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Bitcoin - BTC lacks a trend at the momentAfter reaching our price target of 40 000 USD, we predicted a temporary bottom for Bitcoin. We suggested that the price of BTCUSD might be setting itself for sideways price action. That has been the case for the past week. The prevailing trend in Bitcoin weakened even further, and volume declined. In the short term, we remain neutral on BTCUSD. However, in the medium term, we remain inclined towards the bearish scenario. Despite that, we decided not to set any price target for BTCUSD, mainly due to a lack of momentum within the prevailing trend. Although, we think Bitcoin is likely to drop to 35 000 USD (and possibly lower) if the general stock market continues lower (or if BTC sees more decoupling in the positive correlation between the two). We also see additional pressure for the higher price of BTC from the FED and higher interest rates. Technical analysis - daily time frame RSI is neutral. MACD is bearish, and Stochastic is bullish. Although, Stochastic oscillates in the bearish area. DM+ and DM- are bearish. Meanwhile, ADX declines, which suggests the prevailing trend is weakening. Overall, the daily time frame is neutral. Illustration 1.01 The image shows the daily chart of BTCUSD and two simple moving averages. It can be observed that moving averages started to produce whipsaws shortly after BTCUSD started to trend sideways. In addition, the recent false breakout above the short-term resistance is also indicated. Technical analysis - weekly time frame RSI is bearish. MACD failed to continue higher and penetrate through 0 points into the bullish zone; instead, it started to flatten and reverse to the downside. Stochastic also reversed to the downside, which is bearish. DM+ and DM- indicate bearish conditions in the market. At the same time, ADX suggests the prevailing trend is very weak, which is reflected in the recent sideways moving price action. Overall, the weekly time frame is bearish but lacks momentum in trend. 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
21
Bitcoin - Very bearishIn our previous posts, we warned about the decrease in volume which accompanied the rally. Since then, BTCUSD saw a reversal, and the price faltered by 7%. Technical and fundamental factors continue to point to the downside for Bitcoin. Therefore, we would like to update our short-term price target for BTCUSD to 42 500 USD. Additionally, we would like to set a medium-term price target to 40 000 USD. Technical analysis - daily time frame RSI is very bearish. The same applies to MACD and Stochastic. DM+ and DM- performed bearish crossover just recently, suggesting the beginning of the bearish trend. ADX contains a relatively low value which means the trend is still in its early stage. Overall, the daily time frame is bearish and forecasts more downside for BTCUSD. Illustration 1.01 RSI shows a steep decline on the daily time frame. We will watch whether it will manage to continue lower and potentially break below 30 points. If there is such an occurrence, we expect it to be accompanied by a catastrophic selloff in BTC. Technical analysis - weekly time frame RSI continues to develop the long-term bearish structure. MACD failed to cross above 0 points into a bullish area. DM+ and DM- are bearish. ADX suggests the presence of a neutral (or weak trend). Overall, the weekly time frame bolsters the bearish case 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 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.
BITSTAMP:BTCUSDShort
by Tradersweekly
2
Cryptocurency - Coin & Token Types: The Ultimate GuideIt’s important not to confuse the terms “cryptocurrencies” , "Coins " and “tokens,” Different type of them ,as there are fundamental differences that distinguish them. Summary: To put simply ,The two most common blockchain-based digital assets are cryptocurrencies and tokens. The biggest differentiation between the two is that cryptocurrencies have their own blockchains, whereas crypto tokens are built on an existing blockchain. What Is a Digital Asset? Broadly speaking, a digital asset is a non-tangible asset that is created, traded, and stored in a digital format. In the context of blockchain, digital assets include cryptocurrency and crypto tokens. What is a cryptocurrency coin? Cryptocurrency coin, like Bitcoin , is essentially a digital form of money that is backed up by a native blockchain The functions of a coin are strictly monetary — you can use it as a mean of payment, store of value, or as a speculative asset to trade, and essentially that’s it. The features of a coin are also similar to fiat money — it is fungible, divisible, and the supply is limited. By definition, a cryptocurrency coin serves only as a digital form of money. The most distinctive feature of a coin is that it is native to the blockchain it’s made on and operates independently from any other platform. Okay, then what is “altcoin”? This is essentially any cryptocurrency coin that has its own blockchain but is not Bitcoin . Some altcoins are just forks to Bitcoin , meaning that they base on Bitcoin’s open-source protocol but still have their own blockchains, like Litecoin. Others, like Monero or Ethereum , are completely independent blockchains. What is a token? The token is a non-native blockchain asset and its value goes beyond only monetary functions. Tokens also require another platform to exist and operate. For example, ETH is a cryptocurrency that is native to the Ethereum blockchain, which makes it a coin. However, one of the primary features of the Ethereum network is the ability to create new tokens within the network. The cryptocurrencies that are created on this network will be called tokens. For example, USDT — the most popular stablecoin pegged to the value of $USD is a token, which operates on the Ethereum blockchain. A cryptographic token is a digital unit of value that lives on the blockchain. There are four main types: 1-Payment tokens 2-Utility tokens 3-Security tokens 4-Non-fungible tokens Fungibility : All crypto tokens break down into two broad categories — non-fungible and fungible, with the latter being the most common type. Fungibility is a feature of a token which essentially means that one token is indistinguishable from another. In simple words, a dollar is always a dollar, and Bitcoin is always Bitcoin . You can exchange the $10 bills with your friend and each of you will still have the same value in the wallet. but Non-fungible tokens, or NFTs, are a type of cryptographic token — a digital representation of value that lives on the blockchain. NFTs can represent the value of