekly time frame RSI strives to reverse to the downside. MACD is neutral. Stochastic is bearish. DM+ and DM- are 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
32
Bitcoin - Does turbulence lie ahead? In the past few weeks, we reiterated our lack of belief in the trend reversal in Bitcoin. We said the price bounce would be temporary and that it was too premature to call the bottom. Additionally, we stuck to a short-term bullish call and medium/long-term bearish call. Furthermore, we also hinted at signs of weakness that led to the inability of BTCUSD to continue higher. Among these developments, we also hinted at structural problems in the cryptocurrency market. These also remain today with the latest addition of Coinbase to troubled companies in the sector (due to alleged investigation). Threats from higher interest rates, economic tightening, and global recession also continue to persist. With these new developments in the market, we turned bearish on Bitcoin in the short term. That is mainly due to Bitcoin retracing below 21 868 USD. We said that such development would be bearish in the setup we introduced in our latest idea. Accordingly, we stick to what we said. However, if the immediate resistance/support is broken to the upside, it will cause us to turn bullish again. Because of that, tight stop-losses should accompany trade entries. *The FED meeting is scheduled for Wednesday. We will be very cautious as the FED is expected to raise interest rates and further worsen economic conditions.* Illustration 1.01 Illustration 1.01 shows the daily chart of BTCUSD. It also shows the downward sloping channel. The upper bound connects two peaks and acts as the resistance; meanwhile, the lower bound is parallel to the upper bound and acts as the support. Technical analysis - daily time frame RSI and Stochastic turned bearish. DM+ and DM- performed bearish crossover. The MACD is neutral. The ADX contains a relatively low value which hints at a weak trend. Overall, the daily time frame is bearish. Illustration 1.02 Recently, we hinted at the presence of low volume accompanying the breakout above 21 868 USD price tag. We noted that this was a sign of weakness, and if the volume stayed insufficient, then the market was due to reverse abruptly. 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
26
Bitcoin - Not worth the current priceOver the past few days, Bitcoin drifted lower toward the 19 000 USD price tag. Because of the persistence of bearish fundamental and technical factors we maintain our price target for BTCUSD at 17 500 USD and 15 000 USD. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish. Illustration 1.01 The picture above shows the weekly chart of BTCUSD. Two moving averages, 20-week SMA and 50-week SMA, continue to confirm the medium-term/long-term bearish trend. Technical analysis - weekly time frame The weekly time frame coincides with the daily 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
28
Bitcoin - The massive selloff might lurk behind a cornerShortly after our last idea on Bitcoin, it started to manifest weakness. Accordingly, we remain bearish and maintain our price targets at 17 500 USD and 15 000 USD. That is mainly due to the persistence of bearish fundamental factors. However, technical indicators across weekly and monthly time frames also support our views. Therefore, we think the cryptocurrency market is preparing for another leg down which will most likely culminate into a selloff that will drive the price of Bitcoin below our price targets. Despite that, we would like to monitor the price action and adjust price targets as the trend progresses. A several worrying developments Over the past few weeks, market participants have experienced the downfall of a stablecoin Luna and many (predominantly small-cap) cryptocurrencies. Additionally, they saw the Celsius Network pause withdrawals and transfers to its more than 1.7 million users who hold more than 151 000 Bitcoins at this “cryptocurrency bank.” In our opinion, we will see more trouble in this sector, especially among institutions that offer “stacking” and similar (allegedly) “risk-free” investments which guarantee unsustainable returns over a short time. Another problem on the horizon is the prospect of higher interest rates and economic tightening in the USA and around the globe. That will drag the price of cryptocurrencies to new lows against fiat money. In addition, the next issue arises with the upcoming regulation regarding stablecoins and token issuance. Again, we think that will negatively impact the market. Indeed, we believe there lies the possibility of the U.S. regulator to legally mandate exchanges to back a significant portion of their tokens by fiat money. If so, that could potentially trigger a massive selloff as we deem cryptocurrency exchanges like Bitfinex unable to fulfill this (hypothetical future) requirement. Therefore, we voice a big word of caution to market participants. Illustration 1.01 Medium and long-term moving averages support the bearish thesis for BTCUSD. Technical analysis - daily time frame RSI broke below 30 points which is extremely bearish for BTCUSD. Stochastic also turned bearish. DM+ and DM- remain bearish. MACD flattens. Overall, the daily time frame is bearish. Illustration 1.02 In merely 212 days, Bitcoin declined over 70% from its all-time high value. 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
13