physical assets. A painting, for instance. But they can also represent the value of digital assets, such as a short story that is only available online. NFTs have three characteristics that set them apart from other types of token: 1. THEY’RE UNIQUE -2. THEY’RE VERIFIABLE- 3. THEY’RE TRADEABLE -Utility Tokens: Utility tokens are a popular type of fungible tokens that you can think of as the chips at the casino. In the same way that you need to buy chips to play blackjack or poker, you need utility tokens to power the operations on the protocol. The most famous utility token example is Ether which powers all the transactions and smart contracts on the Ethereum network. As we just said before, ETH can be used as a means of payment, however, its primary purpose is to be utilized in the blockchain. Social Tokens (fan tokens):Social tokens can be a very interesting type of crypto utility asset that recently gained a lot of popularity among the crypto space and also presented the concept of tokenization to the broader public. In simple words, social tokens are backed by the reputation of an individual, brand, sports club, or just any community -Security Tokens vs Equity Tokens In simple, security tokens are common stock on the blockchain. These tokens are similar to the company shares held by the investors and companies usually issue voting rights through a blockchain platform. The tokens are liquidated to create an Equity Tokens. In other words, these tokens contribute an investment contract, where the Investors typically purchase in anticipation of future profits in the form of dividends, equal sharing of revenue generated and the normal appreciation process. Security tokens bridge the gap between the traditional financial sector and the blockchain framework; it’s one of the reasons banks have initiated the integrated Blockchain frameworks in their system. Issuing security tokens allows investors to raise funds through a thoroughly regulated digital share of its equity, asset or part of the revenue. The key difference between Security Token and Equity Token is that in the security token, an asset like real estate, gold etc. are used as collateral. However, in the case of Equity tokens, the shares of the company are diluted into tokens. We can place coins and tokens in different categories as you can see in the chart above, and some of them are common to other categories. As digital currencies are emerging, various other categories may be added in the future. -Governance token Governance token is the type of crypto asset that grants its holders decision-making rights over the project’s protocol, its product, and its features .it represent voting power on a blockchain project. They represent the main utility token of DeFi protocols since they distribute powers and rights to users via tokens. Governance discussions on Yearn Finance. With these tokens, one can create and vote on governance proposals. -Also Metaverse tokens are a unit of virtual currency used to make digital transactions within the metaverse. Since metaverses are built on the blockchain, transactions on underlying networks are near-instant. Blockchains are designed to ensure trust and security, making the metaverse the perfect environment for an economy free of corruption and financial fraud. -DeFi tokens represent a diverse set of cryptocurrencies native to automated, decentralized platforms that operate using smart contracts. These provide users' access to a suite of financial applications and services built on the different blockchains. If you liked this and would like more you can visit us online Hodl & Shill we also have a private Discord Server
Education
by hodlandshill
Bitcoin - BTCUSD eyes 50 000 USD price targetYesterday, Bitcoin managed to break through resistance at 45 850 USD. By doing so, BTC validated the bullish consensus for itself. Now, we will observe price action very closely and we will watch out for any possible retracement below short-term support. Such retracement would invalidate the bullish breakout. However, until such an occurrence, we are turning bullish on BTCUSD. Our view is supported by a combination of bullish technical and fundamental factors. Therefore, we would like to set a new price target for BTCUSD to 50 000 USD. Illustration 1.01 The chart above shows the bullish breakout above 45 850 USD. This breakout validated the bullish consensus for Bitcoin. Currently, 45 850 USD price level acts as short-term support. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bullish. DM+ and DM- show the presence of the bullish trend. Meanwhile, ADX continues to increase which suggests the bullish trend is gaining strength. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI and Stochastic are bullish. MACD is due to perform a bullish crossover above 0 points, which would improve the picture for BTCUSD even more. DM+ and DM- performed a bullish crossover recently. ADX remains relatively low which suggests that no trend is present. Overall, the weekly time frame is bullish, however, it lacks any significant trend. Support and resistance Please feel free to express your own 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. Your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDLong
by Tradersweekly
9
Bitcoin - Will BTC break above the resistance at 45 850 USD?Recently, the picture for Bitcoin turned positive. Technical factors turned bullish across multiple time frames and the price of BTC started to rise. However, soon after that, BTCUSD found strong resistance at 45 850 USD. In our opinion, if BTC will manage to break above this resistance then it is going to bolster the bullish case. However, the inability to break through this area would suggest that BTCUSD is getting stuck within the neutral zone for a little longer. Illustration 1.01 The chart above shows the neutral zone in which BTCUSD has been oscillating recently. Technical analysis - daily time frame RSI is bullish. The same applies to Stochastic and MACD. DM+ and DM- support the bullish view as well. Additionally, ADX started to increase which suggests that the prevailing trend is gaining strength. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI is neutral. MACD is due to perform a bullish crossover above 0 points, which would further improve the picture for BTCUSD. In addition to that, Stochastic is bullish. DM+ and DM- are bearish. ADX undergoes reset. Overall, the weekly time frame is neutral with the first signs of bullish developments. Support and resistance Please feel free to express your own 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. Your own due diligence is highly advised before entering a trade.
BITSTAMP:BTCUSDLong
by Tradersweekly
8
Opensea phishing scandal reveals a security need across the NFT OpenSea’s latest vulnerability poses a larger and more deeper question relating to the global NFT ecosystem’s existing security infrastructure. Despite the ongoing volatility plaguing the digital asset sector, one niche that has undoubtedly continued to flourish is the nonfungible token (NFT) market. This is made evident by the fact that a growing number of mainstream mover and shakers including the likes of Coca-Cola, Adidas, the New York Stock Exchange (NYSE) and McDonalds, among many others, have made their way into the burgeoning Metaverse ecosystem in recent months. Also, owing to the fact that over the course of 2021 alone, global NFT sales topped out at $40 billion, many analysts expect this trend to continue into the future. For example, American investment bank Jefferies recently raised its market-cap forecast for the NFT sector to over $35 billion for 2022 and to over $80 billion for 2025 — a projection that was also echoed by JP Morgan. However, as with any market growing at such an exponential rate, issues related to security have to be expected as well. In this regard, prominent nonfungible token (NFT) marketplace OpenSea recently fell victim to a phishing attack that took place just hours after the platform announced its week-long planned upgrade to delist all inactive NFTs. Diving into the matter On Feb 18, OpenSea revealed that it was going to initiate a smart contract upgrade, requiring all of its users to transfer their listed NFTs from the Ethereum blockchain to a new smart contract. Owing to the upgrade, users who failed to facilitate the above said migration stood at a risk of losing their old and inactive listings. That said, due to the small migration deadline provided by OpenSea, hackers were presented with a potent window of opportunity. Within hours of the announcement, it was revealed that nefarious third party individuals have initiated a sophisticated phishing campaign, stealing NFTs from many users that were stored on the platform before they could be migrated over to the new smart contract. Providing a technical breakdown of the matter, Neeraj Murarka, chief technical officer and cofounder of Bluezelle, a blockchain for GameFi ecosystem, told Cointelegraph that at the time of the incident, OpenSea was making use of a protocol called Wyvern, a standard tech module that most NFT web apps make use of since it allows for the management, storage, and transfer of these tokens within users' wallets. Because the smart contract with Wyvern allowed users to work with the NFTs stored in their “wallets,” the hacker was able to send out emails to Opensea clients masquerading as a representative for the platform, encouraging them to sign “blind” transactions. Murarka further added: “Metaphorically, this was like signing a blank check. Normally, this is okay if the payee is the intended recipient. Keep in mind that an email can be sent by anyone, but be made to appear to be sent by someone else. In this case, the payee appears to be a single hacker who was able to use these signed transactions to transfer out and effectively steal the NFTs from these users.” Also, in an interesting twist of events, following the incident the hacker apparently returned some of the stolen NFTs to their rightful owners, with further efforts being made to return other lost assets. Providing his take on the entire matter, Alexander Klus, founder of Creaton, a Web3 content creation platform, told Cointelegraph that the phishing email campaign used a malicious signing transaction to approve all holdings to be able to be drained at any time. “We need better signing standards (EIP-712) so people can actually see what they are doing when approving a transaction.” Lastly, Lior Yaffe, cofounder and director of Jelurida, a blockchain software company, pointed out that the episode was a direct result of the confusion surrounding OpenSea’s poorly planned smart contract upgrade, as well as the platform’s transaction approval architecture. NFT marketplaces need to step up their security game In Murarka’s view, web apps making use of the Wyvern smart contract system should be augmented with usability improvements to ensure that users don’t fall for such phishing attacks time and time again, adding: “Very clear warnings should be made to educate the user about phishing attacks and driving home the fact that emails will never be sent, soliciting the user to take any steps. Web apps like OpenSea should adopt a strict protocol to never communicate with users via email apart from maybe just registration data.” That said, he did concede that even if OpenSea were to adopt the safest security/privacy protocols and standards, it is still up to its users to educate themselves about these risks. “Unfortunately, the web app itself is often held responsible, even though it was the user that was phished. Who is responsible? The answer is unclear,” he noted. A similar sentiment is shared by Jessie Chan, chief of staff at ParallelChain Lab, a decentralized blockchain ecosystem, who told Cointelegraph that regardless of how the entire attack was orchestrated, the issue not entirely dependant on OpenSea’s existing security protocols but also on user awareness against phishing. The question remains whether the marketplace operator should have been able to provide sufficient information to its users to keep them informed of how to deal with such scenarios. Another possibility to mitigate any potential phishing events is by having all interactions between users and their web apps being driven solely via the use of a dedicated mobile/desktop interface. “If all interactions required the use of a desktop app, such attacks could be bypassed completely.” Providing his take on the subject, Yaffe noted that the main problem — which lies at the heart of this whole issue — is the basic architecture of most NFT marketplaces, enabling users to simply sign a carte blanche approval for a third-party contract to use their private wallet without setting a spending limit: “Since the OpenSea team did not really figure out the source of the phishing operation, it might as well happen again next time they attempt to make a change to their architecture.” What can be done? Murarka noted that the best way to eliminate the possibility of these attacks is if people start making use of hardware wallets. This is because most software wallets as well as other custodial storage solutions are too vulnerable in their general design and operational outlook. He further elaborated: “Much like Bitcoin, Ethereum, etc, NFTs themselves should be moved to hardware wallet accounts instead of leaving them on a centralized platform,” adding: “Users need to be super aware of the risks of responding to and acting upon emails they receive. Emails can be faked very easily, and users need to be proactive about the safety of their crypto assets.” Another thing NFT owners need to remember is that they should only be visiting web apps that employ high-quality security protocols, checking that the accessed marketplaces utilize the HTTPS mechanism (at the very least) while being able to clearly see a lock symbol on the top left of their browser window — which correctly points to the intended company — while visiting any webpage. Yaffe believes that users should be careful with contract approvals and keep an accurate track of the contracts they have greenlighted in the past. “Users should revoke unnecessary or unsafe approvals. If possible users should specify a reasonable spending limit for every contract approval,” he concludes. Related: Cointelegraph partners with Nitro Network to bring digital mining and decentralized internet to the masses Lastly, Chan believes that in an ideal scenario, users should keep their wallets on a dedicated platform that they don’t use to read email or browse the web, adding that any such avenues are subject to all manners of third party attacks. He further stated: “This is inconvenient, but when dealing with assets of great value and where there is no recourse in the event of theft, extreme care is justified. And, as with all financial transactions, they should be very careful in deciding who to deal with, since the counterparties can also steal your assets and disappear.” Therefore, while moving into a future driven by NFTs and other similar novel digital offerings, it remains to be seen how platforms operating within this space continue to evolve and mature, especially as a growing amount of capital keeps making its way into the NFT market.
BITSTAMP:BTCUSD
by monicaagrizzi9
Bitcoin - Is trend reversal here? On 24th February 2022, when Russia invaded Ukraine, BTC stopped its decline at 34 324.05 USD. Prior to that we noted the tightening cycle in the U.S. combined with prospect of higher interest rates continued to pose a substantial threat to the price of cryptocurrencies. However, these odds of higher interest rates have fallen dramatically over the past few days. This forced us to reassess our bearish views on Bitcoin. We turned neutral on BTCUSD and we will observe price action closely in the following days. We think it is likely that Bitcoin will continue higher if geopolitical tensions are solved and if the general stock market moves higher at the same time. However, we are very cautious due to volatility in the market being highly elevated. Technical analysis - daily time frame RSI and Stochastic turned bullish. MACD points to the upside which is bullish too, however, it still remains within the bearish territory. If MACD will manage to cross above 0 points we expect it to further bolster a bullish case for Bitcoin. DM+ and DM- continue to show bearish conditions in the market. ADX exhibits growth which suggests the bearish trend is gaining momentum. Overall, the daily time frame gives mixed signals. Technical analysis - weekly time frame RSI is neutral while Stochastic and MACD remain bearish. DM+ and DM- are bearish too. ADX shows sideways moving action which suggests the trend of higher is neither getting more momentum nor losing it. Overall, the weekly time frame shows mixed signals which coincides with the daily time frame. Support and resistance Closest psychological support appears at 40 000 USD. Meanwhile short-term support lies at 32 950.72 USD and short-term resistance at 45 850 USD. Resistance 1 is at 52 098.60 USD and Resistance 2 at 59 445.45 USD. Major resistance is at 69 000 USD while major support can be found at 28 600 USD. Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSD
by Tradersweekly
5
Bitcoin - Selling pressure resumesBitcoin fell approximately 14% since our last update in which we boldly stated BTCUSD would not reach a new all time high in 2022. We pointed out that the price of Bitcoin retraced towards its 50-day Simple Moving Average which represented a correction of the downtrend, seeing the price bounce back to 45 850 USD. We also stated that the volume kept falling while the price kept rising which suggested new buyers were increasingly harder to find. This eventually resulted in the price meltdown and BTCUSD fell below 40 000 USD; subsequently, BTCUSD reached both our price targets. We continue to be bearish on Bitcoin and because of that we would like to set a new short-term price target to 37 500 USD and medium-term price target to 35 000 USD. Our view is supported by a bearish fundamental and technical outlook. As in the past, we still think the interest rate hike that is coming next month poses a substantial threat to further rise of cryptocurrencies. Actually, we think the tightening cycle in the U.S. is very bearish for Bitcoin and it will ultimately result in the price drifting lower. In addition to that, the current weakness in the general stock market also poses a threat to BTCUSD. Illustration 1.01 Picture above depicts the daily chart of NQ1! (Nasdaq 100 index continuous futures). The yellow circle indicates the area that shows high similarity in the structure of candles to BTCUSD. This is also observable on the daily chart of SPX. It shows high positive correlation between Bitcoin, S&P 500 index and Nasdaq 100 index. Technical analysis - daily time frame RSI and Stochastic are bearish. MACD is in the bullish area, however, it started to flatten and reverse which is very bearish. DM+ and DM- performed bearish crossover recently. ADX undergoes reset. Overall, the daily time frame is very bearish. Illustration 1.02 Just a while ago we predicted that cryptocurrencies would see capital outflows while gold would see capital inflows. This has proved to be the correct call as gold has resumed the bullish trend recently. Indeed, this week gold saw the biggest volume increase since June 2013. We think this phenomenon will strengthen in the short-term and medium-term future. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bearish. DM+ and DM- are bearish too. ADX contains relatively low value which suggests the current trend of higher degree is very weak. Overall, the weekly time frame is bearish. Support and resistance Immediate support lies at 39 558.70 USD. Short-term support appears at 32 950.72 USD and short-term resistance sits at 45 850 USD. Resistance 1 is at 52 089.60 USD, Resistance 2 at 59 250 USD and Resistance 3 at 64 895.22 USD. Major resistance level sits at 69 000 USD meanwhile major support level can be found at 28 600 USD. Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
13
Bitcoin - Why no new ATH will be reached in 2022Bitcoin rallied over 34% since its low on 25th January 2022. Rally has been fueled by speculation that the FED would not raise interest rates as aggressively as it projects. However, we think the FED will be forced to raise interest rates at least twice this year, primarily due to high inflation which poses structural risk to the global economy. Therefore, we think the current price rally will be short lived and no new all time high price will be reached by BTCUSD in 2022. Instead we think upcoming rate hikes will act as headwinds for further rise in the price of Bitcoin. Additionally, the current bounce in price coincides with retracement towards medium-term SMA (50-day SMA) which is a natural phenomenon and tends to occur when price deviates too far from its moving average. For this reason we will pay close attention to the price and we will watch whether it will manage to stay above its 50-day SMA or not. We expect a drop below the 50-day SMA to be accompanied by resumption of selling pressure. Because of that we would like to set a new short-term price target for BTCUSD to 42 500 USD. Additionally, we would like to set a medium-term price target to 40 000 USD. Illustration 1.01 Illustration above shows the daily chart of BTCUSD and its volume. Volume can be seen declining as price keeps making new highs. This suggests new buyers are increasingly harder to find near the 44 000 USD price tag. Technical analysis - daily time frame RSI is bullish, however, it shows first signs of flattening. MACD performed a bullish crossover above 0 points which is positive for BTCUSD. Stochastic oscillates in the upper area which is bullish. DM+ and DM- are bullish too. ADX undergoes reset through decline. Overall, the daily time frame is bullish. Technical analysis - weekly time frame RSI continues to develop medium-term bearish structure which remains intact. MACD is bearish as well. Stochastic oscillates in the bearish area but points to the upside. DM+ and DM- are bearish. ADX contains relatively low value that is on continuous decline. This signals no trend is currently present in BTCUSD; additionally, it suggests choppy price market action. Overall, the weekly time frame is bearish. Support and resistance Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
53
Technical analysis update: Bitcoin (24th January 2022)Bitcoin reached a new low of 33 503.40 USD. Much has not changed since our last update on BTCUSD. We continue to maintain a bearish stance on the cryptocurrency market overall. We expect the downtrend to continue and our view is still supported by bearish fundamental and technical factors which are detailed below. Since our two latest price targets were reached recently we would like to set a new short-term price target for BTCUSD to 32 500 USD. Additionally, we would like to set a medium-term price target for BTCUSD to 30 000 USD. We would like to note that there is a FOMC meeting this week. Investors will get more clues on upcoming rate hikes and possible tightening steps by the FED. We continue to view these steps by the U.S. central bank as very bearish for the overall cryptocurrency market. Illustration 1.01 Picture above shows the weekly chart of BTCUSD. It also shows 10-week SMA and 20-week SMA. These two averages recently confirmed the downtrend by performing bearish crossover. Technical analysis - daily time frame RSI remains in the oversold territory which reflects extreme strength of the downtrend. MACD and Stochastic remain bearish. Same applies for DM+ and DM-. ADX increases which suggests the downtrend is gaining more strength. Overall, the daily time frame is bearish. However, it also signals caution as RSI reached oversold condition and price deviated too much from its short-term simple moving average. Illustration 1.02 Picture above shows the daily chart of BTCUSD. It also shows buildup in volume over a certain period. It also shows a drop in volume over the weekend despite the price continuing lower. Technical analysis - weekly time frame Weekly time frame is consistent with the daily, which is very bearish. RSI, MACD and Stochastic are all bearish. Same applies to DM+ and DM-. ADX increases which suggests that the bearish trend of higher degree is gaining strength. Overall, the weekly time frame is bearish. Support and resistance Short-term resistance sits at 37 300 USD which coincides with the 10-day Simple Moving average. Major support lies at 28 600 USD. Resistance 1 is at 39 573.21 USD and Resistance 2 is at 41 967.50 USD. Resistance 3 lies at 45 478.74 USD. Important psychological support can be found at 32 500 USD and then at 30 000 USD. Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
4
Technical analysis update: Bitcoin (21st January 2022)Bitcoin formed a new low at 37 683.90 USD, shy just 183.90 USD of our latest price target. We continue to be bearish as technical factors suggest more trouble ahead for BTCUSD. We expect weakness in the general stock market to drag lower prices of cryptocurrencies with it. Additionally, we think rotation out of the cryptocurrency sector into the precious metals sector will take place. Our latest medium-term price target was changed to short-term price target which stands at 37 500 USD. Our new medium-term price target is 35 000 USD. Illustration 1.01 We presented this chart formation on 6th January 2022. We noted that once the neckline was penetrated to the downside then the downtrend would unravel below it. Since then price dropped more than 13%. Technical analysis - daily time frame RSI reached an oversold condition which signals caution. However, no divergence between previous bearish crossover and the current one is present. MACD remains in the bearish territory and points to the downside. Stochastic is also bearish. DM+ and DM- show that same condition with ADX suggesting that the current trend is extremely strong. Overall, the daily time frame is bearish. Illustration 1.02 Picture above shows the monthly chart of Bitcoin. It also shows bearish developments in RSI, MACD and Stochastic taking place. This is particularly menacing as up until now only the daily and the weekly time frames were completely bearish. Now the monthly time frame joins them. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bearish. Same applies to DM+ and DM-. ADX grows which started to increase which suggests that the bearish trend of higher degree is gaining strength. Moving averages are bearish. Overall, the weekly time frame is bearish. Support and resistance Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
24
Technical analysis update: Bitcoin (11th January 2022)Bitcoin fell below 40 000 USD and reached our latest short-term price target. Additionally, it reached an oversold condition which made us reassess our views. We think a price bounce from its current level towards 46 000 USD is very likely. However, we are very cautious and expect the downtrend to resume after retracement is completed. Though, we are open to change our view as time goes forward. Our medium-term price target of 37 500 USD remains unchanged. Technical analysis - daily time frame RSI reversed after reaching oversold condition; indeed, it performed a bullish crossover above 30 points. MACD started to flatten. However, it remains in the bearish area. Stochastic oscillates in the bearish zone too but it managed to reverse to the upside which is bullish. DM+ and DM- continue to show bearish conditions with ADX peaking. Overall, the daily time frame is less bearish than in the time of our last update on BTCUSD. Illustration 1.01 Illustration above shows the daily chart of BTCUSD. It also shows 20-day Simple Moving Average (blue line). We expect price to retrace towards its 20-day SMA (as it is natural for price to retrace towards its moving average after it deviated too far from it) which coincides with price level near 46 000 USD. Technical analysis - weekly time frame RSI and Stochastic are bearish. MACD is bearish too and we will observe it in the following weeks. We will watch whether it manages to break below 0 points into the bearish area. We expect such a phenomenon to be accompanied by resumption of the downtrend. DM+ and DM- show bearish conditions while ADX continues to flatten. This suggests that price might end up trading within a certain range before a new trend commences (or prior bearish trend resumes). Overall, the weekly time frame is bearish. Support and resistance Immediate support/resistance can be found at 41 967 USD. Support 1 sits at 39 573 USD and Support 2 lies at 37 300 USD. Major support level sits at 28 600 USD. Short-term resistance lies at 45 478 USD. Resistance 1 lies at 48 834 USD and Resistance 2 sits at 52 956 USD. Please feel free to express your own 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSD
by Tradersweekly
5
Technical analysis update: Bitcoin (5th January 2022)Bitcoin trades slightly above 46 000 USD and we continue to maintain bearish notion on it. Our short-term price target of 42 500 USD remains in place. Technical analysis - daily time frame RSI is bearish. MACD flattened out before crossing above 0 points which is also bearish. Stochastic is bearish too. DM+ and DM- show bearish conditions. ADX started to flatten; and it seems as if it would want to start increasing again. In such a case, that would suggest that the bearish trend is still present and regaining strength. Illustration 1.01 Illustration above shows the daily chart of BTCUSD. It also shows a recent false breakout (from pattern resembling falling wedge) to the upside and its full retracement. Now we will observe whether BTCUSD manages to break below short-term support and subsequently make a new low. Technical analysis - weekly time frame RSI is bearish. MACD and Stochastic are also bearish. DM+ and DM- exhibit bearish conditions. ADX is relatively low which coincides with BTCUSD trading sideways prior to bearish breakout from the neutral zone. Illustration 1.02 Illustration above shows the daily chart of BTCUSD. It also shows head and shoulders pattern being formed. We will observe whether Bitcoin manages to break below the neckline which would be extremely bearish for BTCUSD. Support and resistance Short-term support lies at 45 478 USD. Support 1 can be found at 41 967 USD and the major support level sits at 28 600 USD. Short-term resistance lies at 48 834 USD and Resistance 1 sits at 52 956 USD. Neutral zone appears between the short-term resistance and Resistance 1. Our previous idea on BTCUSD from 30th December 2021: 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
Technical analysis update: BTCUSD (6th January 2022)Bitcoin reached our short-term price target of 42 500 USD yesterday. We continue to maintain a bearish stance on Bitcoin and we expect selling pressure to be persistent. Our view is supported by bearish technical and fundamental factors. We view hawkish minutes by the FED as very bearish for the whole cryptocurrency market. Faster pace of tightening and increase in interest rates in the U.S. poses substantial threat for further rise in price of cryptocurrencies. This combined with bearish indicators on daily, weekly and monthly time frames suggest that trend remains to the downside and because of that we would like to set a new short-term price target for BTCUSD to 40 000 USD. Additionally, we would like to set a medium-term price target for BTCUSD to 37 500 USD. (If you want to understand how we got to this conclusion, read attached articles from 16th November 2021, 13th December 2021 and 5th January 2022) Illustration 1.01 Picture above shows the daily chart of BTCUSD. It also shows a head and shoulders pattern which got confirmed as the price dropped to 42 413 USD. This is extremely bearish and we will observe price action very closely in the following days. We will watch whether BTCUSD manages to stay below the neckline or whether it retraces back above it. If Bitcoin manages to retrace back above the neckline, then we expect price to bounce towards 46 000 USD price tag before dropping lower. Technical analysis - daily time frame RSI, MACD and Stochastic are all bearish. DM + and DM- show bearish conditions. ADX continues to increase which suggests that the bearish trend is regaining strength. We will watch out for RSI crossover below 30 points which we expect to be accompanied by further selling pressure that will ultimately drag BTCUSD below 40 000 USD. Illustration 1.02 Illustration 1.02 shows the daily chart of RSI (of BTCUSD) that is due to perform a crossover below 30 points. Such an occurrence would be very bearish for BTCUSD. Technical analysis - weekly time frame RSI is bearish. MACD and Stochastic are also bearish. DM+ and DM- exhibit bearish conditions. ADX is relatively low which coincides with BTCUSD trading sideways prior to bearish breakout from the neutral zone. Illustration 1.03 Picture above shows the daily chart of BTCUSD. It also shows particular support and resistance levels. Support and resistance Short-term support can be found at 41 967 USD. Support 1 sits at 39 573 USD and major support level sits at 28 600 USD. Short-term resistance lies at 45 478 USD. Resistance 1 lies at 48 834 USD and Resistance 2 sits at 52 956 USD. 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. Your own due diligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
6
Technical analysis update: BTCUSD (18th December 2021)We continue to maintain a bearish view on Bitcoin as it continues to trade below the neutral zone. Since Bitcoin's rebound from its recent low at 41 967.50 USD on 4th December 2021 Bitcoin continues to make lower troughs and lower peaks which is indicative of the bearish trend. We expect an eventual retest of 41 967.50 USD price level and possible continuation of the bearish trend. We think that higher interest rates in the U.S. combined with constriction of money supply present a substantial threat to further rise of BTCUSD in the short-term and medium-term. Because of that we would like to set a short-term price target for BTCUSD to 42 500 USD. Illustration 1.01 Picture above shows the hourly chart of BTCUSD. It also shows particular troughs and peaks. Technical analysis - daily time frame So far RSI failed to cross below 30 points; however, its structure remains bearish. Stochastic is also bearish. MACD is bearish too; DM+ and DM- show bearish conditions. ADX contains high value; and it continues to grow which suggests that the prevailing trend is either getting very strong or it nears its peak. Overall, the daily time frame is bearish. Technical analysis - weekly time frame RSI, Stochastic and MACD continue to develop bearish structures. DM+ and DM- are also bearish. ADX contains relatively low value which suggests that trend of higher degree is weak. In general, the weekly time frame is bearish which coincides with bearish daily time frame. Illustration 1.02 We think that drop in price below recent low would result in extremely bearish conditions for BTCUSD. Support and resistance Major support level is at 28 600 USD while major resistance level is at 69 000 USD. Short-term resistance is at 48 834 USD while medium-term resistance lies at 52 956 USD. Between these two price levels lies the neutral zone. Other resistance levels appear at 59 564 USD and then at 64 895 USD. Other support levels can be found at 42 900 USD and at 37 573 USD. Additionally, support level can be also found at recent low of 41 967 USD. Our bold predictions from the past: 16th November 2021 Here we predicted double top formation and subsequent meltdown in price. 26th November 2021 Here we layed out case for even more bearish scenario for BTCUSD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
36
Technical analysis update: BTCUSD (13th December 2021)Our current setup on BTCUSD offers two alternative scenarios (with confirmation coming on a bearish/bullish breakout). Today, another bearish breakout below 48 834 USD support level took place. We continue to maintain bearish stance on BTCUSD as technical and fundamental factors point to more downside in the cryptocurrency market. We expect eventual retest of the support level at recent low of 41 967.50 USD. Additionally, we think investors should be very cautious as the FOMC is coming up this week. We expect a hawkish response by the FED (due to very high inflation) which will most likely come in form of a decrease in the QE program combined with hawkish talk about future rate hikes (in 2022 and 2023). Such monetary policies pose medium-term/long-term threat to further rise in price of BTCUSD (due to money supply being constricted). For us to reconsider our bearish view - BTCUSD would have to retrace back above 48 834 USD (into neutral zone) and then break above the short-term resistance (at 52 956.47 USD). Chart below depicts the hourly chart of BTC USD. Series of false (bearish) breakouts from the neutral zone are illustrated along with the current breakout. Technical analysis - daily time frame False reversal occured in RSI (after which it turned back to the downside). This is bearish. Additionally, Stochastic and MACD are also bearish. DM+ and DM- show bearish conditions. ADX grew quickly recently; it currently cointains high value which suggests that either correction might be near its peak or bearish trend is getting extremely strong. We think latter is more probably since weekly time frame shows very bearish conditions as well. Illustration below depicts the daily graph of BTCUSD and volume. Volume decreased as selling pressure cooled off. We will observe volume closely in the following days as we think substantial drop in BTCUSD would be accompanied by presence of high volume. Chart below depicts the daily graph of RSI: Fake reversal is depicted on the chart. We will observe RSI and we will watch out for crossover below 30 points. We expect such phenomenon to be acompanied by heavy selling pressure. Technical analysis - weekly time frame MACD, Stochastic and RSI exhibit bearish conditions. They continue to develop bearish structures. Overall, weekly time frame is bearish. Support and resistance Major support level is at 28 600 USD while major resistance level is at 69 000 USD. Immediate support/resistance sits at 48 834 USD while short-term resistance lies at 52 956 USD. Between these two price levels lies the neutral zone. Other resistance levels appear at 59 564 USD and at 64 895 USD. Other support levels can be found at 42 900 USD and at 37 573 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
30
Technical analysis update: BTCUSD (8th December 2021)Bitcoin broke above 50 000 USD in tandem with our expectations of a bounce in price (which we expect to be short lived). Currently, BTCUSD trades around 50 500 USD price tag; simultaneously, it trades within the neutral zone depicted in the yellow background. At the moment, we continue to maintain a bearish stance on Bitcoin. We expect an eventual breakout below the neutral zone and resumption of downtrend. Breakout above the neutral zone would force us to reassess our bearish view. Technical analysis - daily time frame RSI's bearish structure remains intact. We will observe RSI closely in the following days and we will look for possible crossover below 30 points. We expect such an occurrence to be accompanied by heavy selling pressure; MACD is bearish too as it remains in the bearish area below 0 points. Only Stochastic points in a bullish direction. Additionally, DM+ and DM- show bearish conditions in the market. ADX continues to grow which suggests that the prevailing trend is strengthening (current bearish trend). Overall, the daily time frame is bearish. Our expectations of crossover in RSI: We need to closely watch RSI and whether it will manage to pierce 30 points to the downside. We expect such phenomenon to be very bearish for BTCUSD. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bearish. Additionally, DM+ and DM- show bearish conditions in the market. ADX contains low value which suggests that the prevailing trend of higher degree (recent bull trend) is very weak. Overall, the weekly time frame is bearish. Indeed, it coincides with conditions present in the daily time frame. Support and resistance Short-term support sits at 48 834 USD and short-term resistance lies at 52 956 USD. Between these two price levels lies the neutral zone. Major support level is at 28 600 USD while major resistance level is at 69 000 USD. Other support and resistance levels Other resistance levels appear at 59 564 USD and at 64 895 USD. Other support levels can be found at 42 900 USD and at 37 573 USD. Other form of immediate support/resistance level derived from simple line: Our bold predictions from the past: Here we correctly predicted the double top formation. We also highlighted low volumes suggesting evaporation of new buyers at elevated prices. Subsequently, BTCUSD dropped over 39%. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
25
Technical analysis update: BTCUSD (4th December 2021)Recently, we correctly predicted the double top formation in its early stage while noting that Bitcoin was near its cyclical peak. Additionally, yesterday we warned investors about the imminent retest of a key technical level around 53 000 USD. Then overnight BTCUSD fell over 20% to as low as 41 967 USD. Since then the price retraced back to 47 800 USD. We continue to maintain a bearish stance on Bitcoin as we expect selling pressure to be persistent. However, it would not surprise us to see price retracement continue a little higher (and possibly above 50 000 USD) before falling again. Technical and fundamental analysis supports our bearish view. Crucial technical levels to watch are 48 834 USD, 42 900 USD and 39 573 USD. In the following weeks we will observe whether BTCUSD will manage to break below 39 573 USD and indicate continuation of the bearish trend. Our bold predictions from recent past: We warned about double top formation already on 16th November 2021. Technical analysis - daily time frame RSI continues to develop bearish structure and it is due to perform crossover into the bearish zone. We expect such an occurrence to be accompanied by heavy selling pressure. MACD and Stochastic are also bearish. Additionally, DM+ and DM- are bearish too. ADX suggests that the bearish trend keeps strengthening. Overall, technical analysis on the daily time frame is very bearish and supports our bearish stance. Technical analysis - weekly time frame RSI, MACD and Stochastic are all bearish. DM+ and DM- show the same conditions as they performed bearish crossover recently. ADX remains low. Support and resistance Major resistance remains at 69 000 USD. Major support level is at 28 600 USD. Short-term resistance is at 48 834 USD, then Resistance 1 is at 52 956 USD. Resistance 2 is at 59 564 USD. Resistance 3 is then at 64 895 USD. Support 1 is at 42 900 USD and Support 2 is at 39 573 USD. Our recent popular idea from 16th November 2021: Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
26
Technical analysis update: BTCUSD (26th November 2021)Today BTCUSD reached 55 000 USD in tandem with our expectations expressed in the previous 2 posts. Currently, it trades around 54 600 USD per coin. We continue to be bearish on Bitcoin as technical analysis continues to support this thesis. We think current weakness in the global markets will be persistent in the short-term. Additionally, we think that this weakness will be contagious to cryptocurrency markets and it will create headwinds for further rise in cryptocurrencies (in the short-term horizon). We think BTCUSD will continue lower and we expect it to test short-term support at 52 956 USD in the following days. Our recent popular post from 16th November 2021: Here we started to speculate about possible double top formation. We also expressed that volume was declining while price continued to climb higher. We noted that this pointed to evaporation of buyers at higher levels of prices. In our opinion, this foreshadowed subsequent drop in price (combined with other warning signs). Technical analysis - daily time frame RSI, MACD and Stochastic continue to evolve their bearish structure. DM+ and DM- show also bearish conditions. ADX exhibits growth which suggests that the bearish trend is strengthening. In general, a bearish time frame is extremely bearish. Technical analysis - weekly time frame Divergence in RSI is clearly observable. This is a very bearish development. MACD is in the bullish area, however, it is flattening (and reversing to the downside). Similarly, Stochastic also started to point into bearish direction. ADX is very low which suggests the bullish trend of higher degree has lost its steam already. Overall, the weekly time frame is bearish. Divergence in RSI on weekly time frame: Divergence in MACD on weekly time frame: Technical note Synchronization in the bearish conditions between daily and weekly time frames suggests mounting trouble ahead for BTCUSD. We think BTCUSD is headed way lower and it will drag the rest of cryptocurrencies with it. We think investors should be very cautious in the following weeks. Fundamental note Hawkish narrative by the FED, additionally, supports bearish views for the cryptocurrency market. We think that decrease in quantitative easing combined with increase in interest rates will be detrimental to cryptocurrencies as purchasing power of the dollar will be rising. Further, we think prevailing irrationallity in the cryptocurrency markets (especially among lay and retail traders) combined with calls for extremely high prices such as BTC at 200k USD, 500k USD, etc., only shows how inflated this market is (at the moment). Support and resistance Major resistance level sits at all time high of 69 000 USD. Below that is Resistance 2 which sits at 64 895 USD (previous top). Resistance 1 appears even lower at 59 603 USD. Short-term support is at 52 956 USD. Then below that is Support 1 at 48 834 USD and Support 2 at 39 573 USD. Major support level lies at 28 600 USD (2021 low). DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
8
Technical analysis update: BTCUSD (16th November 2021)BTCUSD continues to move sideways within rectangle formation as bullish trend is losing momentum and becoming neutral. Bitcoin currently trades around 60 900 USD pricetag; and we are currently bearish on BTC as technical analysis on daily time frame supports this thesis. We expect eventual breakout below the neutral zone. Additionally, we expect such occurence to be accompanied by further selling pressure and possible beginning of bearish trend. If bearish breakout occurs then we expect price to test 55 000 USD. Volume decreases as BTC continues to move sideways - which suggests that new buyers are increrasingly harder to find. Technical analysis - daily time frame MACD, Stochastic and RSI are all bearish. ADX contains low value which suggests neutral trend. However, we expect bearish breakout from neutral zone and resumption of selling pressure. Technical analysis - weekly time frame RSI is just slightly below overbought zone and it manifests sideways movement. Inability to pierce through 70 points might suggests that bullish trend peaked already. However, MACD and Stochastic still remain bullish. ADX suggests very weak trend which coincides with daily time frame. We would like to note it is possible that double top is forming in BTCUSD. Because of that we think investors should be very cautious. Support and resistance Major resistance sits at 69 000 USD. Resistance 1 lies at 64 895 USD while Support 1 lies at 59 603 USD. Support 2 sits at 52 956 USD and Support 3 appears at 42 900 USD. Then Support 4 sits at 39 573 USD. Major support level can be found at 28 600 USD. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
96
Technical analysis update: BTCUSD (22nd November 2021)Last week we correctly predicted bearish breakout below the neutral zone. We also noted that we expected retest of 55 000 USD price level (BTCUSD stopped its decline at 55 640 USD). Since then price action continued to be choppy. We think it is possible for BTCUSD to retest 55 000 USD price level again in the following days. Technical analysis supports this view as technical indicators point to bearish conditions in the market. We recently pointed out possible double top being formed: Recent developments seem to confirm this development. However, we would be forced to change our stance if price retraced back into neutral zone depicted on the main chart. We also pointed out (several times over past two months) decreasing volume in BTCUSD while price was climbing higher: We noted that new buyers were increasingly harder to find. After that, drop in price followed. Technical analysis - daily time frame Daily time frame shows bearish developments. RSI is bearish and same applies to MACD and Stochastic. Indeed, MACD is performing bearish crossover which we expect to be accompanied by further selling pressure. However, ADX contains low value which suggests that current trend is either neutral or very weak (this coincides with ADX on weekly time frame). Because of that we expect price to move sideways for little longer before finally going lower. Technical analysis - weekly time frame RSI failed to perform bullish crossover and instead it reversed to downside. ADX continues to decline which suggests that bullish trend of higher degree has most likely peaked and trend is becoming neutral. MACD remains in bullish territory, however, it started to flatten little bit. Stochastic also remains in bullish area. Although, it already performed bearish crossover. In general, weekly time frame flashes warning signs for BTCUSD as it suggests previous bullish trend is becoming neutral. RSI's failure to penetrate 70 points into bullish territory on weekly time frame: Support and resistance Major support level sits at 28 600 USD. Major resistance level lies at 69 000 USD. Support 1 appears at 52 956 USD. Support 2 lies at 48 834 USD. Support 3 is at 42 900 USD and then Support 4 is at 39 573 USD. Resistance 1 lies at 59 603 USD while Resistance 2 sits at 64 895 USD. Psychologically important price levels From psychological standpoint there are few other price levels that are important. These are respectively: 70 000 USD, 60 000 USD, 55 000 USD and 50 000 USD. Our previous idea from 16th November 2021 Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
BITSTAMP:BTCUSDShort
by Tradersweekly
6